Masvingo - City of Masvingo has resolved to review and loosen the terms of purchasing commercial stands after realizing the slow pace at which commercial stands sold by council are being paid for.
The resolution was made in a full council meeting held on Monday, May 15 after considerations that some beneficiaries of the ten commercial stands being sold by council were facing challenges in paying in foreign currency, instructing the Director of Finance to refer the review of payment terms to management for further review.
This followed recommendations by the Finance and General Purpose Committee, and the full council meeting agreed that they are not stopping commercial stands to be sold in foreign currency but to accommodate those who are facing difficulties.
“After realizing the slow pace at which the Commercial stands sold by Council were being paid for, the committee was of the view that council should review the terms of payment to allow beneficiaries to pay in local currency at the prevailing auction rate.
“It was highlighted that the idea was not to stop commercial stands to be sold in foreign currency but to accommodate those beneficiaries that are facing challenges to pay in foreign currency,” read the minutes.
There have been concerns about the stringent conditions on buying commercial stands in Masvingo, which has resulted in many forfeiting the process, with some of the stands being sold at nearly US$8000 which has to be paid in 15 days for one to acquire the commercial stand.
Suggestions made in some quarters have been that land evaluators for Masvingo commercial stands should differentiate metropolitan rates like those in Harare from local ones like Masvingo as it now hinders businesses from buying land for development.