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APPRAISAL OF RESIDENTIAL REAL ESTATE DEVELOPMENT

APPRAISAL OF RESIDENTIAL REAL ESTATE DEVELOPMENT

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APPRAISAL OF RESIDENTIAL REAL ESTATE DEVELOPMENT

CHAPITRE 1

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

In man’s hierarchy of requirements, housing is second only to food (Eleh, 2010), and it is also critical to our national growth. As a result of the government’s almost total neglect of the sector and massive rural-urban migration, demand for housing exceeds supply.

As a result, the vast majority of urban residents, particularly low-income earners who account for over half of Nigeria’s 150 million people (Oni, 2010), are compelled to live in uncontrolled and unplanned conditions, giving rise to huge slums and shanty towns Eleh (2010).

Even with different statutory measures and regulations in place, it is clear that the government cannot address this massive deficit on its own. As a result, it is emphasised that the utilisation of Private Public Partnerships (PPPs) would give the key to unlocking the housing crisis and bridging deficits, especially for middle-income workers.

However, in the case study, this paper aimed to critically investigate the concept of PPP models, its financing sources, building methods, and provide a good analysis of the development process.

1.2 GOAL AND OBJECTIVE

The study’s goal is to look into public-private partnerships in the residential housing supply chain, with a focus on Wemabod Estate in Ibafo, Ogun State.

To accomplish this goal, the following objectives must be established:

Examine the public-private partnership effort and areas for improvement in closing the housing gap.

Examine the construction strategies employed in mass residential development.

Examine mortgage syndications as a strategy for acquiring money for the case study’s development.

MATERIALS AND METHODS 1.3

In terms of case study development, the study depends on the total performance of all PPP stakeholders.

It employs the direct observation approach, a method of collecting primary data in which the site activities and pace of work were carefully watched utilising the modular concept of Moladi Technology. The Gantt chart is used to represent the project work schedule and track progress from start to finish dates.

A total of twenty surveys were distributed. Each is separated into two sections: A and B. Section A is intended for prospective purchasers and tenants of nearby Estates. It includes information on respondents’ socioeconomic profiles, affordability, mortgage possibilities, and the acceptability of the Moladi Technology.

Section B is intended for Trinity Savings and Loans Limited employees, Wemabod Estates Limited employees, and a few selected Developers. It includes information on financing choices, operational procedures, land accessibility, and marketing of completed housing units.

Other crucial material was withheld because it was deemed secret and not fit for public consumption. However, the information obtained through personal interviews supplements the information obtained through questionnaires.

Furthermore, secondary data was taken from previously published and unpublished work in print and on the internet.

1.4 SCOPE AND LIMITATIONS

The study is limited to Ibafo, Ogun state, where development is now underway. Ogun state is the next port of development due to its proximity to Lagos, which is already overpopulated and overcrowded with an estimated population of 15.5 million people (Oni, 2010).

According to Ibem and Aduwo (2012), the housing supply shortfall in Ogun State is around 240,000 units, with an annual increase of 7,500 units (Ogun State Ministry of Housing, 2008).

It also concentrates on Moladi building technology, which was applied and adopted for Wemabod Estate Ibafo by the Developer in the capacity of Messrs Tope Ojo and Tunde Olonisakin Estate Surveyors and Valuers. The entire building engineering and structural works were not taken into account.

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