SUNBIZ

Realtor Applauds Land Decision

A leading real estate company has applauded the decision by Government to restrict sale of freehold and state-owned land to foreigners. Reginald Jokhan of Jokhan Realtors said if previous Governments
27 Nov 2014 12:25
Realtor Applauds Land Decision

A leading real estate company has applauded the decision by Government to restrict sale of freehold and state-owned land to foreigners.

Reginald Jokhan of Jokhan Realtors said if previous Governments had taken this step, iTaukei landowners would have been more successful and invested money in their people and communities.

“The previous legally-elected governments did not look at the interest of people that’s why a lot of people were asked to leave their leased land,” he said.

“iTaukei / Native Lease is just as secure as Freehold or state land if one secures the lease from the right body.
“People have this misconception about iTaukei / Native Lease and people have spread rumours for generations.”

Educating investors
Mr Jokhan said there was a need to educate potential investors now, on the options available to them.

“We need to educate these investors and then they will feel comfortable about the iTaukei land. 99 years lease is like two generation,” he said.
“That is long term lease.  Maybe the term of lease can be one area that can be looked at.”

Mr Jokhan said genuine investors would not worry about any increase in stamp duty.

“If investors come genuinely to invest then 10 per cent stamp duty should not be a problem at all,” he said.
“Investors will make their money as Fiji has opportunities for genuine investors, so paying 10 per cent stamp duty shows their investment commitment towards Fiji.”

Mr Jokhan said locally-operated real estate companies have always kept the interest of the locals paramount.
“With the new policy coming in place and with the Bainimarama government seeing that the iTaukei land is for the foreigner investors surely the demand will increase.”

He said that this was a surely win-win situation for all especially the iTaukei land owners.
“iTaukei landowners have abundance of land so they surely will be very successful cashed up people in time to come,” he said.
“The best part about the Bainimarama Government is they don’t only talk and have hours and days of consultations, but they implement what they discuss or say.”

Feedback:  jyotip@fijisun.com.fj

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