FCT Minister commissions affordable ‘Lease to Own’ Estate

Muhammad Bello, Minister of Federal Capital Territory (FCT) on Monday commissioned the first ‘Lease to Own’ Estate initiated by Crown Realities Plc.

Bello who applauded the developer of Court Estate, located at Durumi District, Abuja, expressed optimism that the initiative will encourage Nigerian workers and other FCT residents to rent and eventually own structures, 15 years after occupying the building.

Bello during the unveiling of the estate in Durumi said the population of FCT had been growing at a rate of 20 percent annually, stressing that the project was in line with the mandate of the administration to provide housing for residents especially at an affordable rate.

The estate comprises of 81 units of 4-bedroom (single family) residential units with 2 Sitting Rooms and one Boys’ Quarter, built in phase 1 and 2.

Other facilities available within the Estate built for the Nigerian Middle Class include: recreation centre, water treatment plant, non-corrosive overhead tanks in line with World Health Organization (WHO) standard, among others.

The Minister also expressed displeasure over the level of unoccupied estates due to high cost of rent imposed by the developers.

“Let me say that the FCT Administration sees this project as a gesture of goodwill and a demonstration of confidence in the present administration which is working round the clock to not only address the housing deficit in the country but also attract foreign direct investment into the sector.

“I am particularly happy to see that the whole estate was conceived with the lower income earners in mind, with an innovative programme called Lease-To-Own, which I was told would allow your clients to own a house by leasing or renting the property over a 15 year period. This is a good idea which I must say is highly commendable and it is also in tune with the vision of the FCT Administration.

“When the accelerated mass housing development was initiated by previous Administrations in the FCT, it was intended to accommodate all strater of the society; low, medium and high income earners. Along the line however, a lot of things happened which derailed that vision and if you move round the estates in the city today, you will discover that most of them are empty because many of us cannot afford the very high cost being charged by the developers,” the Minister added.

Bello, who was represented by Umar Gambo noted that efforts are ongoing to ensure that such infractions do not occur in the future by ensuring strict adherence to laid down guidelines.

In his remark, the Chief Executive, Crown Realties Plc, Darl Uzu described the estate as a place to live a good life.

According to him, aside from the modern facilities and technology driven security system, the estate was built with a golf court and runs on 24-hour power system.

According to him, the estate is reasonably affordable with flexible payment system terms which he also described as lease-to-own programme.

“The estate is the first golf estate in Abuja, borrowing from my chairman, that I know, with club house, garden, gym, wellness place and mini-mart for purchase of everyday items by residents. It has a programme that allows residents to pay rent and live up to 15 years and it becomes their own thereafter.”

 

KEHINDE AKINTOLA, Abuja