ABSTRACT
In any planned economy of the world, the issue of high cost of building material cannot be over-emphasized. There should be a regulatory bodies or agencies of government with the view to achieve harmonic development in real property market in such a way and manner as to promote economic growth and satisfaction to the terming population who invest in this sector of economy as a result of significant role building materials play in real estate, there must be a check to any abnormal rise in such materials being used in other not to cause high cost of building construction.
However, due to weakness in regulatory agencies there is an alarming rate of inflationing trend leading to unstable economy in our nation which therefore has an adverse effect on the building industry.
Furthermore, due to the capital that will be part and property development, investor in real estate found it very difficult to build. And as a result there is delay in completion of any project been proposed to the done.
This study is therefore aim at highlighting the various problems with high cost of building materials on real estate development.
It is believed that the result of the study will provides the recommendation which if implemented will ensure effective control of high cost of building materials and enhance property development in real estate sector of our economy.
TABLE OF CONTENTS
Title page i
Certification ii
Dedication iii
Acknowledgement iv
Table of content v
Synopsis vi
CHAPTER ONE
1.0
Introduction
1.1
Statement
of problem
1.2
Aim
of the study
1.3
Objectives
of the study
1.4
Significant
of the study
1.5
Scope
of study
1.6
Limitation
of study
1.7
Study
area
1.7.1 Location plan
1.8
Definition
of terms
CHAPTER TWO
2.0
Literature
review and conceptual framework
2.1
An
appraisal of Nigerian’s economic policy on real market
2.2
Property
development process
2.3
Those
involved in real property development
2.4
Concept
of real property development
2.5
Source
of property finance
2.6
Concept
of property investment
2.7
Factors
affecting high cost of building materials
CHAPTER THREE
3.0
Research
methodology
3.1
The
research design
3.2
Data
types and source
3.3
Instrumentation
for data collection
3.4
Sample
frame, sample size and sampling procedure
3.5
Method
of data collection
3.6
Method
of data analysis
CHAPTER FOUR
4.0
Data
presentation and analysis
4.1
Trend
of building materials prices in the study
4.2
Types
of property along with their rental values
4.3
Nigerian
economic indicators
CHAPTER FIVE
5.1 Summary
of findings
5.2 Conclusion
5.3 Recommendations
Bibliography
CHAPTER ONE
1.0
INTRODUCTION
Development has a wide meaning among
Architects, Engineers and surveyor. Development has been defined by statute the
best known being the town planning laws in Europe America, Africa
and else where. The most collaborated of them all, the British town and country
planning Act of 1947 has defined “Development building engineering mining of
other operations in, on, over or under the land or the making of any materials
charge in the use of any building or other land.
In the course of time, the cost of
construction of a decent shelter for an average family began to rise, cost of
building materials and inflation much more than thus, was the immediate need to
contain the over populated urban centres, which were fast charring out ghettos
of different sorts. The rise in the population could no longer be match with
corresponding rise in the provision of good shelter for the populace majority
of the people did not even have enough to live not to mention having money to
build their own houses. There, nor arise a problem of providing shelter for the
ever-emphasizing population in a depressed economy.
Properly development may be under
taken to meet new or an expanding demand as in the case of house building be
needed to replace existing assets in order to meet present demand more
effectively or the supplant oblate properties.
1.1 STATEMENT
OF PROBLEM
Due to instability of the economic which result into devaluation of the
naira, building materials most of which are imported into the country have
continued high in cost. This result to inadequate supply of building materials,
shortage of accommodation and inadequate infrastructure development which
affect housing supply.
1.2 AIM
OF THE STUDY
The aim of the study is to examine the effects
of high cost of building materials on property development in the study area.
1.3 OBJECTIVES
OF THE STUDY
The objectives include:
1. To identify the various types of
property development in the study area.
2. To examine various types of building
materials
3. To examine the cost of building
materials for some years.
4. To examine the effect of high cost of
building materials on housing development
5. To recommend solution to the problem
at hand.
1.4 SIGNIFICANT
OF THE STUDY
This study could be used in solving
problem that arise as a result of high cost of building materials as it related
to property development.
It exposes the researcher to
different materials and method of construction available in the industry in
other to beat down cost of construction.
It will enable the industry to known
how to improve in its services as per finding alternative approach in solving
the problem at hand.
1.5 SCOPE
OF THE STUDY
The disciplinary scope of this study
is the effect of high cost of building materials on property development, while
the spatial scope is on Ile-Ife.
1.6 LIMITATION
OF THE STUDY
A. The time limit given for the project
by the school Authority has limited a wide research on such topic.
B. Fund to run some expenses for the
project is not sufficient which has restricted a wider study
C. People did not want to divulge
information needed for the study because they though the exercise is meant for
tax assessment.
1.7 THE
STUDY AREA
Ile-Ife
is a historic town its history is unique because ile- ife is regarded as the cradle of the Yoruba.
The most valuable history and as a result of this been handed down by oral
tradition and as a result of this , many valuable events of this historic town
cannot be over emphasized by the use of date .
Nevertheless,
the belief is alive that Ile- Ife the home of Yoruba, Oduduwa being the
ancestor.
The
formation of Ile –Ife as indicate by Rev Samuel Johnson (1921) is enhanced in
many legends and same of these legends level written while other level still in
written once of the legends state that the place now known as Ile Ife was
originally covered with water . These were people around ore Iyere was once of
them. One was a hunter who used to come to the areas to hunt but the water did
not allow him to build a permanent settlement.
The
story state that, god (Olodumare) sent Obatala to find Ile-Ife. the was gives a
bag of a soil, a hen which have five toe,
a chameleon and a symbol of authority which is known today as (Ase) in
Yoruba . Obatala was instructed to put the soil on water then hen on the soil
and the expectation was the that the hence will scattered the soil and the
water would recede, the chameleon would best the solidity of the land so
formed.( Longman 1921).
Oral
traditions do not support the theory of migration same accounts of oral
tradition stated that Ile- Ife was there life first originated. Obatala was the
once instructed by ‘god’ (Olodumare) to mold a man when he had finished he
report back to Olodumare who then gave lives to the molded bodies. Although
oral tradition and history do not agree on how, and where Oduduwa come to
Ile-Ife but the source accept Oduduwa as the founder of the Yoruba. Therefore
all Yoruba believe that their ancestor was Oduduwa.
1.8 DEFINITION
OF TERMS
Facility: Facility can be defined as something
that is build, installed or established to serve a particular purpose or
something that makes action operational or complement an action.
It
is also defined as circumstanced equipment etc that make it possible or easier
to do something.
Management: Management according to “Fallet”
(2000) define management as the art of getting thing dance through the skills
and talent to people, on the other hand, it cant be defined as the art of
planning, organizing, leading and controlling the effect of organization
members and using all materials recourse to achieve the organizational stated
objectives.
Estate surveyor and valuer: According to Kuye (2000), define Estate
surveyor and valuer as a person who determine or estimate the monetary worth or
value at a specified date and for a specified purpose of the property rights
encompassed in ownership.
An estate surveyor and valuer is any
person who has under gone a period of training in the filed of estate
management or loans economy and has passed the prescribed examination of the
Nigeria institution of Estate surveyor and valuers and subsequently registered
as fit and proper person to practice the profession of estate surveying and
valuation by the estate surveyor and valuers registration board of Nigeria
(ESVABON) in accordance with the provision of Decree No 24 of 1975.
Maintenance: This can be defining as the
continuous protective case of the fabric contents and selling of a building.
It
is one process which helps to conserve a place, in conjunction with other
processes such as:
i.
Preservation
ii.
Restoration
iii.
Reconstruction]
iv.
Adaptation
Development: Development means the process of
carrying out construction works which are associated with a change in use of
land or with its building or with a change in the intensity of the use of land
or with the res-establishment of an existing use (Michael 1965).
Value: Value is the power of a commodity to
commend other commodities in exchange for it. It can also be defined as
presence worth of future benefit (Okoh 2001).
Research: Serious and detailed study of a
subject that is aimed at learning new facts scientific laws, testing ideals
(Oyefeso 1995).
Estate: Is a large area of land which is
owned by a family or an organization. It includes any interest in landed
property which gives risk to a measure of control (Kuye 2000).
Land: This can simply be defined as a
solid portion of the earth surface. It includes soil, grasses, trees and any
other fixed or attach to it (Macmillan Dictionary).
Prominent land uses: This based on used of land for many
social activities that is well known and serve as infrastructural facilities of
a town (Ebenezer 1983).
Property: Is any physical or intangible entity
that is owned by a person or jointly by a group of people or a legal entity like a corporation, depending
on the nature of the property, an owner
of property has the right to consume, sell, rent, mortgage, transfer, exchange
of destroy it or be excluded other from doing these things (John locke 2000).
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