By Patrick Obeng
Accra, Aug. 06, GNA – Dr John Watson Otumfuo, Chief Executive Officer of Mayfair Estates Limited, has called on the government to waive the five per cent Value Added Tax (VAT) charged on estate development to grow the industry.
He said this would make it easier for developers and buyers to enjoy the confidence of home ownership.
Dr Otumfuo made the call at the opening of the Mayfair Estate/Fidelity Bank Property Fair and the signing of Memorandum of Understanding (MOU) between the two companies in Accra on Tuesday.
The fair offered prospective and existing homeowners, investors, financial advisors and other industry players the opportunity to make purchase agreements, finalise agreements and brainstorm innovative solutions.
It also offered them the opportunity to own houses by purchasing some of the 150 housing units had been completed by the Mayfair Estates at Mayfair Court, Adjiringanno, Jubilee Gardens, Kanda, The Watson, Burma Hills and Mayfair enclave at Oyibi.
Dr Otumfuo said the five per cent charges coupled with the current economic challenges had further burdened the industry which needed an urgent bailout.
“The industry is going through a tough time, and it is our wish that we get some bailout from the government,” he said.
He charged prospective home buyers to exercise caution when buying their homes to avoid potential risks.
Dr Otumfuo said home buyers should also do a lot of research before buying their homes to ensure safety and security which he said were critical aspects of ensuring peace of mind.
Mr. Abdul Razak Gyimah, Mortgage Manager of the bank described the partnership as a learning curve and must be sustained.
Participants gained first-hand knowledge on financing homes and property and allowed them to explore financial instruments and funding options.
GNA