Analysis

How Land Bank Benefits Landowners

With Government’s quest to improve access to land through the land bank initiative and the fulfilment of deriving optimal and equitable return to underutilised customary land, the Land Bank/ Land use division, in joint collaboration with tokatoka Vunamasei of Saunaka Village/ Nadi developed and constructed a 17 acre iTaukei land for a 77 residential /subsistence subdivision in Legalega, Nadi, which is now nearing completion and ready for pre-sale.
27 Feb 2020 09:46
How Land Bank Benefits Landowners
Prime Minister Voreqe Bainimarama.

Analysis:

The Land Bank was the brainchild of the Bainimarama-Government back in 2010. It was created to provide landowners with another option apart from the iTaukei Land Trust Board (TLTB) for leasing their land.

However, there continues to be a lot of misinformation about the Land Bank, misinformation which is aimed at scaring off landowners from leasing their land through the Land Bank.

But landowners have benefitted through the Land Bank.

The most recent development is happening in Nadi.

With Government’s quest to improve access to land through the land bank initiative and the fulfilment of deriving optimal and equitable return to underutilised customary land, the Land Bank/ Land use division, in joint collaboration with tokatoka Vunamasei of Saunaka Village/ Nadi developed and constructed a 17 acre iTaukei land for a 77 residential /subsistence subdivision in Legalega, Nadi, which is now nearing completion and ready for pre-sale.

Advertisement for pre-sales is forecasted to commence by the end of March.

Government has expended approximately $2.2 million for this construction development alone.

The landowners no doubt will exceedingly benefit through optimal revenue/return generated through the sales of these lots.

Government will recover the expended amount on this development to use and fund other similar developments proposed for viable land deposited with the Land Bank. Apart from the profits payable, the landowners will be receiving annual projected ground rentals approximating $50,000 per annum with five yearly rent reviews to last the full duration of lease term.

The above is also aligned to fulfil Government’s initiative to increase home ownership and have inclusive socio-economic and sustainable development.

This will empower and motivate customary resource owners to develop and use their land resource for optimal use while enjoying the perks of working hand in hand with Government for viable, environmental friendly and conducive land development projects.

Feedback: jyotip@fijisun.com.fj

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