CHALLENGES AND PROSPECT OF PROPERTY RE-DEVELOPMENT
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TITLE PAGE
CHALLENGES AND PROSPECT OF PROPERTY RE-DEVELOPMENT
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "challenges and prospect of property re-development" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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As a developing country, Nigeria's real estate sector is evolving at a tremendous pace. Governments at all levels are more aware of the role of real estate development on the growth of their respective territories. Nigeria's budding sectors such as telecommunications, agriculture, power, tourism have provided a veritable platform for the sector to thrive. Government agencies and private companies now have policies to assist their staff own a home. It is prudent for employers to build their own estate to accommodate their employees rather than pay them housing allowance throughout the period of their employment. Consequently, real estate companies and professional real estate developers are on the rise. However, challenges facing the sector have hampered it from realizing its true potentials.
The bureaucratic process of allocation and registration of charges on land is an impediment to real estate development. The lackadaisical attitude to work is the major cause of undue delay at the land registry. Oftentimes, a developer's application would pass from office to office over several weeks and by the time the necessary approval is obtained, he may have lost his source of funding or incurred huge interest on loan obtained for development. This may disrupt the developer's business plan and result in exorbitant cost of construction and high price for the developments.
Besides, bribery and corruption have a negative effect on the sector. There are instances where developers who have not satisfied the preconditions for allocation of land are granted allocation while those who are qualified are denied. Low compliance to regulatory and environmental laws is the cause of the incessant reports of collapsed buildings and other ecological problems. Some staff of regulatory bodies prefer to take bribe rather than ensure that developers obtain the requisite permits and conform to statutory construction standard.
TABLE OF CONTENT
Title page i
Certification ii
Dedication iii
Acknowledgment iv
Synopsis v
Table of content vi
CHAPTER ONE
- Introduction
- Statement of the problem
- Aim and objective of the study
- Scope of study
- Significance of study
- Historical background of ilorin
- Definition of terms
CHAPTER TWO
2.0 What is property?
2.1 Types of property
2.2 Building components
2.3 The estate life cycle
2.4 State of an estate cycle
2.5 Literature review/conceptual framework
2.6 Theoretical background of the study
2.7 The concept of development/redevelopment
2.8 Causes of redevelopment
2.9 process of re-development
CHAPTER THREE
3.0 Research methodology
3.1 Target population
3.2 Method of data collection
3.3 Primary source
3.4 Secondary source
3.5 Simple frame
3.6 Sample size
3.7 Sampling techniques
3.8 Data instrument
3.9 Method of analysis
CHAPTER FOUR
- Data presentation and analysis
- The questionnaire administered
- The questionnaire retrieved
- The building re-developed from the study area
- Conditional of building redeveloped
- Population of the study area after redeveloped
CHAPTER FIVE
5.0 Summary, Conclusion and Recommendation
5.1 Summary of finding
5.2 Recommendations
5.3 Conclusion
Bibliography
CHAPTER ONE
- INTRODUCTION
A study of road property investment in ilorin revealed a number of constraints which were associated with the regulation of houses that is the restructuring of building.
In the area of pre- investment students for property development or redevelopment the anticipated return can only be tested or ascertained with proper understanding analysis and taking into consideration.
The factor affecting redevelopment omuojine ( 1993) history has it that ilorin was founded orgurally by those who built according to hallet arahan ( 1979) all value in arty hand under go continue evaluation form a stage of non existence through a circle of change.
In nigeria the law of nigeria (1948) cap 155 defines development or redevelopment as any building operation and any use of land or any building there in for a proposed which is disproved from the proposed which the land for building was last being used.
More ever, british town and country planning act (1947) carrying out building engineer, mining or other operation in an over, under land or the making of any material residential building in the area, which later brought up to a standard of a distinct settlement most of those building built were able to change in their use as a result of the development of the town physically environmentally and economically.
With the federal government pronouncement of ilorin as a capital of kwara state.
There arose the need to create a business district and the resultant use for commercial use some are bergs restored to us formal use due to obsolescence that had set on the building for instance a three (3) bedroom residential could have it use change to an estate surveyors office.
Similar conversion may governor involve tampering with the structure by way of pulling down we all, addition of new accommodation and imploring the physical fabrics of the building.
Also, an obsolete terminates building with eight (5) rooms (i.e. face to face) may be converted to flat or any other type of design.
Although, the redevelopment enhancement aesthetic value of the building and make alternative enough for the type of the use proposed.
More so in some cases, alternation may have to be done to be both the internal and external part of the building for instance a converted office accommodation proposed to house a new bank may give it s approach view redesign and filled with many architectural decoration further more the frontal fence may have to be pulled down to aid visibility and give room for parking lots redevelopment project cannot be carried out without learning some task or challenge on the developer and even the property consumer.
In carrying out such project the developers encounter difficulties which stand as obstacle to the successful, efficient and effective development redevelopment project.
The challenge includes government policies building material the real estate finance and others.
1.1 STATEMENT OF THE PROBLEM
As it is not unusual for any dissertation like this to be constrained due to some reasons. this particular project work. he therefore, not has been an exception. there searcher had been confronted with the inadequate fund to carryout the project work. he had utilized the very limited resource at his disposal to work toward the success of the work.
Insufficient time was another problem. the writer has to distribute the short available time at his disposal to the pursuit of this project work and to other academic pursuits.
During the collection of the data used for this project work, the researcher was faced with the poor response of the few available people or property owners interviewed thinking that the researcher may have be one of the frauds in the town, thus preferred to keep their words to themselves.
Inadequate literatures on the topic has been of the problem faced as the researcher could not lay his hand on one quick referencing, thus, making him to rely exclusively on the data gotten from the field.
Another major problem was the unavailability of some property owners for interview by the researcher.
1.2 AIM
To examine the challenges and prospect of within the redevelopment property in the study area
1.2 OBJECTIVE
- To identify the properties under redevelopment on the case study
- To know the stage of the properties under
- To examine the prospect of the properties redevelopment
- To examine the challenge involve in the redevelopment
- 3 SCOPE OF STUDY
The scope of this study is within the mainframe of the factors that affect the redevelopment of building in some eminent places like muritala moh’d way, taiwo road, unit road and lagos road in ilorin.
- 4 SIGNIFICANCE OF STUDY
The study entails some importance which building professional developers and non professionals, but ideal with land and buildings.
This dissertation will be found useful to both private and public property developer. even individuals who wish or intend to developer or develop their obsolete properties (building ) will be exposed to the ways by which these could be carried out financially, physically, politically, and aim of .
in spite of fact that the aim of the study is to analyse the challenges of restructuring of house. the study could so be found useful to the properties investors as the redevelopment of a building improves and increase the aesthetic and rental value of the building respectively. as such more return or yield is realized.
furthermore, in the carrying out of a particular area (i.e. in urban renewal) based on this study will enhancers organization and beautification of the area.
1.5 HISTORICAL BACKGROUND OF ILORIN
Ilorin was founded by one ojo-isekuse 19600-1700.
The name ilorin was derived form ojo isekuse compound now oke-lele area of ilorin. it was on this stone that ojo isekuse used to sharper his hunting implement e.g. cutlass and arrows hence ilorin the sharpening ilorin is essentially a yoruba through people by many ethnic group such as yoruba, hausa, fulani, nupe, kanuri etc they all merged together and made the party a unique of ilorin identifies.
The ruler of arty and its environment (the ilorin emirate) are of fulani crisis through the royal houses has been yourbanized thoroughly.
Those who are far from the arty made the mistake of thinking that the various ethnic groups which focus together to make up ilorin are separate and antagomatic towards one another. the indigenes guard the ilorin heritage jealously. ilorin is located at latitude 80 301 ns and longitude 40 351 et lies in their plan of south western part of Nigeria. The arty which lies along lagos kaduna highway is 306km form lagos 600 kilometers from kaduna about 300 kilometer form abuja.
The main rive is asa river, it occupies a frontally wide valley and flow in south north direction the river divided in ilorin into two party western part representing the come of indigenous area of ilorin and eastern part of representing the area where the government reservation area (gra) is located towards the north of the western part is an isolated hill called sobi hill. the hill is about three hundred and ninety four (384) feet high above sea level.
Ilorin has a tropical and dry climate it has mean annual rainfall of about 1318 which begins in april and ends in november, it has a populated of 742, 090.
the area of study in this, projects are government reservation area (gra) and ibrahim taiwo road the former is an extensive area to the north east of ilorin was acquired for government use by the id colonial administration in the easily office part off the 20th century government office and scattered residential house were constructed their many of the british colonial officer and their nigerian counterpart hires in the area.
At independence in 1960 many more nigerian moved into gra, and later, large plot of land area were allocated to the elite class and they built there some built house for renting.
On the other h and,. ibrahim taiwo road is large stretch of road beginning form the middle of emirs road and at the general hospital junction near queens Elizabeth school. the roads was known as oyo bye-pass until 1976 which is was renamed Ibrahim Taiwo sequel acclamation of the military administration of kwara state on February 13th 1967 along with the head of the stage general Muritala Ramat Muhammad. the road is divided two sections Taiwo Oke and Taiwo Isale i.e. the upper and lower Taiwo Road. The stretch of the Taiwo road from emirs road to unity Taiwo Roads. Ita Amodu junction is the lower part while the stretch between the junction and the general hospital is the upper part owing to the fact. the Taiwo road is part of the commercial area i n ilorin where in bookshops, boutiques, super market, electrical, and building materials, material shop some house etc rent i s very high compares to some other part of ilorin. this is similar to what happen in other hand road, andulazeez attah road emir road, Ita Amodu road, sawmill area etc within the ilorin metropolis by abdulrazak jimoh in ilorin november, 1998.
- 6 DEFINITION OF TERM
Some register words and terminologies in the content of the dissertation are defined below:
Development: A process of adding improvement (building) to be prepares by the sub-divider.
Redevelopment: A process where by old structure (building) are demolished only to give way to replacement development. it is based on an existing builder.
Residential: These are types of properties or building house constructed for dwelling purposed, flats.
Property: It is referred to as the hand and its properties and the building on the land.
Investment: The money that people or organization have put into a housing business in order to se4t profit.
Rejuvenation: The making of an old house a new one again to be able to look attractive.
Obsolescence: The state of building that becomes old and no longer useful.
Dilapidation: The state of an old building when it is in very bad condition and beginning to fall down.
Demolish: To completely destroy a building another new house.
Yield: The amount of profit that some one set form business.
Rental value: Is the amount which a building will reasonably be let annually is the open market.
Landed properties: Are the building affixed to land and the component of the land like sea, minerals e.t.c
tenement: this is a unit of the dwelling house.
1.7 PLAN OF THE STUDY
This project work is basically divided into five (5) chapters.
CHAPTER ONE: Takes on the introduction of the subject matter. If consists of the super significance and definition of terms of the study.
CHAPTER TWO: This is the literature review this entails the works that had been done on this particular topic which was done by other researchers.
CHAPTER THREE: Will talk about the Methodist that the researcher adopted in getting necessary materials or information that will facilitate the success of the research work.
CHAPTER FOUR: Explain how the researcher was able to analysis and present the data he got for his work while the chapter:
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "challenges and prospect of property re-development" is also available. Order full work to download. Chapter two of "challenges and prospect of property re-development" consists of the literature review. In this chapter all the related work on "challenges and prospect of property re-development" was reviewed.
CHAPTER THREE: The complete chapter three of "challenges and prospect of property re-development" is available. Order full work to download. Chapter three of "challenges and prospect of property re-development" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of "challenges and prospect of property re-development" is available. Order full work to download. Chapter four of "challenges and prospect of property re-development" consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of design and construction of a "challenges and prospect of property re-development" is available. Order full work to download. Chapter five of "challenges and prospect of property re-development" consist of conclusion, recommendation and references.
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