Guyana set to have model housing sector in Caribbean

Guyana is on the road to having a restored and booming housing sector under the President Dr. Mohamed Irfaan Ali Administration.

Just 75 days after assuming office, the President’s commitment to deliver sustainable housing solutions has started becoming a reality.

Approximately 350 land transports and titles have been distributed so far under the Ministry of Housing and Water – Central Housing and Planning Authority’s ‘Dream Realised’ housing initiative.  The event was held today in the parking lot of the Guyana National Stadium at Providence.

“Today I can stand here and proudly announce that those initiatives are no longer promises, they have become the reality under your government, a PPP/C Government, which is committed to delivering to all of Guyana your “realised dream” of owning your own home,” Minister, Hon. Collin Croal said.

The Government has a wide range of plans to develop the housing sector over the next five years.

“It will take, in some instances, the gradual process to implement fully many of the housing transformation measures, because we need to implement them responsibly,” the Minister said.

Some of these plans include the creation of a single window permit system to reduce the process of acquiring construction permits and land transports to under one month.

Public-private partnerships are also being considered to boost the sector and designing a strategic plan for the Guyana Water Incorporated (GWI).

Meanwhile, Minister, Hon. Susan Rodrigues lauded the housing programme as one which will bring Guyana great recognition in the Region.

“Our Government is committed to exploring all opportunities which will allow us to provide lots and homes in communities with proper roads, drainage, water, electricity, street lights, recreational and shopping centres with the aim to transform the landscape of our country, making it the envy of the Caribbean and South America,” Minister Rodrigues said.

Additionally, Minister Croal reminded the gathering of the recent measures announced by President Ali to boost the housing sector.

Value-added tax (VAT) has been removed from building materials, which will enable many low and middle-income homeowners and prospective homeowners to build their homes.

More than 55 per cent of borrowers will also benefit from a change in the mortgage interest relief which has moved from a $15 million to a $30 million ceiling.  Further, the low-income threshold has moved from $8 million to $10 million, saving persons who qualify approximately $100,000 annually.

Plans are also being crafted for a comprehensive hinterland housing programme for Budget 2021.

With the ‘Dream Realised’ housing programme, the Ministry will be distributing over 2,000 processed land titles and transports, doing in a number of months what the previous administration failed to do in years.

The distribution continues on October 17 at 9 am at the stadium for Regions Three and Four residents.

Plans to move to other regions are being streamlined.