Government Renews Pledge to Reclaim Industrial Land From Speculators

The government has repeated its pledge to scrutinise plots of land in industrial zones that have been left inac­tive, and will take action against those they believe are holding onto land in order to sell it on when prices increase, a minister has said.

Col Tin Aung Tun, the Yangon Minister for Re­gional Security, said land owners were “breaking the rules and regulations of the industrial zones” by buying and holding the land purely for specula­tive purposes, rather than because of a genuine busi­ness interest within the zones.

“The owners have left the land inactive and are waiting for prices to go up,” he told a parliamen­tary meeting earlier this month.

The rules and regula­tions, which are set by the Ministry of Construction, say that the land owner has to begin business op­erations inside the indus­trial zones within three months after being ap­proved by authorities.

If they fail to start their business, the Urban Housing Development Department has the pow­er to take the land back from the owner.

Plans to reclaim land from inactive businesses were thought up under the previous government but little has been done since then. The NLD-led government is becoming more proactive about the issue, Col Tin Aung Tun, said.

There are some squat­ters living in inoperative land and some of them are allegedly extorting landowners by refusing to leave without payment, according to Daw Sandar Min, a member of region­al parliament in Yangon.

 

Source: Myanmar Business Today

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

.

Looking for foreign investors to invest in your business in Myanmar