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A Legal Review on the Exclusion of Development Gains on the Land Compensation

  • Korea Real Estate Review
  • 2007, 17(1), pp.115-136
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

Hai Woong Yoo 1

1(재)한국부동산연구원

Candidate

ABSTRACT

The amount of indemnity shall be calculated based on the officially assessed land price which has been notified before the project recognition, by considering adjustment for condition of sale and for time. The time adjustment by the officially assessed land price can excludes development gains. The exclusion of development gains could differ according to basic date of appraising indemnity and the way of time adjustment. First, the basic date of appraisal is ruled as the fictitious project recognition date by each law concerning land development. The fictitious project recognition dates include the district designation date, the approval date of development plan and the approval date of execution plan according to each law concerning land development. Among these dates, using the district designation date as the fictitious project recognition date seems to exclude the most development gains. However, it is not necessarily because recognition date is related to the notification of land items rather than the exclusion of development gains. Next, time adjustment is performed in two ways, which are using the land fluctuation rate or the producer price inflation rate. Using the land fluctuation rate is calculated in two ways. One is using the land fluctuation rates of similar cities or towns, and the other is using the average land fluctuation rate. Between the two ways, the later is more suitable to exclude the betterment definitely. On the other hand, using the producer price inflation is the proper way to exclude development gains, but it is not suitable for just compensation. Development gains must be excluded from indemnity, but to achieve fairness between the landowners and prevent excessive compensation the introduction of the development gains recapture system should be considered.

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