Infrastructural facilities are these basic amenities and services which are essential in the society for economic and social development. These infrastructural facilities include; roads drainage, electricity, pipe borne water, e.t.c.
There has been provision of infrastructural facilities in some areas in Kwara state and some areas are also lacking such adequate infrastructural facilities e.g. Fate area is provided with good and adequate infrastructural facilities, while Itakudimoh area is lacking such adequate facilities.
This research work will therefore examine the value of properties in both areas for certain years and also examine the impact of infrastructural facilities on the property value by comparing and analyzing the rental and capital value of the properties in the two area of study.
TABLE OF CONTENTS
Title page i
Table of contents v-vii
1.1. Statement of
1.2. Aim and
1.3. Significance of
1.4. Scope of study
1.5. Limitation of
2.1. Types of
2.2. Management of
2.3. Who manages
2.4. What is value?
2.5. Availability of
3.1. Method of data
3.3. Sample frame
3.4. Sample size
3.6. Data instruments
3.7. Data analysis
Presentation and Analysis
5.0 Summary of
findings, recommendation and conclusion
5.1 Summary of Findings
The provision of infrastructural facilities In Nigeria is not
adequate when compared with that of advanced Countries. It is quite believed
that the development of any City or Nation cannot be considered in isolation of
infrastructural facilities available in the Country.
Infrastructural facilities were defined according to Donald
(1974) as those basic amenities and services essential to both rural and urban
societies for economic and social development. These amenities constitute the
main fabric of what maybe called urban physical system linked with the property
The word “Infrastructure” according to the Webster’s New
World Dictionary is defined as a sub-structure or underlying foundation
especially the basic installation and facilities on which the continuance and
growth of a community, state, country depend on. Such as roads, schools, power
plants, transportation, communication system etc.
The availability of infrastructural facilities can enhance
more developments and this will directly increase the standard of living of the
people residing in such areas. The presence of infrastructural facilities have
a great impact on property value,
population growth, and also increase investment of commercial venture which
could be a source of generating revenue for the local government. Therefore it
has been an area of focus especially to Estate Surveyors and Valuers who are
usually responsible for information on property and also guide and advice their
This research work therefore examines the various
infrastructural facilities which can make real estate to be an alternative
means to potential investors. The success in development or purchase of a
property by a potential developer depends on the perfect interpretation in
terms of their present and future effects on the value and returns to such
developer or purchaser.
OF PROBLEM/ JUSTIFICATION
to undertake this research work stems from numerous problems associated with
the value of residential properties.
infrastructural facilities provided by government are limited to some areas or
part of the state or country, which is adversely affecting the worth of
properties in the areas where adequate infrastructural facilities is lacking.
problem associated with properties has been traced to lack of management and
infrastructural facilities, which is causing deterioration, functional and
economic obsolescence. The problems will be reflected in the case studies and
possible solution will be prescribed.
The aim of this research work is to analyze the
impact of infrastructural facilities on the value of properties in Itakudimoh
and Fate area.
1 To identify the
infrastructural facilities and residential properties in the study area.
2 To examine the
condition of infrastructural facilities in the study area.
3 To examine the
values of properties in the study area for the past 10years.
4 To know the impact
of the infrastructural facilities and residential properties in the study area.
5 To examine the
problem encountered on infrastructural facilities so as to recommend possible
solutions for them.
SIGNIFICANCE OF STUDY
significance of the study are as follows:
1 To know the
importance of infrastructural facilities on property value.
2 Helps to know the
trends of properties i.e. lower range, middle range or higher range.
3 To enlighten
investors and also to encourage them to invest on real estate business.
4 The study will also
be useful for both students and governments to know how infrastructural
facilities affect the value of properties.
1.4 SCOPE OF
The study is
being limited to some areas in Fate and Itakudimoh i.e. from kwara shopping
mall to area in fate and after pakata secondary school to the central mosque in
itakudimoh. Where properties are selected at random for the purpose of this
research work and a comparative analysis is carried out on the impact of
infrastructural facilities on the value of properties in both areas.
OF THE STUDY
out this study, it is not exempted from the normal difficulties encountered in
this kind of research work these include:
1 There are
difficulties in the administration and collection of information, where some
people refuse to disclose information or even collect the questionnaire.
2 Lack of funds and
financial constraints is also a problem encountered on transportation cost,
typing of questionnaires and other factors like nature, economic hardship.
3 Some estate firms
also refused to disclose some information on properties in the study area which
they considered to be secret to them.
4 The time limit with
which to undertake this research work is another limitation, because some of
the respondent will delay information to be supplied.
1.6 STUDY AREA
HISTORICAL BACKGROUND OF ILORIN EMIRATE
Ilorin is the present
capital of capital Kwara state in the north central region of the federal republic of Nigeria. It is a pre-dominantly Islamic
city with people of diverse culture who have come together to live as one in
peace and harmony. The entire Ilorin community
comprises of five local government areas namely, Ilorin
west, Ilorin south, Ilorin east, Asa and more local government.
Ilorin has a population of about 814,192 people and the
geographical co-ordinations of Ilorin
are latitude of 8.5 degrees north, longitude of 4.55 degrees east and elevation
Ilorin community was
discovered in the 18th century by the Duo of Afonja, Ara-onakakanfo,
a Yoruba warlord and Sheik Alimi an Islamic scholar. These heroes arrives Ilorin at different times
and different circumstances.
was an Islamic missionary propagating Islam and its teaching across the land.
He was temporarily settled at Kuwo village very close to Ilorin where he built mosque and houses. He
continued to explore other territories to spread his belief and settle down
course, he discovered a river flow through villages and he sought to know the
origin, It was river Asabuh known as Asa
River today in Ilorin. He later settled down at a homlet
within the vicinity of the river which was occupied by Fulanis. The kinsman was
known as Gaa-Fulani and was headed by Olufadi. Other hamlets around was Idiape,
Okesuna, Gambari, which also have their heads.
and Afonja fought many wars together internally and externally which later made
them suspicious of each other and eventually leads to confrontation, where
Sheik Alimi defeated Afonja. After the defeat Sheik Alimi extended hand of
friendship to other hamlets nearby for a larger community with a common belief,
which he headed. The community is known today as “ILORIN”. The city was named after the major
meeting point of the people as a testimony of the unity of the people.
INFRASTRUCTURAL FACILITIES: Donald (1971)
defined infrastructure as the basic facilities and services essential to both
rural and urban society and to economic and social developments. These are the
essential physical structure and facilities that are developed, acquired or
provided by the government to the public.
basic structures, services and facilities necessary for an area or locality to
perform efficiently is known as infrastructure, Jeffery (2009) these includes
roads, streets, bridges, transportations, health services, education, water
supply, power supply, telecommunication, waste disposal e.t.c.
The word “value” means different thing to different people and different
professions. The Oxford Advanced Learner English Dictionary defines value as
the worth of something in terms of money or of the goods for which it can be
exchanged or quality of being useful
Akogun (2006) with
respect to real estate defines value as the worth of an interest in land and
building or claims on chattel assessed by appropriate method of valuation.
INFRASTRUCTURE: Business dictionary explains economic
infrastructure as an internal facilities of a country that makes business
activities possible such as communication, transportation, distribution
networks, financial institution, market and energy supply system
(1996) buttressed that social infrastructure are those facilities which helps
individual of a society to learn and accommodate other social activities or
services e.g. health, education, recreation and cultural facilities.