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The purpose of this study is to estimate the development profits by each participant in housing redevelopment projects. The scope of this study is the 21 redevelopment projects which were authorized financial plan after 2006 in Seoul. The participants in these projects are municipal government, union members (who will get house or not, after a project has executed), tenants, construcion company and new owners. According to this study, average development profits amount to 2.99 million won per unit area. If the profits are broken down by each participant, profits for municipal government add up to 1.61 million won. The profits for union members and the other participants are 1.04 and 0.35 million won respectively. The results clearly show that the profits for municipal government go up to 54% of the total profit. Since it was widely known that union members took most of profits, tenants should be taken care of by them. However, the most profit gainer is found to be not union member but government side. The amount of development profits which was taken by public sector such as municipal government is enough to use for tenants and others. This result implies that public sector should put its efforts to reduce the cost of resolution of the friction among participants in housing redevelopment project.