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Abuja developers to discuss estate loans

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Federal Capital Territory (FCT) chapter of the Real Estate Developers Association of Nigeria (REDAN) is meeting in Abuja on Wednesday to tackle challenges of real estate in FCT as they affect developers.

A statement from the organisers said the meeting aims at building a formidable REDAN, FCT Chapter.

The statement read, “This is aimed at having a robust REDAN FCT chapter that will galvanize our course and complement efforts of the national body.”

The venue of the meeting is REDAN secretariat, Area 2, Garki, Abuja.

Viewpoint Housing News reports that estate developers have been facing different problems.

Recently, the Federal Mortgage Bank of Nigeria (FMBN) published names of estate companies that have failed to pay their Estate Development Loans (EDLs), a development that has given some of the companies bad reputation.

Earlier, the national assembly had invited many estate developers for questioning bordering on unapproved development in Lugbe, a satellite town on the airport way.

The developers are said to have bought unapproved plots carved by officials of the Abuja Municipal Area Council (AMAC).

Over six years, the apex mortgage bank has suspended EDLs.

The president of REDAN, Mr Ugochukwu Chime has been under pressure to get FMBN to lift the embargo on EDLs.

Estate developers who feel they are doing well complain of been wrongly lumped together with discredited estate developers.

They therefore, threaten to stop further payment of the annual N100,000 REDAN subscription fee.

Wednesday’s meeting is therefore, one of the steps the estate developers are taking to solve their problems.

As Nigeria celebrates 58 years of nationhood, many question the role of REDAN if affordable housing is still a major problem.

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