| Title |
The Applicability of Transaction Systems for the TDR Program |
| Keywords |
개발권양도제 ; 용적률거래제 ; 용적이전제 ; 용적거래방식 ; 용적가치산정 TDR(Transfer of Development Rights) ; Transaction System ; Valuation of TDRs |
| Abstract |
A TDR(Transfer of Development Rights) program can be an effective tool to compensate the excessive disadvantages of landowners in the restricted landuse area. In order to achieve this goal, the TDR program should be operated on the basis of a fair and stable transaction system. We reviewed TDR transaction systems suggested in the previous research such as 'Loss and Gain Valuation System(LGS)' and 'FAR Valuation System(FVS)', and suggested an alternative system which was named 'Land Value based System(LVS)'. We examined the applicability of the FVS and LVS with the data of recently completed urban redevelopment projects in Seoul. The results were as follows: The FVS in which the transaction price was determined by the government could not sufficiently compensate the loss of the sending area. The LVS could maintain a better balance between the loss compensation of the sending area and the additional gain of the receiving area, and also could provide a more secure and steady circumstance for the transactions. These results implied that the TDR transaction system should allow more flexibility to the buyers and sellers, and the transaction price should be controlled by the market mechanism. |