The Land Bank and City Renovation Project Office of the Ethiopian Capital Addis Ababa is to split into independent agencies to implement the new land lease proclamation.
Implementing the proclamation will be the primary task of the Land Bank and Transfer Agency which will be officially formed in three months time.
The new agency will be in charge of handling auctions and arrange plots for development under its land bank system and transfer to investors as well as collecting lease payments and controlling the launch of construction activities according to lease agreements.
The Agency is structured in three parts to achieve its ends, the Transfer of Developed Land Department and Lease Contract Follow-Up, Bank and Protection Department and Land and Evaluation Department.The agency will be supervised by a board while the day to day running will be under a managing director and a deputy to be appointed by the Council of Ministers.
It is to be remembered that the city administration of Ethiopia’s capital Addis Ababa recently announced the new per m2 prices for land lease in the city. The city revised the existing lease rate as per the current market price it was learned.
The new prices will serve as a benchmark for land being auctioned by the city and for former private holdings being transferred to the lease system as per the new Urban Lands Lease Holding Proclamation.
The new directive divides land in the city into three zones according to their proximity to the center.
Source: Addis Fortune
