City empowers residents with sale of land at R20 per m²
In line with the City of Cape Town's commitment to enabling opportunities through the empowerment of previously disadvantaged residents, Council today, 25 June 2014, approved the further sale of business-use properties in Gugulethu, Langa and Nyanga at a cost of R20 per m². Read more below:
Council has approved the further sale of 12 properties in Langa (1), Gugulethu (8) and Nyanga (3) as part of the City of Cape Town's efforts to alienate a total of 148 properties to those who were prevented from participating in ownership under the apartheid regime.
The City will sell these properties for R20 per m² (excluding VAT) to those in possession of valid lease agreements, or their successors-in-title, with the erstwhile Ikapa Town Council. The claimant (or tenant) will further make a contribution of R500 for transfer fees.
The balance of the transfer fees, amounting to R3 092 for each of the tenants and totalling approximately R457 704 for the 148 properties, is being subsidised by the City.
‘Enabling ownership is vital for the transformation of our economy. Owning an asset unlocks opportunities; it empowers and brings dignity to those who were robbed of the opportunity previously. This has been a long process but the outcome shows that progress is made possible when we work together towards a common goal,' said the City's Executive Deputy Mayor, Alderman Ian Neilson.