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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.
 
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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.
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"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

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