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VELMA Law
VELMA Law is based in Dar es Salaam, Tanzania. We provide Tanzanian law advice on commercial matters in a wide range of areas.
VELMA Law, Dar es Salaam Tanzanian Law Firm
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Further to the 8 February 2018 constraints for mortgage finance in Tanzania (as per Part IV Written Laws (Miscellaneous Amendments) Act 2018 – see our earlier post), supporting Regulations have been published with effect from 26 April 2019.
In short:
- Detailed definitions of “undeveloped” and “underdeveloped” land.
- Details of the amount of development required over 5 years for agricultural / pastoral / mixed use land.
- Details of Borrower Declaration and supporting documentation required to be given to Lands Commissioner
- Details of subsequent development reporting requirements.
Breach of this is a breach of the Right of Occupancy.
Please contact us if you have any comments or questions.
NOTE: This has been prepared for general information purposes for any interested persons, it is not comprehensive information on the subject matter and it should not be regarded as legal advice.
If you want detailed advice on this, or any other matter, please contact us.