CONFIDENTIAL
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4,000 square feet of 1961" residential/
commercial land at $30 psf =
net premium payable in 1977
value of 4,000 square feet of
residential/commercial land say 1977 $800 psf =
$
120,000
$
110,000
$2,400,000
The exchange rights have appreciated from $120,000 to $2,400,000. This may seem unbelievable but is accurate; of course there are many in-between positions. However, on a rising market the land exchange system is popular and continues to be so despite the waiting time.
Because of the existence of the system, most land is sold either before resumption, or subsequent exchange rights are sold by NT owners, to outside speculators and real estate developers. There is a vocal residue of local NT owners, themselves developers, who are dissatisfied with the present backlog and because they too have to wait their turn.
Others who own land which has been zoned for urban development are aggrieved because they cannot develop in situ paying the necessary premium. This would suit the few who happened to own land whose boundaries fall within land zoned for private development, but grossly unfair to those who own land zoned, say, for roads or public housing. All land has to be thrown into the pool on resumption and owners must await their turn for an exchange.
Other village owners take a more simple but wholly unrealistic view: they see their land for which we offer them $10 a square foot sold later for, say, $500 a square foot, but fail to take into account the total town infrastructure costs and that of public housing. However this point is hard to get across.
Villages are removed and resited by negotiation broadly speaking on a house-for-a-house basis. The resite houses are much larger. A 435-square foot one-storey house is reprovisioned with a 700-square foot three-storey house, each storey being self-contained.
Occupants of temporary buildings and sheds on agricultural land which have to be cleared are either resited in compact areas known as licensed areas in single-storey dwellings wholly or part built by the Housing Department, or, if they are old structures the occupants are given immediate rehousing in an estate. The distinction is necessary because if immediate rehousing were available to everyone, the squatter problem would be uncontrollable.
CONFIDENTIAL
年
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