The New Zealand Government has offered to buy out owners of uninsured homes and commercial property in the Christchurch flatland residential red zone, where land is considered damaged beyond repair.

Earthquake Recovery Minister Gerry Brownlee says 50 homeowners who were uninsured will be offered 50% of the rateable value of their land.

“If owners decide to take this offer the land and any buildings on it will become property of the Crown from the settlement date,” he said. “What the owner chooses to do with any buildings on the land until that day is entirely up to them.”

Offers have already been made to insured property owners in the red zone, who automatically get earthquake cover with their policies.