Land Reservation Procedures

LAND RESERVATION PROCEDURES BY OPTION CERTIFICATE HOLDERS AND NON OPTION CERTIFICATE HOLDERS


The offer for the purchase of land from SIT Land Holdings Ltd (SITLH) and SIT Property Development Ltd (SPDL) is made in priority to Option Certificate Holders (OCH).

An Option Certificate (OC) gives the holder priority over the general public to participate in the sale of agricultural and/or residential land by the said companies. The Option Certificate Holders have the privilege of enjoying a Rs15,000 discount on the total price of the plot of land for each plot purchased by using a valid Option Certificate.

The Option Certificates are traded on the ‘Development and Enterprise Market’ (DEM) of the Stock Exchange of Mauritius.

Learn More on Option Certificate

If plots of land are still available after the reservation period for plots of land by OCH , the sale of land is opened to the General Public on a ‘First Come, First Served’ basis. The General Public are informed about the availability of plots of land by way of notice that will appear in the newspapers.
  1. Communication to Option Certificate holders
    The Company sends a first correspondence to all OC Holders, which includes a marketing brochure, price list, reservation procedures with terms and conditions, application form for ranking and schedule of site visits amongst other documents pertaining to the land sale.
  2. Site visits
    Prospective buyers are invited to visit the proposed site before reservation. Regular site visits will be organised as per the site visit schedule communicated by the company. Both OC holders and the General Public are requested to call SIT for prior site visit arrangements.
  3. Submission of application form(s) for ranking (Applicable to Option Certificate holders only)
    Option Certificate Holders willing to participate in the land sale are requested to submit the application form (s) for ranking by the deadline set in the Information Pack. The purpose of the application form is to enable each applicant to participate in a draw under the supervision of a court usher to determine the rank of each applicant on the basis of which the date and time for the applicant to register the application is set.

    Prospective buyers are requested to duly fill in and sign the application form(s) for ranking and submit same to SIT Office or Sub Office prior to the closing date and time communicated by SIT.

    A Serial Number is allocated to each Ranking Form received in order to facilitate the drawing of lots exercise at the Mauritius Turf Club (MTC). The Serial Numbers allocated to each application form for ranking are affixed at the SIT office prior to the Draw.
  4. Draw to determine the rank of each applicant and the date and time of registration of application
    A draw will be carried out at the Mauritius Turf Club on an agreed date in the most independent and transparent manner in the presence of a Court Usher from the Supreme Court (OC holders are also invited to attend.)

    The rank allocated by the draw for each applicant will be affixed at SIT office and will be communicated to the OC holder by registered post informing the applicant the date and time he/she should come to the SIT office to register his/her application for reservation in the order determined by the ranking exercise.
  5. Reservation of Plot(s) of land
    The applicant will be invited to complete his/her reservation of plot(s) on the day convened as per the rank allocated in the draw.

    On the registration day, a one-stop-shop is organised where designated notaries and financing institutions are present under one roof with SIT staff to assist and facilitate the reservation process.

    The applicantbe required to choose his/her preferred plot from the morcellement plan which is regularly updated under the supervision of a Supreme Court usher as and when plots are reserved.

    For each plot reserved at the time of registration, a Letter of Award will be issued by the Company and a ‘Contrat de Reservation’ (Bordereau) will be signed in the presence of the Notaries.
  6. Use of Option Certificate
    One valid Option Certificate can be exercised to reserve 1 plot only. For each OC exercised to reserve one plot, the OC holder will benefit from a discount of Rs 15,000. Once the OC has been used and a Letter of Award issued, the OC will be cancelled automatically by the company and cannot be used again for any other reservation.

    In the event that the OC Holder cancels the reservation of the plot of land after the reservation process has been completed and reservation period closed, the OC used during such reservation is quashed and is also no longer valid and cannot be used again.
  7. Completion of Sale
    All successful applicants will be required to contact the notary designated by the company to finalise the deed of sale for the plot as per the agreed deadline. A pool of notaries are selected for each project to ensure a good coordination and good customer service and proper follow up with the notary, the applicant and any the Financial Institution involved in the process.
  8. Payment & Financing Facilities
    Payment modalities will be indicated in the Information Pack.

    Special financing scheme may be made available to applicants by designated financial institutions who will be present at SIT office at the time of registration to provide information and assistance. Loan facilities are subject to the

    Financing Institution verifying the status and credit rating of individual applicant and the approval for such financing is solely at the their discretion.SIT does not guarantee that all applications for loan will be approved by the bank and will not be held responsible in case the prospective buyer cannot complete reservation of a plot of land.
  9. Feedback from Clients on the process and procedures
    SIT has reviewed the application process to ensure that the system gives full satisfaction to all our clients. To date we have very good feedback from clients in the manner the application process is organised and handled efficiently and transparently.