By Favour Nnabugwu
To ensure speedy provision of basic engineering infrastructure to the Federal Capital Territory, the FCT Administration has formalised a new policy called “land for infrastructure swap model”.
The FCT Minister, Senator Bala Mohammed told Vanguard Homes & Property in Abuja that the FCT executive committee has also thrown its weight behind the new policy.
The Minister revealed that the initiative of the FCT Administration is for the development of districts in Phase IV of the Federal Capital City, using the FCT land as resource for infrastructure development.
Senator Mohammed further revealed that the new policy which is tagged “Phase IV Transformation Agenda Project” is a real property development framework in which the FCT Administration is collaborating with private sector, to deliver qualitative houses with primary infrastructure in identified Greenfield districts.
The FCT Administration according to the Minister, is using its normal powers under the Land Use Act, to grant land to investors for real property development and in exchange, the investor will provide specified infrastructure in the affected district.
He also disclosed that a framework had already been developed to ensure effective delivery of the project within the transformation period and to avoid any land speculation, land freezing and distortion of the Abuja Master Plan during the implementation of the scheme.
The Minister reiterated that part of the framework is a request for a comprehensive business plan to show the technical competence, financial capability and managerial skill of the developer as well as the methodology for the comprehensive development of a district.
His words:”A stipulation that 15 percent of the total project cost will be transferred into project account before the agreement commences as well as a provision that sale of real property in the district will not be allowed until the developer achieve 35 percent of infrastructure works’ would ensure effective delivery of the districts”.
The Minister restated that the execution of works shall be in strict compliance with the scope, specifications and standard of works issued by the Federal Capital Development Authority FCDA.
Senator Mohammed emphasised that the FCT Administration has already commenced the experimentation of the policy of land for infrastructure model with a pilot project in which Messrs Plethora Realty & Facility Managers Limited was granted 222-hectares of land in Caraway Dallas District. Under this arrangement, the company is to provide an integrated infrastructure worth N26 billion in the Caraway Dallas District, he added.