The Incheon Metropolitan Government is launching an inspection of 90 registered real estate development firms in the city to verify whether they meet registration standards and comply with the required obligations. The measure, aimed at curbing indiscriminate development and protecting citizens’ property rights, will run through the end of September.
 [코리안투데이] A view of Incheon Metropolitan City Hall © 장형임 기자 |
The Incheon Metropolitan Government (Mayor Park Chan-dae) announced that it will conduct an inspection of 90 registered real estate development firms in the city through the end of September to verify whether they continue to meet registration standards and comply with various required obligations.
The inspection is designed to confirm whether the registered firms consistently satisfy the registration standards set by law and properly fulfill their obligations. The city plans to first conduct a written survey and then carry out field investigations of firms suspected of failing to qualify or requiring further verification, closely examining whether they meet the registration standards.
Key items to be reviewed include whether firms satisfy registration requirements such as capital, executives and specialized personnel, and whether they have reported changes to their registered information. If violations are found during the inspection, administrative measures such as fines, business suspension or cancellation of registration will be imposed in accordance with the relevant laws.
The real estate development registration system has been in effect since 2007 under the 《Act on the Management and Promotion of the Real Estate Development Business》 to prevent indiscriminate real estate development and protect consumers’ property rights. Registration is required for those who develop, for the purpose of supplying to others, land of 5,000㎡ or more or 10,000㎡ or more per year, or buildings with a total floor area of 3,000㎡ or more or 5,000㎡ or more per year. To register, both corporations and individuals must have capital of at least 300 million won, along with business assets valued at 600 million won or more, an office, and at least two full-time specialized personnel.
These registration requirements are intended to filter out the proliferation of firms that lack development capability, thereby preventing consumer harm in advance. In fact, Incheon conducted an inspection of 96 registered firms last year, uncovering nine legal violations, imposing a total of 2.75 million won in fines and taking administrative measures including registration cancellation.
In addition, unregistered firms that falsely represent themselves as registered businesses or engage in false or exaggerated advertising may face up to three years in prison or a fine of up to 50 million won under the relevant laws. This reflects a determination to deal severely with property damage caused by false information, given that consumers rely heavily on registration status when judging the credibility of a development project.
Lee Won-ju, director general of the city’s Urban Planning Bureau, said, ‘Through continuous inspection of registered real estate development firms, we will prevent legal violations and foster a sound and transparent real estate development market,’ adding, ‘We will strengthen management and supervision to protect citizens’ property rights.’
지역 홍보대사 신청 기자양성과정 신청 코리안투데이 지부장 신청 코리안투데이 인천강화
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