The waqf, or endowment, could potentially be a model for state land such as state-owned enterprises and land that falls under traditional leaders
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Religious roots: The Waterfall City development is still owned by the Waterfall Islamic Institute and is leased under a 99-year lease agreement consistent with Islamic law. Photo: Franz Rabe/naturalphoto.co.
Where Waterval farm was is now Midrand, situated between Pretoria and Johannesburg, and on it is the expansive, multibillion-rand Waterfall City development. Mia and his four sons, Mohamed, Ahmed, Mahmood and Yusuf, built a school , hostels, homes for the Mia family members, and a small mosque on this farm.
Planning for the Waterfall City precinct began in 1996. Other property companies such as Balwin Properties have subsequently added value to the area. Today, the farm has reduced in size to 2 200 hectares after the government expropriated some of it. Parts of the farm were divided into smaller sections to accommodate the development of Eskom’s Megawatt Park, the Buccleuch Interchange and the Allandale Interchange.
This structure consists of 99-year leasehold agreements. As a buyer of an apartment, you will enter into a long-term 99-year lease with the Islamic Trust, the landowner. If your 99-year lease period expires, you can renew your lease agreement with the Islamic Trust and pay it 3% plus VAT and 0.5% to the residents association based on the current market value of your apartment.
More importantly, getting banks to fund these projects with leases and having title deeds issued could change the game for unlocking the potential of homelands and areas under traditional ownership in South Africa. Banks treat these lease agreements as bondable assets, and that is great.
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