Challenges And Prospect Of Property Re-Development (A Case Study Of Taiwo Road Ilorin)
Landed properties ( houses ) have been observed, undergoing changes in their design shapes and uses, this changes in use as a result of alteration being made could also be know as redevelopment, that is the restructuring of the building to suite the uses which they were designated.
This dissertation in the pros of redevelopment in an urban centre, which is ilorin metropolis.
Further more, it examines the causes of redevelopment and analysis its effect on re-development properties developer and property users.
It also, highlights the significance of redevelopment challenges analysis of any project.
Table of Content
- Title page
- Table of content
- 1.1 Statement of the problem
- 1.2 Aim and objective of the study
- 1.3 Scope of study
- 1.4 Significance of study
- 1.5 Historical background of ilorin
- 1.6 Definition of terms
- 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
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
4.0 Data Presentation and Analysis
- 4.1 The questionnaire administered
- 4.2 The questionnaire retrieved
- 4.3 The building re-developed from the study area
- 4.4 Conditional of building redeveloped
- 4.5 Population of the study area after redeveloped
5.0 Summary, Conclusion and Recommendation
- 5.1 Summary of finding
- 5.2 Recommendations
- 5.3 Conclusion
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.
To examine the challenges and prospect of within the redevelopment property in the study area
- 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
1.3 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.
1.4 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.
1.7 Definition of Term
Some register words and terminologies in the content of the dissertation are defined below:
A process of adding improvement (building) to be prepares by the sub-divider.
A process where by old structure (building) are demolished only to give way to replacement development. it is based on an existing builder.
These are types of properties or building house constructed for dwelling purposed, flats.
It is referred to as the hand and its properties and the building on the land.
The money that people or organization have put into a housing business in order to se4t profit.
The making of an old house a new one again to be able to look attractive.
The state of building that becomes old and no longer useful.
The state of an old building when it is in very bad condition and beginning to fall down.
To completely destroy a building another new house.
The amount of profit that some one set form business.
Is the amount which a building will reasonably be let annually is the open market.
Are the building affixed to land and the component of the land like sea, minerals e.t.c
This is a unit of the dwelling house.
5.0 Summary, Conclusion and Recommendation
5.1 Summary of Finding
With the context of this work re-development has been viewed as changing the use of existing building as its associated with economic returns of the properties.
In re0development, a process usually evolves and this start with the acquisition of the site and lentavely with new look physical and economic restrictions of the building.
Alongside with the re-development processes, it was determined that there were obstacles that stand in the way of the re-development project. The problem which range from the inability of the existing properties to produce greater returning to the problem of carrying out the construction of the properties. These and many others were critically examined and analyzed accordingly.
Finally, this dissertation is a problem solving is as those challenges and prospect with the subject matter were marshaled and provided with the considered recommendations.
In view of the identified challenges and property of property re-development a case study of Taiwo Road in Ilorin, the following are the recommendation considered by the researcher.
- It is recommended that planning authorities should not be biased in dealing with properties owners and developer. They should make sure that the law of town planning is implemented without the authority has been influenced.
- It is recommended that the land use act which empowers the governor should be reviewed so as to limit the power which governor can exercise in order to prevent a situation like that of formal governor Lawal and Olaolu computers along Surulere Lagos Road, Ilorin, where the governor used power to acquire the property owner under the heading of public acquisition where as it was acquired for.
- Government should reduce the taxes, rate of interest on loans building rates and subsidize them so as to enable them.
- Government should encourage the production of local made building materials and subsidize them so to enable the property owners and developers set them at their disposition. This would enable the development this would encourage people to embark on re-development project work.
From the result of this research work of the challenges and prospect of property re-development a case study of Taiwo Road Ilorin, it was observed that people have been struggling to be part of the commercial activities along these major routes in Ilorin. These are the area where business and other commercial activities are concentrated (i.e. CBD) most properties along these routes built for the dwelling purpose have been undergoing changes form residential uses to commercial uses, which are mainly shops and offices. Thus changing of uses triggers off the challenges.
It was discovered that developers of property owners were faced with high cost of re-development compared to the value of re-development. To this and, it my intention to bring to the notice of the government to cerate on enabling environment for the property of re-development of the road and to make the carrying out of the development project easier and lesser in terms of fiancé along those major routes.
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