Relook at Land Sales Act

THE proposed Land Sales (Budget Amendment) Act 2023 will remove the requirement for a person to build a house on State land within 24 months of obtaining a lease.
This period will be extended to five years if the Land Sales (Budget Amendment) Act 2023 is passed in Parliament next week.
“Under the Land Sales (Amendment) Act 2014, an existing non-resident who owned land had to construct a new residential dwelling within 24 months from 31 December 2014,” states the Bill.
“Given the time limitations, this period has proven to be problematic for the purposes of construction in addition to the penalty attached for non-completion of construction.
“Therefore, the Land Sales (Budget Amendment) Bill 2023 (‘Bill’) seeks to amend the Act to extend the prescribed period for construction of a new residential dwelling to 5 years.”