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March 02, 2018

MCDC to quintuple land rent

The building of Mandalay City Development Committee in Mandalay.
The building of Mandalay City Development Committee in Mandalay.

The Mandalay City Development Committee (MCDC) will increase the land rent by five times in the 2017-2018 fiscal year, according to MCDC.
Currently, the MCDC rented their designated plot of land for Ks 100.000 per month. But, beginning form the next financial year, MCDC will increase the rent to Ks 500,000 per month. The local residents complained of the current rent of MCDC, saying that the MCDC rented the land to the businessmen at a rate which is less than street value.
“We rented the land beginning from April to March, 2016. So, we will increase the rent five times for next year. The increased rate will not be concerned with every business. It depends on the category of the business. For example, the flower plant shops will not be charged the new rate, said U Thet Naing Tun, Joint secretary from MCDC on 30 November.
Currently, MCDC rented the land for Shwe Man Taung golf course, which is on 101.9698 acres, for Ks25 million per year for 30 years. The Yadanarbon swimming pool and recreation centre, which is on 4.13 acres, pays over Ks48 million per year for 5 years. The City Garden playground which is on 14.3994 acres of land, pays rent of over Ks160 million per year for 25 years.
MCDC will earn over Ks 830 million from land rents for 2017-2018 FY when MCDC increased the rent of land five times, it is learnt from MCDC.


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