Genesis, Problems And Prospects Of Property Development Agency In Nigeria
Abstract
Property and economic progress are linked in a symbolic way. Property business should be a vital aspect of economic development and a source of income for emerging countries.
Economists and legal experts began studying the property rights held by tenants under various estates being carried out by property development organizations in the 1960s as part of the developing area of law and economics.
The development procedure necessitated the expertise of numerous individuals, making the process difficult and time-consuming for a typical development firm.
Property development remains a viable and profitable business, necessitating the need for the government to take steps to alleviate the problems and challenges that development agencies face, as well as to meet the expanding housing demands of the general public.
Chapter One
Introduction
Background Of Study
The origins of the Property Development Agency may be traced back to a kind of control in the planning, distribution, and use of land based on the people’s nature, norms, and customs in relation to Customary Law. Nigeria’s planning regulations are becoming tools for environmental design. Planning and development are governed in part by English laws and in part by local legislation.
Housing has always been low on the priority list for social investment, and state governments have tended to rely on local governments to address the issue. Despite the establishment of the Federal Mortgage Bank of Nigeria in 1977, efforts to provide low-cost rural housing have been negligible, and shantytowns and slums are ubiquitous in urban areas. Overcrowding in metropolitan areas is a major issue. It has been successful. In the last two decades, the rate of urbanization in Nigeria has increased dramatically. In the early 1950s, a census revealed that there were approximately 56 cities in the country, with these cities accounting for approximately 10.6% of the overall population. The size of the country’s housing crisis is huge, given the predicted rise in urban population. The national housing requirement, according to the National Rolling Plan (NRP), is between 500,000 and 600,000 units, based on the current occupancy ratio of three to four people per room. The price of meeting this anticipated annual requirement at an average of N500, 000 per unit would be tremendous and unattainable. Housing alone would cost between N250 trillion and N500 trillion. The most basic of all human wants, undoubtedly, defines and provides the biggest obstacle. Second, a healthy and thriving real estate [housing] industry is a sign of a robust national investment program, and it is the bedrock and first step toward future economic and social development. The government of Nigeria’s inability or constant neglect by higher authorities paved the way for property development companies like Bolan1e Bamgbose & Associates to take on the challenge of providing affordable housing for the masses while also profiting from the lucrative property development business in Nigeria. The rate of return on real estate investments in the Nigerian cities of Abuja, Lagos, and Port Harcourt is substantially greater than the national average of 30%. On a local level, it has been found that home ownership is one of the top goals for most households, and it constitutes the single largest investment for the vast majority of them (between 50 percent and 70 percent of the household income). When you consider that Nigeria’s per capita income (now N3, 000) has been declining, as has the ordinary Nigerian’s real income, this discovery becomes even more noteworthy. The dramatic rise in building material prices over the previous five years has further lowered the affordability of most Nigerians. When annual housing needs are compared to the estimated Gross Domestic Product of N82.53 billion and N85.82 billion in 1989, and over 88 billion in 1991, as well as per capital income of N3,000, financing becomes a viable option.
Is any construction, engineering, mining, or other operation in, on, over, or under any property, or any environmentally significant change in the use of any land demolition of buildings, including tree felling and planting
The expression to develop with its grammatical variations, as well as standing erections used for the display of advertisements on the land, shall be construed accordingly. The many non-human natural resources found on the globe are referred to as land. Nigeria’s overarching Land Use Policy is enshrined in the Land Use Act, and before to 1978, the current system was based on the Land Tenure system. Tenure is derived from the Latin word “tenere,” which means “to hold” a landed property.
THE STATEMENT OF THE RESEARCH PROBLEM
The following issues will be investigated, as well as possible solutions.
Reasons were discovered for them.
(a) Inadequate funding to carry out large-scale projects that will benefit the government economically.
(c) Nigerian laws governing the use of land
(c) There are a limited number of experts in the sector.
Research Objective
Research Questions
What role does the property development agency play in the provision of affordable homes in Nigeria?
Economic effects on the economy
What are Nigeria’s property development prospects?
RESEARCH HYPOTHESIS
Some assumptions will be made, and their validity or authenticity of the study hypothesis will be tested afterwards.
The hypothesis that will be put to the test is
Ho:- establishing a property development bank is not necessary for providing funding to property development organizations.
Hello, the establishment of a property development bank is critical in making financing available to developers.
Research Methodology
The following sources will be used to gather the essential data for this study:
i. Observation and online summaries.
ii. Formalized questionnaire
Secondary sources (iii)
iv. Library texts on how to become the world’s largest property developer, which will comprise both published and unpublished literature
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