Developer urges C of O issuance to boost FCT housing stock
The Chairman, River Park Estate, Paul Odili, has urged the Federal Government and Minister of Federal Capital Territory (FCT) Mohammed Bello, to issue Certificates of Occupancy (CofO) to property developers, as part of efforts to spur infrastructural development and tackle housing deficit in the country.
Odili, who made this known in Abuja while issuing C-of-O to homeowners in the estate, said issuance of C-of-O would encourage foreign investors to invest in mass housing and stimulate the operations of Small Medium Scale Enterprises, (SMEs) in the country.
While blaming the worsening security situation on youth unemployment, he urged the government to allocate more land to developers to create jobs for youths.
According to him, granting C of O to property owners would encourage mass housing and investors in the real estate sector.
“This also means that with the C of O, they can start by giving the document to the bank to obtain loan. The money is not locked up in their property. They have the facility and that is going to help SMEs in Nigeria. This is a good investment decision. It makes Nigeria a good investment destination for foreigners and for individuals, it enables them to unlock the value in their homes.
“The importance of C- of -O cannot be overstated. It is a document issued to land owners and property buyers as legitimate proof of ownership. It also spells out what the land can be used for. It can equally be used for many purposes including as collateral.
“River Park Estate will be law abiding and adhere to all the rules and regulations guiding estate development in Abuja.”
We are poised to close the housing deficiency in the country. Currently, River Park is expanding to Kabba District, along Kubwa Road, Abuja.
On his part, the Vice Chairman, Adrenaline Ogun, said that the issuance of C of O to residents, would help to “unlock the equity inside the property to do business at will. It means we are moving forward, and we’re making a contribution to this housing deficit.”