| Title |
An Analysis of the Effectiveness of FAR Incentive System According to Land Donation - Focused on the Economic Feasibility in the Housing Redevelopment Projects |
| Keywords |
기부채납 ; 인센티브제도 ; 용적률 할증비율 ; 주택재개발사업 Land Donation ; FAR Incentive System ; the ratio of FAR Bonus ; Housing Redevelopment Projects |
| Abstract |
This study examined whether the restriction of private property rights including reduction of land ownership and share of installation expenses according to land donation for infrastructure was properly compensated by the floor space ratio incentive system from the project owners' viewpoints. Accordingly, this study aimed to suggest a reasonable incentive ratio for floor space ratio and sharing ratio of expenses required for installation of a public infrastructure by investigating the efficacy of the incentive system in the housing redevelopment projects and numerically identifying the conditions to secure the efficacy of the incentive system. The followings are the results of the study. First, the more the land donation ratio for the infrastructure in the housing redevelopment project zones was increased, the more the economic feasibility of the project was decreased and the more the efficacy of the incentive system was reduced. In accordance with the application of conditions to secure efficacy of the incentive system to actual cases, a floor space ratio incentive greater than 0.3, the standard incentive ratio in Seoul, was required. Third, if the public sector shares 50% of expenses required for installation of the infrastructure, the incentive system would effectively work without an increase of floor area ratio incentive. |