4 Fantastic Reasons For Festac Land Investment?

Festival of Arts and Culture (FESTAC) was an international event that took place in Lagos Nigeria in 1977. It was attended by most African Countries and other countries all around the world.

At the event, Nigeria played host to African countries and the global community in general.

The preparation for Festac 77, brought about the building of the National Arts Theater and the Festival Town (Festac Town). This building project was the Nigerian Government’s response to the huge infrastructural gap noticed, while planning for FESTAC 77.

Today, FESTAC Town is the largest and the best-planned single estate in Nigeria. (I stand to be corrected). It has also provided millions of Nigerians the opportunity to own well-built houses in a planned environment. It is a very popular town in the Lagos metropolis and can be accessed from different parts of Lagos.

Festac town has equipped all features of a functional city which makes it easy for you to live in and do business. Your children will benefit immensely from well-established schools, creches, and children’s hospitals located within walking distance of homes. 

The ease of doing business within and around Festac Town is phenomenal. All the major banks are at easy locations, both for vehicular and pedestrian traffic. Internet infrastructures can be seen around the streets, and wifi connections are very functional so long as your subscription is valid. There are also grocery superstores with discounted prices for an affordable, decent lifestyle.

You can live and do business within Festac Town without having to travel out of the town.

Here comes an opportunity to own a landed property in Festac Town, located within the private development area of the town. This is very explicit if you read till the end of this post as this golden opportunity is for a very short while for only a ready investor. 

This town has proven to be investors’ and developers’ paradise, and it will continue to be for a longer time. 

This vacant land is suitable for any investor, who intends to buy plot of land and hold for value appreciation, either for short-medium term investment or development into a lush residential apartment building. The land is well-titled and is available for inspection on request.

Some benefits of investing in Festac land include:

1.) The Layout of Festac Town:

The layout of Festac Town is only comparable to the layout of the Federal Capital Territory (FCT), Abuja. FCT is the mega version of Festac Town and, both places were built and still controlled by the Federal Housing Authority (FHA) of Nigeria. Building properties in Festac Town comprises blocks of flats, terrace duplexes, detached duplexes with service quarters, playgrounds, and private development areas.

2.) Town Planning Law Enforcement in Festac Town:

The FHA deploys strict enforcement of compliance to the building and street infrastructure laws of the festival town. This measure has ensured that illegal structures don’t distort the original design of this prestigious town.  

The Location and redesigning of any building or street infrastructure must get the express approval of the FHA before any building project commences, else that project will earn a stop-work order or eventual pull-down of the entire structure.

It is a common sight to find buildings and projects marked with either ‘stop-work or ‘illegal use’ orders, ensuring that the defaulters are brought to conformance with the town planning rules and regulations.

3.) Private Development Areas of Festac Town:

There are parts of Festac Town where the vacant plots of land were allocated to private individuals and businesses to build to their design and taste and occupy. 

These private development areas are increasing by the day as more and more commercial and residential properties are seen springing up. This is an indication that Festac Town still has undeveloped vacant plots of land and, the prospecting and development of properties is still work-in-progress, accommodating more investors and developers.

4.) Investing in Properties within Festac Town:

Festac Town is situated within Amuwo Odofin Local Government Area, with postal code 102312. You could access this town through, Apapa-Oshodi Expressway, Lagos-Badagry Expressway, Okota-Mile 2 Road, and Ejigbo-6th Avenue Road which is currently a construction corridor to various new estate layout development. Festac is a centrally located town within Lagos state metropolis.

Investing in properties in Festac Town attracts a very high return on investment within a short-medium term. There are plots of land within Festac Town, referred to as FHA land, and there are some which, as a result of current development, are referred to as family land. 

The difference is that FHA land has FHA (Federal Housing Authority) allocation documents while family land has documents and deeds of assignment endorsed by the rightful family members. Both categories of land are enjoying development and increasing return on investment.

Prospective buyers of empty lands around Festac Town should do adequate due diligence at the FHA office to ascertain the rightful status of the property and, in the case of family land, the rightful family that owns the land they are interested in before further action.