Nov 16 , 2019
The Ministry of Urban Development & Construction has drafted a bill to revise the floor price of urban land lease. The bill has already been sent to the Council of Ministers for deliberation. The low value of the floor price of urban land leases was sited as a major gap that needs to be addressed by the bill. The bill is intended to address the increasing demand for land and the illegal settlement and expansion problems widely observed in different parts of the country, according to Tazear G. Egziabhear, state minister of Urban Development & Construction. The bill requires urban administrative authorities to allocate 10pc to 20pc of the available land for the construction of residential houses for citizens. It also prohibits cities that do not revise floor prices within two years of the passing of the bill from leasing any land, including through bids, to any entity. "The revision process will be given enough time to ensure wider participation of all the relevant stakeholders," according to the State Minister.
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