By YE MON | FRONTIER
YANGON — Nay Pyi Taw Development Committee says it will sell nearly 200 empty plots in Nay Pyi Taw to the public at a reduced price in an effort to encourage people to live in the country’s capital.
In an announcement yesterday, the committee said the 197 plots of 6,400 square feet in Dekkhinathiri Township would be sold for K25 million (US$16,500), around K10 million below the usual price. The committee will accept applications from December 1 to 31.
Deputy Mayor U Ye Min Oo told Frontier that the scheme was part of a broader plan to develop new housing the capital and enable the population to grow.
Although Nay Pyi Taw Union Territory had 1.16 million residents at the 2014 census, the urban population of the five townships under NPTDC control was barely 230,000. Many private homes in the capital are vacant, owned by absentee landlords and without tenants.
Ye Min Oo said NPTDC would allow individuals to purchase one plot only and they would have to commit to living in Nay Pyi Taw.
“People can buy plots under the hire purchase system from any bank. They can also apply for a home loan from Nay Pyi Taw Sibin Bank,” he said.
Nay Pyi Taw Sibin Bank requires borrowers to make a 30 percent downpayment, with the rest to be paid off over a period of up to 10 years.
Yesterday’s announcement also said that the committee would confiscate the plot if the owner did not construct a fence within six months or build a house within one year. Owners have to get approval from NPTDC’s Engineering Department (Building) for construction of fences and homes. Once the house is completed, NPTDC will give the owner a land grant.
Ko Win Zaw Oo, joint secretary of Myanmar Real Estate Services Association (Nay Pyi Taw), said he did not think the NPTDC plan would have impact on the market, however.
“The market price is around K30 million, so it’s not too different,” he said.