In an effort to create sustainable economic opportunities for the people of Lagunya, Cape Town Mayor Patricia de Lille has extended the city’s programme to provide title deeds to business owners in Lagunya, handing over 25 title deeds to small business owners today.
The City chose over 100 properties in the Lagunya area to sell to the tenants at the reduced rate of R20 per m². It also subsidised the transfer fee of R3,092.
In addition to merely transferring title deeds, the City of Cape Town will link existing business with support programmes in order to re-evaluate business opportunities. The importance of this development cannot be overstated. One of the major problems in dealing with issues of redress – especially in the agricultural sector – is the fact that there has simply been the transferal of land, but not the transferral of skills. The business skills programmes will be free of charge for the beneficiaries.
An insidious issue with not owning property is that business owners find it harder to access formal financial instruments such as overdrafts and mortgages. The transferal of title deeds aims to ease this burden as business owners appear more established, thus reducing uncertainty. With the ownership of the title deed business owners also have property to put up as collateral, if the need arises.
Lagunya - an area encompassing Langa, Gugulethu and Nyanga – is a previously disadvantaged area. The current hand over of title deeds is part of a larger process through which the City will transfer a total of 109 title deeds. Thus far it has transferred 81, with the remaining 26 currently with the transferring attorneys.
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