By Dwelleth Morountodun
The Chairman, Real Estate Development Association of Nigeria (REDAN) Federal Capital Territory (FCT) Chapter, Mr. Osilama Emmanuel Osilama, has commended the Minister of the Federal Capital Territory (FCT)
Malam Muhammad Musa Bello on the commissioning of the Accelerated Area Council and Sectional Titles Re-Issuance Scheme (AACSTRIS) project office.
The Minister while commissioning the AACSTRIS project office on Thursday, said “Land title owners across the Area Councils and homeowners in the many estates and mass housing schemes in the FCT can now fully benefit from their real estate investments as regularized titles would be issued statutory rights of occupancy and subsequently, Certificates of Occupancy (C-of-O), which are bankable instruments.
According to the Minister, AACSTRIS will give landowners the opportunity from their real estate investment and at the same time increase the revenue base of the FCTA through the payment of premium, ground rents and other sundry charges to be used to complete major capital projects in the territory.
Osilama, noted that the scheme could not have come at a better time than now to reduce the bottlenecks faced by both developers and owners in the FCT in regularizing their land titles.
He expressed optimism that the AACSTRIS project would meet it’s objectives of processing the backlog of pending applications for the regularization of Area Council land titles from customary to statutory titles, updating of spatial and land information records for pending applications for regularization of Area Council titles, commencing of issuance of sectional titles for multi-dwelling units and mass housing estates in the FCT.
He said this goes along way to shows the Minister’s commitment to solve problems faced by land owners and homeowners in the territory.
Pls, use the FCT Minister’s picture on this story. It was also sent yesterday.
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