The presidential office has rejected accusations that it is falling behind on plans to renovate residential towns.

In a Friday briefing, senior presidential secretary for economic affairs Choi Sang-mok defended the recently unveiled plans saying that setting up a blueprint by 2024 is exceptionally swift.

He said that it typically takes more than five years to devise plans regarding the renovation of residential towns which is similar to a complete urban redesign. Choi added the 18 month-schedule proposed by the government is the fastest push possible.

He said the time frame is inevitable due to procedures such as public gatherings to hear from experts, local authorities and residents.

The secretary vowed to expedite efforts as much as possible in accordance with President Yoon Suk Yeol's campaign pledge. 

Those hoping to see their residential areas redeveloped in the near future saw their expectations dashed by real estate policy measures announced this week which includes setting up related plans two years from now in 2024. Some have slammed Yoon for not keeping his campaign pledge.