Premier promotes 3D land parcels
(CNS Business): Premier Alden McLaughlin told an audience of realtors, surveyors and property developers that his government plans to steer through legislative amendments during the current session of the Legislative Assembly to facilitate the registration of volumetric, or three-dimensional, land parcels, sub-dividing them into the sky for overhead development. Speaking at the Royal Institute of Chartered Surveyors Cayman Islands Property and Construction Conference, McLaughlin said the new parcels would facilitate structures that could span public roads and enable multi-storey construction in differing ownerships outside the Strata Titles Registration Law. Read more and comment on CNS Business
The truth is, Alden’s government were contractually compelled to enact this Legislation by DRCL and have risked $400 mln worth of development commitments by putting our territory in breach of §29 “the Government shall finalize Reasonably Assist to enact Air Parcels Legislation by no later than 31 December 2016”.
Per the abatements outlined in the NRA Agreement, there are zero stamp and import duties payable on materials for much of the major roadworks and hotel construction that will transpire over the next ten years. Zero.
Good reading, by the way:
http://www.gov.ky/portal/page/portal/otphome/publications/nra-agreement-third-amendment
Hope McKeeva hasn’t convinced Alden that 30 storey buildings along SMB is the “future”!!
This useless government should pay more attention to government property in the districts. The land keeps shrinking to the point of not existing.