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“Use Land To Make Money”: Landowners Told By PM

Landowners have been urged to explore cash- generating opportunities through the use of their lands.
20 Jun 2022 14:00
“Use Land To Make Money”: Landowners Told By PM
Prime Minister Voreqe Bainimarama.

Landowners have been urged to explore cash- generating opportunities through the use of their lands.

Prime Minister, Voreqe Bainimarama, made the call at the Naitasiri Provincial Council meeting where he was chief guest.

 

He said the Government was a partner with landowners where land utilisation could generate income.

“We’ve waived premium payments from lease offers, making it easier for landowners to own leases, and obtain credit from financial institutions, to develop their lands,” he said.

He said a tenant cannot could not subdivide a lease on their own volition, to circumvent regulatory checks and balances.

 

Landowners Consent

A landowner’s consent was required for any land-related change.

“In all cases of subdivisions, once new leases are issued over each newly created lot, a premium is required to be paid directly to the landowners for each lot,” he said.

“And just because tenants have already paid a premium on the original lease, does not mean they do not receive any benefit, even if the land is legally subdivided.”

 

“Subdivisions and land developments increase the value of the land in the medium to long term.”

TLTB still had the right to any development lease for non-compliance to lease terms and conditions.

 

60 per cent

Landowner consent needed prior to leasing of land.

 

10 per cent

The board incorporates 10 per cent of sales consideration for any lot sold for individual title.

“Landowners benefit from this deal by having 10 per cent of sales consideration (sales price) per lot upon sale.

“Landowners have the right to lease their land, either on their own or in partnership with Government, and go on to benefit from the equity returns of its sale at market rates,” he said.

 

Leasing A Land

Five things must be factored into consideration when leasing a land, Mr Bainimarama said.

The five factors were:

  • 60 per cent of the community consent for the land to be leased.
  • community consent on the type of lease.
  • community consent on the term of the lease
  • community consent on the premium.
  • community consent on the yearly lease payments.

 

Feedback: josefa.babitu@fijisun.com.fj



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