CHAPTER ONE
1.0
INTRODUCTION
A study of road property investment in 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 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
i.
To identify the
properties under redevelopment on the case study
ii.
To know the stage of
the properties under
iii.
To examine the prospect
of the
properties redevelopment
iv.
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
road in .
1.4
SIGNIFICANCE
OF STUDY
The study entails someimportance whichbuildingprofessional 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
was founded by one ojo-isekuse 19600-1700.
The name
was derived form ojo isekuse compound now oke-lele area of . 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 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 are
separate and antagomatic towards one another. the indigenes guard the heritage jealously.
is located at latitude 80 301 ns and
longitude 40 351 et lies in their plan of south western part of . The arty
which lies along
highway is 306km form 600 kilometers from about 300 kilometer form .
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
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 .
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 metropolis by abdulrazak
jimoh in
november, 1998.
1.1
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.