The rental rates for units at the Housing Development Corporation Village Plaza in Couva will be adjusted as the country is in a recession.
Minister of Housing and Urban Development Marlene McDonald made this announcement yesterday while delivering the feature address at the recommissioning of the plaza.
She said she had received numerous complaints with respect to the rental of shops, specifically at the Couva plaza in the last quarter of 2015.
“I want to say to you that I have received a number of complaints with respect to rental of shops. I tell you that this minister gave no instructions since coming into office to increase the rental rate of any shop.
“I will be looking at the rates and adjusting them accordingly in this recessionary time.”
She said in her revision of the rates, she would look at the other plazas as well.
There are seven village plazas throughout the country.
She urged the small business owners and interested parties to take advantage of the reduced rates and competitive prices.
The Couva plaza has 31 units; 11 are currently vacant.
Rental costs around $3,200 and is staggered over a three-year period. Units are priced at $9 a square foot. The minister did not reveal the new cost.
McDonald said, “We want to promote small businesses so we want to make it very affordable. I want to see where I can make adjustments so people would be able to enjoy renting at a reduced cost and be able to promote themselves more independently.”
The minister said the aim of the Village Plaza was to ensure economic empowerment of small and medium enterprises.
“Maybe their humble start here will lead to large-scale corporate organisation status,” she said.