IMPACT ON MANAGEMENT OF ABANDONED PROJECT IN NIGERIA
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IMPACT ON MANAGEMENT OF ABANDONED PROJECT IN NIGERIA
1.1 Background of the Study
The ongoing abandonment of residential buildings and construction projects in developing countries is so appalling that Nigeria has remained one of the hardest hit (Ayodele and Alabi, 2011; Kotangora, 1993; Osemenan, 1987).
As a result, the significance of the ongoing abandonment of residential buildings and projects on real estate and its values, as well as the economy, cannot be overstated, as some abandoned buildings and development projects provide basic services that should improve the real estate developed.
An abandoned residential building is one whose occupant has moved out owing to poor upkeep and infrastructure, security, dilapidation, or natural disaster, rendering the building uninhabitable.
Abandonment of residential properties and development projects is defined as isolating the building or ceasing any activities or maintenance work on such a development project within the time frame specified in the contract agreement with no intention of returning to the development (Spelman, 1993).
Similarly, O’Flaherty (1993), in reflecting on property development projects, suggests that it occurs when an owner or developer ceases to offer the necessary maintenance management to a completed property. An abandoned project.
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