APPRAISAL OF RESIDENTIAL REAL ESTATE DEVELOPMENT

CHAPTER 1

INTRODUCTION

1.1BACKGROUND OF STUDY

Housing is second only to food in man’s hierarchy of needs (Eleh, 2010) and it is also crucial to our national development. The demand for housing needs exceed its supply, as a result of near total neglect of the sector by the government and the unprecedented rural – urban migration. Thus large majority of urban residents particularly the low income earners who constitute about 50% of Nigeria’s 150 million people (Oni, 2010) are forced to live in uncontrolled and unplanned manner giving rise to extensive slums and shanty towns Eleh (2010).

It is obvious that the government alone cannot tackle this staggering deficit even with various statutory provisions and policies that were put in place. And so it is noted that the use of Private Public Partnerships (PPPs) would provide the key to unlock the housing problem and bridge deficits particularly for the middle income earners.

However, this study has attempted to critically examine the concept of PPP models in the case study, its source of finance, construction methods and provide a good analysis of the development process.

1.2      AIM AND OBJECTIVE

The aim of the study is to examine public private partnership scheme in the supply chain of residential housing with particular reference to Wemabod Estate Ibafo, Ogun state.

Towards this end, the following objectives shall be set to achieve the aim, namely,

·        Examine public private partnership’s effort and areas of improvement in filling the housing gap.·        Examine the building techniques used in mass residential housing.

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