Abuja – November 22, 2023 – Viewpoint Housing News.
Highlights from the November 20 meeting, 2023.
1. Each house to pay 5M for Cof O (Uniform amount across board irrespective of the house type)
2.Ground rent rate will be based on valuation/land size/type per house/location (Not uniform)
Highlights of the meeting of 21 November 2023.
1. The CofO is a security guarantee document for your property.
2.Th CofO is a business instrument document for loans,investment etc for your advantage.
3.The cost of CofO per property/house irrespective of the type of building or land size or location is 5M and its a one off payment.
4.The time frame(duration)for the payment of the 5M is within 4 months.
5. No developer will be allowed to pay for CofO for property/house owners, home owners are to do the payments .this is to avoid fraud, corruption, victimization and under dealings etc, as observed in the past till date.
6.The committee for Cof O, set up by the minister of FCT will carryout advertisement using mass media for the modalities of the process for visibility to reduce/avoid under dealing.
7.Ground rent(Land use charge) to be paid will according to land size(dimension), location etc and the payments will be done annually (recurring payments).
8.Tenants in rented apartment cannot apply for CofO.
9.One of the security features of the CofO Is for it to be linked to your NIN.
10.Developers are solely responsible for the internal infrastructure developments such as roads,water etc within the estates and not FCDA.
these were highlights of the meeting between the estate developers association and the FCDA.
