TLTB targets 85% lease renewal rate

With the ultimate aim to assist in the increase of agriculture production, the iTaukei Land Trust Board is targeting an 85% renewal rate for ALTA leases to be achieved this year.

In a statement, TLTB General Manager Alipate Qetaki said this is aimed at returning idle land to productive use.

But the board has raised a major concern on cane leases in arrears which is around $7.6 million from 1st January this year to $5.3 million at the end of July.

TLTB is also working with the Committee on Better Utilisation for Land with the aim of assisting in improving the rate of ALTA expired lease renewals.

TLTB is also dealing with some major tourism leases and it said they are not easy to administer.

Qetaki said a lot of care is taken in the negotiation of such leases as they normally involve foreign investors.

He said while due diligence is required, a balancing of factors is also carried out.

The total lease count within the board at the end of September this year was 35,030 leases with a total rent of $27.7 million.


Story by: Vijay Narayan