The part against the Defendants is reversed, and that part of the case is remanded to the Seoul High Court.

1. Where the implementer of a housing reconstruction project under the Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents exercises a claim for sale to a person who owns only the land under subparagraph 2 of Article 39 of the same Act, a sale and purchase contract is established at the market price of the land at the same time as the exercise of the claim for sale. In this case, the market price is the objective market price at the time when the right for sale is exercised, which includes the price assessed on the premise that the housing reconstruction

(See Supreme Court Decision 2008Da21549, 21556, 21563 Decided March 26, 2009). 2. A.

The judgment below

According to the reasoning, the court below calculated the market price based on the appraised value reduced to 1/3 of the value of the neighboring site, which reflects the change in land prices due to the implementation of the reconstruction project at the base point of time, on the ground that the current status of each of the instant land owned by the Defendants, which is the subject of the instant claim for sale, is a road provided for the passage of neighboring residents, etc., in which the exchange value is considerably reduced, and it cannot be deemed that it is included in the reconstruction project area of this case.

B. However, in light of the above legal principles, as long as the current status of each land of this case is a road, if a housing reconstruction project is implemented, the market price is basically the same as the market price of the neighboring site in the case of the premise that the housing reconstruction project will be implemented. However, it is reasonable to calculate by means of a reduction assessment in consideration of individual factors, such as the form of each land of this case, main arterial roads, accessibility to major arterial roads, and conditions of land capture. Accordingly, the market price is calculated based on the assessed value reduced to 1/3 of the neighboring site value solely on the ground that the