The Yangon region industrial zones management committee has warned it will retake 2,339 land plots and 1,299 warehouses located in 29 industrial zones in Yangon region by February 2015 if they are not used for business purposes.
Land plots and warehouses occupy more than 4,418 acres of space in total, according to the committee.
The leaseholders who have the permission to rent the industrial land plots and warehouses have signed a land-leasing agreement with the Department of Human Settlement and Housing Development to construct buildings on the land plots and to use the warehouses within three months of the agreement. If the land plots and warehouses are not used within the time frame of the agreement, the department can confiscate them.
Despite signing the agreement, the leaseholders did not do anything on the land and warehouses given to them. The committee said this has led to an increase in land prices besides creating obstacles for job opportunities.
The committee has asked the leaseholders who have not yet started their business to submit a detailed business plan to it by December 1. After the committee scrutinises the business plan, the leaseholders will need to start their business not later than February 1 next year. If they do not follow the rules and regulations, the properties will have to be returned to the government, said the committee.
Source: ELEVEN MYANMAR