재개발사업 지연이 사업성에 미치는 연구: 연희1구역 주택재개발사업을 중심으로

Abstract

This study aims to analyze the impact of delays in compensating cash liquidation holders on the profitability of redevelopment projects and to propose measures to prevent similar occurrences and devise countermeasures. Focusing on the case of the dismissal of the adjudication application by the Yeonhui District 1 Redevelopment Association in Seodaemun-gu, Seoul, this study demonstrates through simulations that delays in compensation for cash liquidation holders led to a decline in profitability and increased financial costs. Key provisions of the “Act on the Improvement of Urban Areas and Residential Environments” and the “Act on Acquisition of and Compensation for Land, etc., for Public Works Projects” were reviewed. The analysis highlights that, under Article 17, Paragraph 2, Subparagraph 3 of the Enforcement Rules of the Land Compensation Act, an appraisal report must be re-evaluated if its validity period expires. However, the association proceeded with the adjudication application without re-evaluation, resulting in a predictable dismissal decision. This failure to meet the application deadline caused relocation delays and increased financial costs, contributing to the deterioration of project profitability, as confirmed through business simulations. This study distinguishes itself from previous research by quantifying the impact of project delays on profitability through business simulations. The same analytical framework can be applied to other redevelopment projects, contributing to the establishment of countermeasures through modeling that incorporates regional price fluctuations and financial conditions.