Login Register
feel free to call 09056000005

FCTA Commits to Partnership with Genuine Estate Developers

 
Nyesom Wike, the Minister of the Federal Capital Territory (FCTA), announced that the FCT Administration will collaborate with genuine estate developers to address the housing shortage in the nation's capital. This was stated during a meeting with a delegation from the Real Estate Developers Association of Nigeria (REDAN), FCT Chapter, led by Chairman Dr. Okoruwa Ehikioya.
 
Abuja Real Estate & Houses For Sale - Villa Afrika Realty
 
Wike emphasized the necessity of such collaborations to alleviate the housing deficit and commended REDAN for their willingness to partner with the government. He assured that the FCTA would engage in mutually beneficial partnerships and outlined new measures to ensure that only legitimate developers are involved in real estate projects.
 
To guarantee financial stability, the minister mandated that developers must have financial backing from a financial institution. Developers must also commit to completing projects within a specified timeframe or risk forfeiting land titles without conditions.
Read also: 

REDAN PROMISES ACCESS TO HOUSING MARKET REPORTS

FG URGED TO DECLARE STATE OF EMERGENCY IN HOUSING SECTOR

DANGIWA ADVOCATES REVIEW OF ARCON ACT
"Developers must start and finish projects within the agreed timeframe, or the government will reclaim the land, regardless of any development made," Wike stated. He also criticized the practice of selling allocated land, asserting that only the government has the right to sell land for housing estates.
 
Wike stressed that the FCT Administration will only issue letters of consent after verifying that all government fees have been fully paid. He also addressed concerns about land grabbing and promised ongoing efforts to combat this issue.
 
Dr. Ehikioya, responding on behalf of REDAN, expressed gratitude for the minister's development initiatives and voiced their eagerness to partner on estate projects. He highlighted the challenges of land grabbing and land racketeering that plague the real estate sector and affirmed the association's commitment to finding solutions. Ehikioya also revealed plans to collaborate with the FCT Administration to build approximately 15,000 housing units in the FCT.
 
Source: Guardian.ng

Similar Topics

US Election Race Intensifies: How Results Could Impact Nigeria’s Real Estate Market As the...

15 days ago Read More

Equatorial Guinea Official Baltasar Engonga Ebang’s Video Sparks Controversy In recent days,...

15 days ago Read More

Nigeria’s digital real estate company, Sytemap, has raised concerns over the ongoing trust...

a month ago Read More

Governor Babajide Sanwo-Olu of Lagos State has urged for more investment to address the persistent...

a month ago Read More

Housing sector stakeholders have raised concerns that the rising interest rates in the country are...

a month ago Read More

Lagos State Governor, Babajide Sanwo-Olu, has emphasized the significance of innovation,...

a month ago Read More

The Association of Private Practicing Surveyors of Nigeria (APPSN), a subgroup of the Nigerian...

a month ago Read More

Nigeria has been admitted into WorldSkills International, marking a historic milestone in the...

2 months ago Read More

The Federal Government has launched the Ministry of Finance Incorporated Real Estate Investment...

2 months ago Read More

The National Board for Technical Education has inaugurated the Sector Skill Council for...

2 months ago Read More

The Environmental Defense Fund has partnered with Africa Practice to combat climate change in...

2 months ago Read More

The Minister of Housing and Urban Development, Ahmed Dangiwa, has reiterated the crucial role of...

2 months ago Read More

The Real Estate Developers Association of Nigeria has announced initiatives aimed at enhancing...

2 months ago Read More

The Global Environment Facility has approved $3.28m to tackle land degradation in Kebbi State under...

2 months ago Read More

The commercial real estate market is currently grappling with several major challenges, including...

2 months ago Read More

Real estate development is a key driver of economic growth in any region, and Africa is no...

2 months ago Read More

The Federal Government has signed a Memorandum of Understanding with Shelter Afrique...

2 months ago Read More

The Federal Government has issued a 90-day deadline for subscribers of the National Housing...

2 months ago Read More

The Minister of Housing and Urban Development, Ahmed Dangiwa, has disclosed that plans are underway...

3 months ago Read More

A real estate firm, Gestpoint Nigeria Limited, has implored the Federal Government to simplify the...

3 months ago Read More