The judgment below is reversed and the case is remanded to Seoul High Court.

The grounds of appeal are examined.

1. Article 48(1) of the former Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents (amended by Act No. 12116, Dec. 24, 2013; hereinafter “former Act”) provides that when the period for application for parcelling-out under Article 46 expires, a project implementer (excluding a residential environment improvement project) shall establish a management and disposal plan including the following matters based on the current status of application for parcelling-out under Article 46 and obtain authorization therefor from the head of a Si/Gun. As one of the matters to be included in the management and disposal plan under subparagraph 4, one of the matters to be included in the management and disposal plan is “price based on the date the details of the previous land or structures for each subject of parcelling-out and the date the project implementation is announced (in cases of buildings removed pursuant to Article 48-2(2) before the authorization for project implementation is granted, the price shall be based on the date the head of a Si/Gun obtains permission for each subject of parcelling-out” (hereinafter referred to as “previous asset price”) and (2).

In addition, Article 48(5)1 of the same Act, when evaluating the previous asset price, etc. in a housing redevelopment project or an urban environment rearrangement project, it shall be calculated by taking an arithmetic mean of the values appraised by at least two appraisers selected and contracted by the head of a Si/Gun among appraisal business entities under the Public Notice of Values and Appraisal of Real Estate Act: Provided, That where a management and disposal plan is to be modified, suspended or abolished, the estimated value of the site or structure scheduled for parcelling-out and the price of the previous land or structure may