Minister for Economy Aiyaz Sayed-Khaiyum. [File Photo]

Regularizing unapproved leases will mean more revenue for the State and increased economic activity.

Minister for Economy Aiyaz Sayed-Khaiyum yesterday tabled a Bill in parliament to amend the State Lands Act to offer proper leases to families who bought portions of land from farmers without consent from the government.

Sayed-Khaiyum says apart from providing security to these families, the titles will give them confidence to invest.

“In this way we will be able to remove the uncertainty, be able to get revenue for the State because they will then pay proper lease monies, we will get proper sub-divisions done and these people can then go to the banks – mortgage their leases and build concrete homes.”

The minister says there are families who have been living on land bought 40 years ago, but have never legally owned a title.

Under the amendments the original lease will be cancelled, the property subdivided and new leases issues to all tenants.

The system will only be applied where portions of leased State land were sold off and not in situations where people are living as squatters.