The Lands Ministry stressed that unutilized land in the country which is also under no lease agreements can be deposited in the land bank and fetch attractive and fair lease payments.
Permanent Secretary for Lands Lieutenant Colonel Neumi Leweni said the land bank system under the Land Use Decree which is expected to be operational within weeks is already generating a lot of interest.
He said it would be attractive to the landowners as the land bank system will not follow the NLTB system of the payment of leases.
Lieutenant Colonel Leweni said it would also make things much easier for investors looking for land.
Lieutenant Colonel Leweni also said landowners interested in the scheme can contact the Lands Ministry and they will then assess the ownership and other issues before registering the piece of land in the land bank.
Certain regulations are currently being drawn up before the scheme becomes active.
Story by: Vijay Narayan
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Land Bank to attract a lot of interest from investors and landowners
