On Thursday 21 December, the City of Cape Town handed over 10 title deeds to beneficiaries of council dwellings that were previously used as rental stock in Bonteheuwel.
The title deeds were handed over by the City’s Mayco member for Area Central, Siyabulela Mamkeli, during a ceremony at the local sub-council office.
“The handover of these title deeds is worth celebrating as some of our most vulnerable residents are now first-time property owners. A title deed is a passport to economic opportunities. It opens the doors to finance. If you go to a bank or a lender, it means you can provide the title deed as warranty or surety. This will enable you to borrow the money you may need to start a new business, to improve your house, or to pay for a child to go to university,” said Mamkeli.
Furthermore, the councillor encouraged the new owners to look after their houses, to do regular maintenance, and to make responsible decisions as these houses are valuable financial assets.
The City is striving to increase the number of title deed handed over to first time property owners, he said.
