APPRAISAL OF RESIDENTIAL REAL ESTATE DEVELOPMENT

CHAPTER 1

INTRODUCTION

BACKGROUND OF STUDY

In man’s hierarchy of necessities, housing is second only to food (Eleh, 2010), and it is also critical to our country’s development. As a result of the government’s near-total neglect of the sector and enormous rural-to-urban migration, housing demand exceeds supply. As a result, the vast majority of city dwellers, particularly low-income workers, who account for over half of Nigeria’s 150 million inhabitants (Oni, 2010), are compelled to live in unmanaged and unplanned environments, resulting in huge slums and shanty communities Eleh (2010).

Even with different statutory protections and regulations in place, it is clear that the government alone will not be able to address this massive imbalance. As a result, it’s worth noting that the use of Private Public

AIM AND OBJECTIVES

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

To this end, the following objectives will be created in order to attain the goal:

Examine the efforts of the public-private partnership in closing the housing gap, as well as areas for improvement.

Examine the construction methods employed in mass residential housing.

· Examine mortgage syndications as a tool to sourcing for finance for the development of the case study.

SCOPE/LIMITATION OF THE STUDY

The research is restricted to Ibafo, Ogun State, where development is now underway. Ogun state’s proximity to Lagos makes it the next development port, as Lagos is now overcrowded and overpopulated, with an estimated population of 15.5 million people (Oni, 2010). According to Ibem and Aduwo, the housing supply shortfall in Ogun State is over 240,000 units, and it is predicted to grow by 7,500 units annually (Ogun State Ministry of Housing, 2008). (2012).

It also concentrates on Moladi building technology, which was canvassed by the Developer in the role of Messrs Tope Ojo and Tunde Olonisakin Estate Surveyors and Valuers, as the construction technique employed and adopted for Wemabod Estate Ibafo. The entire structure’s engineering