OUR GARDEN SUBURB

Sun (Auckland), Volume 1, Issue 16, 9 April 1927, Page 1

OUR GARDEN SUBURB

SALE OF ORAKEI BLOCK FIRST LOTS SHORTLY PREVENTING SPECULATION (From Our Resident Correspondent .) WELLINGTON, Friday. In the disposal of lands in the Orakei Garden Suburb, Auckland, the first lot of which will shortly be offered, the intention of the Government is to bring building sections within reach of all classes of the community. After the sale of the first available block, it is intended to hold monthly sales of groups of sections, which will range from first-class down to me-dium-priced lots, so that aft purses will be satisfied. In discussing the Orakei scheme with the Minister for Lands, the Hon. A. D. McLeod, THE SUN man was given details of the system under which it is intended to dispose of the land. The terms of sale are, according to the Minister, very attractive, and tlie sections may be purchased for cash or alternatively at the option of the purchaser by deferred payments over a period of 341 years. These condi tions provide for a deposit of 5 per cent, of the amount bid, together with a licence fee of £1 Is. The balance of the purchase money, with interest thereon at 5£ per cent, per annum, is payable by instalments. Under the table prescribed the instalments of purchase money and interest payable during the term of 34?. years is £3 5s a £IOO. payable at the end of each successive period of six ■ onths. The purchaser may pay any sum or sums not less than £ 5 or multiple of £5 in reduction of the pur chase money, and upon payment of the final instalment a certificate of itle issues. In order to prevent speculation in these sections, section 4 of the Land Laws Amendment Act. 1926. provides that the Governor-General may by Order-in-Council declare that, save in exceptional c’ -umstances. and on the <• mmendation of the Land Board with he approval of the Minister, the land shall not be capable of being ransferred until improvements to such extent, and of such character as maybe prescribed, have been effected, or in the event of failure to effect improvements. until not less than 25 per cent, of the price of the land has been received by the Crown. It is the intention to apply these provisions to lots in Orakei Garden Suburb disposed of on deferred pay rnents. The precise value of improvements to be effected or the alternative amount that must be paid before dealings are allowed with these sections have yet to be finally determined.