The building that once housed by the New Building Society was acquired by the Government at a cost of $770M. The International Development Bank would have also provided some aid in the acquisition of the building.
President David Granger at the commissioning stated that with the government's thrust for business investment, it is critical that certain structural requirements be in place.
The President pointed out that the new facilities, would be give citizens and the private sector a much need ease in the manner in which relative business is conducted.
"The absence of property rights risks throwing our economic systems into chaos…it would create pirates," he noted.
However to take it further and keep up with the global economy, President Granger has charged the relevant registrars to ensure that their departments are fully modernized.
"We are now in a modern era and the management of these two registries must aim for the complete computerization of their two registries," the President charged.
Granger also indicated that while Guyana and in particular Georgetown has been the subject of fires and floods in the past which led to the destruction of critical records, the same must not reoccur.
"No more loss of data due to fires and flood," he stated.
Meanwhile, Head of the Guyana Bar Association (GBA) Christopher Ram also called for the enhancement of the two registries.
He noted that matters of property title are protected by Guyana's constitution and are important and should be treated as such.
Also, Chairman of the Private Sector Commission (PSC) Norman McLean repeated this call.
He said that there is a need to make the unit more sustainable noting that "improvement does not end with the mere acquisition of the building."
Attorney General Basil Williams for his part stated that he is confident that with the new facility, the two registrars will be able to execute their mandate.
"I am very confident that these two registries will benefit the people of Guyana and also contribute to the welfare, well being and the good life," he stated.