Mapo District in Seoul announced on the 6th that the registration for the Gongdeok JAI Apartment, which had been unregistered for 10 years, was completed on the 21st of last month.
The Gongdeok JAI Apartment, consisting of 1,164 units, faced restrictions on financial institution loans due to the inability to complete the registration process, such as the transfer announcement. It was estimated by Mapo District that exercising property rights was difficult, amounting to 1.56 trillion won as of the end of 2023.
To resolve the issue, Mapo District held a win-win committee in 2023 and reached an agreement with 2 of the 3 landowners who had not agreed. Following the Seoul Local Land Expropriation Committee's re-determination regarding the remaining individual, who could not narrow down the disagreement over compensation last October, the association completed the expropriation of all land within the project area.
To ensure prompt registration, Mapo District quickly completed the transfer announcement in December of last year. Additionally, at the beginning of last month, a property ledger for the Gongdeok JAI Apartment was created swiftly to allow the related redevelopment maintenance business association to submit the preservation registration.
Park Kang-soo, the head of Mapo District, said, "It is very meaningful to finally resolve the 10-year wish of the Gongdeok JAI Apartment residents," and noted, "Mapo District will continue to provide administrative support for reconstruction and redevelopment projects where everyone can coexist."