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Legal Ground and Realization of Land Banking Undertaking

  • Public Land Law Review
  • Abbr : KPLLR
  • 2011, 52(), pp.159-182
  • Publisher : Korean Public Land Law Association
  • Research Area : Social Science > Law

Jeong Kuk Won 1

1대구대학교

Accredited

ABSTRACT

Land Banking System' refers to the system in which the government or public institute directly participates in the land market and purchases/reserves the land prior to the occurrence of speculative transactions or other public transactions in order to supply it when the speculative demands arise with the purpose of developing public lots and controlling demand and supply. This is a new method to acquire the land according to the market function, which is deviated from the regulation-oriented policy by governmental intervention in land market. The land banking system has a few of advantages as follows: first, it can save the lot compensation cost; second, it can prevent privatization of the development profits; third, it can increase the market's control function in the public area (government). Korean constitution has the ground rules for land banking system which can play abovementioned roles. The ground rules include the reservation of law in the postface of Article 23, Section 1 of the constitution; obligation of exercising property rights in compliance with public welfare in Article 23, Section 2 of the constitution; expropriation, use and restriction of property rights required for public needs in Article 23, Section 3 of the constitution; social market economy order in Article 119, Section 2 of the constitution; obligations and restrictions required for use, effective and balanced development and preservation of the national land in Article 122 of the constitution. Although the land banking system legislated by the constitution takes land banking, land selling in advance system and land expropriation as its legal means for acquisition, it has another advantage to reduce the conflicts with the land owners in that it acquires the land by means of purchase in principle. For the success of this land banking system, it should be a long-term project and its purpose should be general one. Its scale should be also large as possible as it can be. The issue in fulfilling such requirements is that a large amount of financial resource should be spent. Given the expenditure of national finance should be based on balance and growth, it is necessary to approach to the land banking project from the perspective of financing at a national level.

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