80 leases under land bank rakes in $13.3m
August 19, 2021 10:00 am
There are currently 80 leases registered under the land bank and this rakes in $13.3million since 2010.
Minister for Lands and Mineral Resources, Jone Usamate says there is an additional 16 lease offers and another 77 residential lots awaiting development completion.
Usamate says the Government anticipates to receive a total of $6.2million, should these lots be sold at conservative price.
“For the 2020-2021 financial year, revenue rakings alone stood at $2.2m in total. In this, $609,564.33 is derived from the state land leases whilst $1,613,659.60 is revenue from the iTaukei land leases.”
There are 133 land parcels under the land bank which include 114 iTaukei land, six State Land and 13 Freehold Buy-Back land.
The Land Use Division was established 11 years ago within the Ministry which is one of the government’s land reform initiative’s to facilitate the Land Bank under the provisions defined in the Land Use Act.