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VELMA Law
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.