<![CDATA[Realestate.Ghana-net.com - Property News]]>Sun, 17 Dec 2017 13:11:25 -0100Weebly<![CDATA[Abolish 5% VAT on Real Estate charges – GREDA to Nana Addo]]>Thu, 15 Dec 2016 21:49:01 GMThttp://realestate.ghana-net.com/4/post/2016/12/abolish-5-vat-on-real-estate-charges-greda-to-nana-addo.html Real Estate Developers are admonishing the President elect, Nana Akufo Addo to “Walk the Talk” when he is sworn in as President on January 7th , by fulfilling his promise of abolishing the 5% VAT on Real Estate sales.
The VAT, which was initially 17.5% was reduced to 5% by the present government but the real estate developers want it scrapped. 

In an interview with Citi Business News, Executive Secretary of the Ghana Real Estate Developers Association (GREDA), Samuel Amegayibor said the newly elected president must put into action his promises.

“That is the beginning of it to walk the talk meaning that whatever you promised the people, you go ahead to deliver.” he stated. Mr Amegayibor lamented over the effect of the VAT on businesses. 

According to him, business has slowed down as demand for estates reduce due to high cost. “It has really brought our sales down and increased the cost of houses and the general public is complaining,” he said, adding that the current government’s refusal to scrap the 5% VAT has affected business activities.

“For us as business people, this tax was of great concern to us and so we raised it to the outgoing president. We dialogued for close to two years before we were able to get a cut.

Our original expectation was for it to be completely scrapped but much as we tried government insisted that this tax must pass so they went ahead and implemented it,” he recalled. He, however stressed that the president-elect, Nana Akufo Addo must fulfill his promise and ensure the 5% VAT on Real Estate sale is abolished.

“We are currently working with it but it is not good for us at all. So if the president elect has promised that perhaps they share with us that it should be scrapped then they should just go ahead and do it as early as possible,” he demanded.

About the 5% VAT on Real Estate sales Government revised in the 2015 budget statement, its decision to slap 17.5% VAT on the real estate sector after serious concerns were expressed by GREDA.

GREDA petitioned government to find a more effective way of taxing the industry to ensure government and the private sector contribute in closing the housing deficit. Although at the time GREDA proposed a 4 % VAT during discussions with government, the Vice President Paa Kwesi Amissah-Arthur maintained that government was right to tax the real estate sector.

GREDA and other players in the industry further insisted that the move could lead to a hike in prices of houses in the country. But that notwithstanding government maintained the 5% VAT on Real Estate sales till date. * Source: citifmonline. com 

<![CDATA[Do land search before buying - Lands Commission]]>Sat, 14 Nov 2015 02:07:51 GMThttp://realestate.ghana-net.com/4/post/2015/11/do-land-search-before-buying-lands-commission.htmlSource: GNA -Prospective land buyers have been advised to do a search of ownership at the Lands Commission on lands they intend to buy before making any financial commitments.

Alhaji Sulemana Mahama, Head of Policy Planning and Research at the Lands Commission, who gave the advice, said a search would help curb the increasing rate at which people fall at the allure of fraudsters parading as genuine land owners. 
Alhaji Mahama gave the advice on Wednesday during a business forum on the National Planned City Extension in the Ningo-Prampram District which is aimed at unleashing the potential of national capital annex.

He said people should not be in a hurry to pay for lands without confirming the ownership as according to him, land is immovable therefore the seller and the buyer must be patient to go through due diligence.

He said in doing a search at the Commission is now easy as one only have to apply at the Customer Access Unit after which results should be ready within two working days.

He added that land buyers must also find out whether the land is a public land, customary land or private land to avoid litigation.

Alhaji Mahama said for instance a large number of plots of land in the Ningo-Prampram area are either state owned or vested in the government as they are to be used for irrigation and security purposes.

He also indicated that registration of land acquired must be taken seriously by the public, adding that the country's land laws stipulate that every land acquired to be used more than three years must be registered.

He called on authorities not to only plan towards the proposed city expansion but implement it to avoid creating the development of slums in the area.

According to him, from the colonial era to date, many development plans have been formulated for the Greater Accra Metropolitan Area, which has 16 metropolitan, municipal, and district assemblies but unfortunately, they were not implemented fully.

Mr Kofi Yeboah, Ningo-Prampram District Head of the Town and Country Planning, said the district needs to plan ahead to absorb the population overflow from Tema and Accra as more people were relocating to the area.

Mr Yeboah mentioned some of the pull factors attracting more residents to the area is the proposed airport, the Tema-Togo highway, urbanisation, university among other things.

He said his outfit is proposing as part of the planned extension, second class roads to link the airport to the coastal areas, construction of more linking roads to reduce traffic on the highway, a solar and a wind farm to provide alternative electricity for residents.

Under the plan, there would also be an agricultural area, ecotourism around the beaches in the district, while designated areas would be given for low, medium and high rise buildings.

He said the forum was part of the processes to gather the needed data for the proposed plan adding that the Assembly would be mapping all lands in the district.

Mr Enoch Teye Mensah, Member of the Presidential Priority Task force and Member of Parliament for the Ningo-Prampram, said the project is still at the concept stage as the actual plan is yet to be finalised.

Mr Mensah said consultation with stakeholders would continue to help address issues that would arise from the planned expansion.

Mr Rene Dogbe, Group Task Manager at Erith Sites, in a presentation, alerted business operators on the effect of their activities on the ozone layer and how they contributed to global warming.

Mr Dogbe called on the district assemblies to clear the roads of unauthorised structures as waiting for it to worsen would lead to the payment of huge compensation.
<![CDATA[Two in court over double sale of land]]>Wed, 04 Nov 2015 15:06:23 GMThttp://realestate.ghana-net.com/4/post/2015/11/two-in-court-over-double-sale-of-land.htmlSource: GNA - Two persons including a pastor, who allegedly fraudulently sold a parcel of land at Adenta Commandos to a lady at the cost of $10,500 in Accra have appeared before an Accra Circuit Court.
The two: Cyril Aklasi, a businessman and Michael Tsatsu, a Pastor, have both pleaded not guilty to the charge of conspiracy to commit crime and fraudulent transaction of land.

The court admitted them to bail in the sum of GH?42,000.00 with two sureties, one to be a public servant earning not less than GH?1,500.00.

They are expected to reappear before the court presided over by Mr W. K. Essandoh on November 4.

Prosecuting Chief Inspector Francis Tarsan, told the court that the complainant, Betty Mensah is a Ghanaian based in the United States of America.

Prosecution said in 2007, Ms Mensah arrived in Ghana and decided to acquire a parcel of land to build a house.

The prosecutor said Tsatsu promised to get her a land and led her to Aklasi, who showed the victim a parcel of land situated at Adenta Commandos as belonging to him.

Complainant became convinced and paid $10,500 through Tsatsu per money transfer payment to be given to Aklasi.

When the complainant went to develop the land, she was prevented from doing so as the same land had been sold to another person by the accused persons.

Complainant reported the matter to the Police who apprehended the accused persons.

Prosecution contended that, investigations have shown that accused persons have no title to the land they sold to the complainant.
<![CDATA[Prabon Greenfields: A piece of ancient rich history]]>Thu, 22 Oct 2015 10:29:02 GMThttp://realestate.ghana-net.com/4/post/2015/10/prabon-greenfields-a-piece-of-ancient-rich-history.htmlSource: B&FT Ghana - Nestled 30minutes from the Kumasi Airport and just 21minutes from the prestigious Kwame Nkrumah University of Science and Technology is a new city, a new way of life, an upscale living that meets the need of well-fixed individuals and families.
The ancient Ashanti Kingdom founded and led by great leaders in its over 400-year history, occupy a geographical area that is home to hundreds of plant species, birds, fresh clean rivers, and lush vegetation that earned it the name the garden city of Ghana decades ago.

It is in an unspoiled suburb of this ancient kingdom acclaimed for its gold and richness that the Prabon Greenfild is being developed.

With an estimated housing deficit of over 1.7million housing units, various governments have tried different approaches to bridging the housing defeicit in the country to no avail; creating highly populated urban centres with bustling-lifestyle that stresses many.

Private individuals, starved of incentives, have had to rely on personal funds and limited funding from real estate funds given a limited of how much they are allowed to commit to the real estate sector.

Accroding to the Securities and Exchnage Commision (SEC), fund managers cannot commit more than 10 percent of funds to the real estate sector.

It’s in this light that the Prabon Greenfields project must be lauded for the foresight of the Asantehene and Vital Capital to create a modish green city away from the hustle of everyday city life.

Prabon Greenfileds, steeped in nature and built with the finest of eco-friendly materials, can be described in the same terms as the renowned Sandhurst area in South Africa known for its stately architecture and residents. It’s so exclusive that owning a home there is a true measure of an individuals succes.

Prabon Greenfields is designed is such manner and upon completion will offer tropical serenity to residents.

Prabon-Greenfields is a joint-venture between the Asanteman and Vital Capital, set-up to design and build the Prabon community development project. The project is s private gated community of 500 luxury stand-alone villas.

Surrounded by lush, vital landscape when completed would offer a sustainable low-density community unlike other similar developments in parts of the country and ensures the privacy of its residents. Indeed, Prabon swing towards the regal rather than the demure.

The development comes in four models that are all distinct in design and layout. They are the Palm, Pine, Cedar, and Oak. It would have its own water distribution system, centralized sewage system, schools, sporting facilities, community centre, and parks,

The Palm has been expertly designed such that it marries an up-to-date traditional architecture with contemporary interiors. It is a 182m2 on a 500m2 lot. It comes in of 3bedrooms and two bathrooms and each home has internal parking for two cars.

The Pine offers state-of-the-art technology in a sustainable setting. It’s 208m2 on a 750m2 lot. It comes in three bedrooms with three bathrooms. It also has internal parking for two cars.

The Cedar offers resort-style amenities and high-quality add-ons in a home specifically tailored for modern family life. It comes in four bedrooms with four bathrooms and internal parking for two cars.

The Oak is a spacious and harmonious five bedroom deluxe residence that blends privacy, innovation and elegance. It is 298m2 on a 750m2 lot. Come with five bathrooms and has internal parking for two cars.

The setting of the homes means that this new city set in Prabon on the Lake Bosomtwe road would continue to remain lush, quiet and placid. Security of residents is also paramount and has been well-addressed with the acquisition of state-of-the art technology.

UT’s role

UT Properties Limited has been selected as the sales representative for the Prabon Greenfields Project. Individuals, families and organizations on the continent and abroad who want to be part of the elite club in Ghana and enjoy an upscale living in the center of the earth can simply contact UT Properties to secure their share of this ancient gold. There are showrooms on-site for interested persons to visit.

UT Properties is a wholly-owned subsidiary of UT Holdings Limited specialized in real estate development and management. UTP was incorporated in August 2007 as a private company limited by shares.

UT Properties Limited is an independent firm of Property Valuers, Property Managers, Property Developers, Leasing Consultants and Property Investment Analysts with years’ experience in advising the UT Group of companies and clients on property related issues.

Currently, UTPL has a staff strength of 32 operating and supported by the corporate departments of UT Holdings.
<![CDATA[Chiefs asked to engage experts in land management]]>Sun, 18 Oct 2015 12:24:08 GMThttp://realestate.ghana-net.com/4/post/2015/10/chiefs-asked-to-engage-experts-in-land-management.html
Good Governance Africa (GGA), an independent research and advocacy organization, has been engaging chiefs and other interest groups in land administration on security of property rights in Ghana.

Private enterprises in the country often need collateral to access finance to promote their operations and these businesses should be able to use their lands as collateral. But there are challenges with rights of property owners in the country.
According to GGA-West Africa, security of property rights, protected by the rule of law, provides the foundation for both economic freedom and the efficient operations of markets.

The organization has observed that “most individuals and corporations have fallen victims to the weak laws and institutions which are mandated to protect them and their properties”.

GGA-West Africa Centre organized a workshop to openly discuss the rights of a land owner, vis-à-vis the responsibilities of the custodians for the various stakeholders on the theme: ‘The rights of a property owner, challenges of owning a piece of land in Kumasi.’

Chief Executive Officer of GGA-West Africa, Tina Asante-Apeatu, has expressed satisfaction in outcomes of the Kumasi meeting.

“There is the perception that from tradition the chiefs know nitty-gritty of acquiring land, registration and all those things involved; but from the programme, we’ve realized that some of the complains the citizens have, the chiefs themselves don’t know. They so some of the things they do out of pure ignorance of the law,” she observed.

This workshop sought to outline the various laws that govern land administration; identify the challenges in enforcing the laws governing land administration; sensitize land owners and make recommendations to the mandated land administration institutions.

Land Economist with the Kwame Nkrumah University of Science and Technology (KNUST), Prof. Seth Opuni Asiama says Ghana can learn from other countries.

He cited Rwanda as an African country that have succeeded in registering every piece of land “so even if it’s a customary landholding, they’ve registered it” which gives the owner the confidence to deal in his lands.

In Ghana, however, a land owner seeking at give out a property on mortgage would need the consent of the chief, as custodian of the land, who in the process may demand money.

Prof. Asiama says traditional authorities would need to engage professional in the prudent management of lands.

“We should be more proactive in ensuring that we improve the security of title for our people because a lot of the problem we’re seeing in Kumasi today is because there are no professionals involved, who will be able to advise them on what to do with their lands,” he stated. “There is no reason why in this day and age there should be multiple sale of land simply because the chief does not have records; no it shouldn’t happen”.

GGA-West Africa hopes to develop policy briefs from the recommendations in the series of workshops to effect the necessary changes in land administration.