Mr Speaker and His Excellency the Deputy President, the Constitution of the Republic provides for the protection of property and the expropriation of property for public purposes or in the public interest, subject to the just and equitable principle enshrined in our Constitution. South Africa has begun a new and far-reaching phase of its democratic transition. This calls for bold and decisive steps to place the economy on a qualitatively different path.
As the ANC government, we boldly present the Property Valuation Bill to the House today. This Bill will ultimately ensure effective, efficient and economical support in respect of property valuations undertaken in the public interest or for public purposes.
This is a transformative Bill which will move the ANC's economic transformation agenda forward. The Bill introduces the Office of the Valuer- General. It's an autonomous statutory body which will be accountable to the Minister. It will be responsible for the valuation of all property identified for purposes of land reform, while having regard for the equitable balance between the public interest and the interests of those affected by the acquisition, and taking into consideration all relevant circumstances, such as the following: current use of the property; history of the acquisition and use of the property; market value of the property; extent of direct state involvement and subsidy in the acquisition and beneficiary capital improvements of the property and purpose of the acquisition.
For the first time these constitutionally entrenched considerations will be embedded in our valuation system and will form the basis for valued determinations in respect of land reform-related acquisitions. With the passing of this Bill into law, government will no longer be subject to the willing-buyer, willing-seller model when acquiring land in the public interest or for public purposes.
The Bill provides for voluntary valuation services to other departments and public entities, and provides for the setting of criteria procedures and the monitoring of valuations. It is our firm belief that the setting of such valuation criteria procedures and the monitoring of valuation practices will soon translate into a tangible hoard of evidence informing our land acquisition processes now and into the future, thus ensuring the constitutionality of such practices.
We are moving South Africa forward despite the screams and shouts of resistance from representatives in this House of the landed class, both domestically and internationally. Thank you very much. [Applause.]