ABSTRACT
Property and economic development share symbolic relationship. For developing countries, property business should form a major part of economic development and an alternative or income.
Starting in the 1960s as part of the emerging field of law and economics, economists and legal scholars began to study the property rights enjoyed by tenants under various estates being carried out by property development agencies.
Development process required skills of many professionals which has made the process tedious and cumbersome for an average development agency.
Property development remains a viable and profitable venture hence, the need for Government to put certain measures in place so as to reduce the problems and difficulties development agencies face and also to meet the growing housing needs of the masses.
Property sector as remained one of the least exploited sectors which has the capacity to yield a huge source of income for the government just like it is in the United Arab emirates [Dubai] and China presently.
CHAPTER ONE
1.1 HISTORICAL BACKGROUND
The Genesis of the Property Development Agency can be traced to back into a form of control in the planning, allocation and usage based on nature, norms and customs of the people vis-a-vis Customary Law. In modem times Nigeria planning laws are tools of environmental designing. Planning and development are partly English received Laws and local legislation.
Housing generally has not ranked high on the scale of priorities for social spending and state governments have tended to rely upon local authorities to meet the problem. Efforts at providing low-cost rural housing have been minimal, despite the creation of the Federal Mortgage Bank of Nigeria in 1977, and shantytowns and slums are common in urban areas. Overcrowding in urban housing is a serious problem. It has been estimated that about 85% of the urban population live in single rooms, often with eight to twelve persons per room. Living conditions are poor.