본 연구는 개발사업을 통해 창출된 개발이익 중 일반분양자에게 이전되는 개발이익을 일시적 분양프리미엄인 ‘분양시점의 개발이익’과 기간적 프리미엄인 ‘공사기간 중 상승된 개발이익’으로 2단계로 세분하여 분석함으로써 정부규제로 일반분양자에게 주어지는 개발이익을 환수해야 하는 논리를 제공하고 적정 환수방안을 모색하는데 그 목적이 있다. 본 연구에서는 서울시에서 2016년부터 2020년까지 정비사업을 통해 일반분양된 18개 사업구역을 대상으로 하였으며, 공히 분양가상한제가 적용되지 않고, 주택도시보증공사(HUG)의 고분양가심사기준에 따른 분양가규제 대상이다. 입주자모집공고상 일반분양가, 국토교통부 실거래가격, 아파트실거래가지수 등을 활용하여 84형 타입의 가격을 단순평균값을 적용 분석하여 다음과 같은 결론을 도출하였다. 첫째, 정부의 분양가규제가 지속될수록 ‘분양시점 개발이익’은 증가한다. 둘째, 재건축사업이 재개발사업에 비해 정부규제가 강해 ‘분양시점 개발이익’이 크다. 셋째, ‘분양시점 개발이익’보다 ‘공사기간 중 상승된 개발이익’이 더 컸으며, 이는 ‘당첨기회’가 ‘낮은 분양가’에 비해 더 큰 개발이익을 갖게 함을 의미한다. 이러한 현상은 결국 정부규제로 발생한 것으로 본 연구에서는 환수제도의 사각지대에 있는 일반분양자의 개발이익을 대상으로 적정환수방안을 제시하였다. 첫째, 사회적 책임을 부여하는 방안으로 전매제한기간 확대, 토지임대부주택, 환매조건부주택을, 둘째, 금전적 환수방안으로 주택채권입찰제, 조세제도 개편, 수익공유형 모기지 등을 제시하고 적용가능성을 검토하였다.
The purpose of this study is to provide logic for the return method of development profits given to general consumers (such as project operators) through government regulations and to seek appropriate return methods. For this, this study has analyzed the development profits generated through the residential development project into two stages. "Development profits at the time of sale", which is a temporary pre-sale premium, and "Increased development profits during the construction period", which is a period premium. The authors analyzed 18 project areas that were sold to general consumers through residential redevelopment projects from 2016 to 2020 in Seoul. which were subjected to regulation of the sale price of houses according to the HUG"s examination standard on high sales price of housing but not the sales price ceiling system. The following conclusions were drawn by applying a simple average value to the price of the "84 types", using the general price of housing on the sales announcement, the actual transaction price of "the Ministry of Land, Infrastructure, and Transport" and the apartment transaction price index. First, as the government continues to regulate the sale price, "the development profit at the time of sale" is increased. Second, the government"s regulations are stronger than the development projects, so the " development profits at the time of sale" are large. Third, the "increased development profits during the construction period" was greater than the "development gain at the time of sale", which means that "the opportunity to win" has greater effects on the development profit compared with "low sale price". This phenomenon was eventually occurred due to government regulations, and this study proposed a proper return method of development profit of general consumers in blind spots of the current Restitution system. First, as measures to grant social responsibility, an extension of the period for the restriction on resale, land-leasehold housing for sale, and housing with resale obligation, and secondly, the housing bond bidding system, tax system reform, profit-sharing mortgage, etc. are presented as a financial restitution method, and the applicability is reviewed.