Land acquisition, major problem for estate developers

Ghana Real Estates Developers Association (GREDA) have complained about the cumbersome and dysfunctional processes they go through before acquiring lands for development.

Speaking at this year’s Multi TV habitat fair, Acting Secretary of the Association Mr. Samuel Amegayibor criticized the system for its inefficiencies.

‘The system itself is not addressing the problem, land acquisition is one of the major headaches it is too long and cumbersome to register land’.

The Association is convinced that the government can acquire the lands, register them and then hand over to them for construction.

He also complained about the lack of long term financial support by the banks.

Reports from our members indicate that banks give only 2 year loan facilities with huge interest rate, borrowing money to construct does not come cheap, he added.  

He said the real estate sector requires stronger regulations that will help in the smooth running of their operations.

GREDA is an association of Real Estate Developers established as a private institution limited by guarantee.

Its mandate is to among other things provide a united front in making recommendations to government on ways of promoting real estate development and how to seek solutions to the practical problems in the property market.      Story by Myjoyonline/Faustine Akwa

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