THE EFFECT OF HIGH COST OF BUILDING MATERIALS ON PROPERTY DEVELOPMENT (A CASE STUDY OF ILE-IFE IN OSUN STATE)


THE EFFECT OF HIGH COST OF BUILDING MATERIALS ON PROPERTY DEVELOPMENT (A CASE STUDY OF ILE-IFE IN OSUN STATE)

SYNOPSIS

In any planned economy of the world, the issue of high cost of building material cannot be over-emphasized. There should be a regulatory bodies or agencies of government with the view to achieve harmonic development in real property market in such a way and manner as to promote economic growth and satisfaction to the terming population who invest in this sector of economy as a result of significant role building materials play in real estate, there must be a check to any abnormal rise in such materials being used in other not to cause high cost of building construction.  

However, due to weakness in regulatory agencies there is an alarming rate of inflationing trend leading to unstable economy in our nation which therefore has an adverse effect on the building industry.

Furthermore, due to the capital that will be part and property development, investor in real estate found it very difficult to build. And as a result there is delay in completion of any project been proposed to the done.

This study is therefore aim at highlighting the various problems with high cost of building materials on real estate development.

It is believed that the result of the study will provides the recommendation which if implemented will ensure effective control of high cost of building materials and enhance property development in real estate sector of our economy.

TABLE OF CONTENT

Title page i

Certification ii

Dedication iii

Acknowledgement iv

Table of content v

Synopsis vi

CHAPTER ONE

1.0 Introduction

1.1 Statement of problem

1.2 Aim of the study

1.3 Objectives of the study

1.4 Significant of the study

1.5 Scope of study

1.6 Limitation of study

1.7 Study area

1.7.1 Locational plan

1.8 Definition of terms

CHAPTER TWO

2.0 Literature review and conceptual framework

2.1 An appraisal of Nigerian’s economic policy on real market

2.2 Property development process

2.3 Those involved in real property development

2.4 Concept of real property development

2.5 Source of property finance

2.6 Concept of property investment

2.7 Factors affecting high cost of building materials

CHAPTER THREE

3.0 Research methodology

3.1 The research design

3.2 Data types and source

3.3 Instrumentation for data collection

3.4 Sample frame, sample size and sampling procedure

3.5 Method of data collection

3.6 Method of data analysis

CHAPTER FOUR

4.0 Data presentation and analysis

4.1 Trend of building materials prices in the study

4.2 Types of property along with their rental values

4.3 Nigerian economic indicators

CHAPTER FIVE

5.1 Summary of findings

5.2 Conclusion

5.3 Recommendations

Bibliography

CHAPTER ONE

1.0 INTRODUCTION

Development has a wide meaning among Architects, Engineers and surveyor. Development has been defined by statute the best known being the town planning laws in Europe America, Africa and else where. The most collaborated of them all, the British town and country planning Act of 1947 has defined “Development building engineering mining of other operations in, on, over or under the land or the making of any materials charge in the use of any building or other land.

In the course of time, the cost of construction of a decent shelter for an average family began to rise, cost of building materials and inflation much more than thus, was the immediate need to contain the over populated urban centres, which were fast charring out ghettos of different sorts. The rise in the population could no longer be match with corresponding rise in the provision of good shelter for the populace majority of the people did not even have enough to live not to mention having money to build their own houses. There, nor arise a problem of providing shelter for the ever-emphasizing population in a depressed economy.

Properly development may be under taken to meet new or an expanding demand as in the case of house building be needed to replace existing assets in order to meet present demand more effectively or the supplant oblate properties.

1.1 STATEMENT OF PROBLEM

     Due to instability of the economic which result into devaluation of the naira, building materials most of which are imported into the country have continued high in cost. This result to inadequate supply of building materials, shortage of accommodation and inadequate infrastructure development which affect housing supply.

1.2 AIM OF THE STUDY

 The aim of the study is to examine the effects of high cost of building materials on property development in the study area.

1.3 OBJECTIVES OF THE STUDY

The objectives include:

1. To identify the various types of property development in the study area.

2. To examine various types of building materials

3. To examine the cost of building materials for some years.

4. To examine the effect of high cost of building materials on housing development

5. To recommend solution to the problem at hand.

1.4 SIGNIFICANT OF THE STUDY

This study could be used in solving problem that arise as a result of high cost of building materials as it related to property development.

It exposes the researcher to different materials and method of construction available in the industry in other to beat down cost of construction.

It will enable the industry to known how to improve in its services as per finding alternative approach in solving the problem at hand.

1.5 SCOPE OF THE STUDY

The disciplinary scope of this study is the effect of high cost of building materials on property development, while the spatial scope is on Ile-Ife.

1.6 LIMITATION OF THE STUDY 

A. The time limit given for the project by the school Authority has limited a wide research on such topic.

B. Fund to run some expenses for the project is not sufficient which has restricted a wider study

C. People did not want to divulge information needed for the study because they though the exercise is meant for tax assessment.

1.7 THE STUDY AREA

Ile-Ife is a historic town its history is unique because ile- ife is regarded as the cradle of the Yoruba. The most valuable history and as a result of this been handed down by oral tradition and as a result of this , many valuable events of this historic town cannot be over emphasized by the use of date .

Nevertheless, the belief is alive that Ile- Ife the home of Yoruba, Oduduwa being the ancestor.

The formation of Ile –Ife as indicate by Rev Samuel Johnson (1921) is enhanced in many legends and same of these legends level written while other level still in written once of the legends state that the place now known as Ile Ife was originally covered with water . These were people around ore Iyere was once of them. One was a hunter who used to come to the areas to hunt but the water did not allow him to build a permanent settlement.

The story state that, god (Olodumare) sent Obatala to find Ile-Ife. the was gives a bag of a soil, a hen which have five toe,  a chameleon and a symbol of authority which is known today as (Ase) in Yoruba . Obatala was instructed to put the soil on water then hen on the soil and the expectation was the that the hence will scattered the soil and the water would recede, the chameleon would best the solidity of the land so formed.( Longman 1921).

Oral traditions do not support the theory of migration same accounts of oral tradition stated that Ile- Ife was there life first originated. Obatala was the once instructed by ‘god’ (Olodumare) to mold a man when he had finished he report back to Olodumare who then gave lives to the molded bodies. Although oral tradition and history do not agree on how, and where Oduduwa come to Ile-Ife but the source accept Oduduwa as the founder of the Yoruba. Therefore all Yoruba believe that their ancestor was Oduduwa.

1.8 DEFINITION OF TERMS

Facility: Facility can be defined as something that is build, installed or established to serve a particular purpose or something that makes action operational or complement an action.

It is also defined as circumstanced equipment etc that make it possible or easier to do something.

Management: Management according to “Fallet” (2000) define management as the art of getting thing dance through the skills and talent to people, on the other hand, it cant be defined as the art of planning, organizing, leading and controlling the effect of organization members and using all materials recourse to achieve the organizational stated objectives. 

Estate surveyor and valuer: According to Kuye (2000), define Estate surveyor and valuer as a person who determine or estimate the monetary worth or value at a specified date and for a specified purpose of the property rights encompassed in ownership.

An estate surveyor and valuer is any person who has under gone a period of training in the filed of estate management or loans economy and has passed the prescribed examination of the Nigeria institution of Estate surveyor and valuers and subsequently registered as fit and proper person to practice the profession of estate surveying and valuation by the estate surveyor and valuers registration board of Nigeria (ESVABON) in accordance with the provision of Decree No 24 of 1975.

Maintenance: This can be defining as the continuous protective case of the fabric contents and selling of a building.

It is one process which helps to conserve a place, in conjunction with other processes such as:

i. Preservation

ii. Restoration

iii. Reconstruction]

iv. Adaptation

Development: Development means the process of carrying out construction works which are associated with a change in use of land or with its building or with a change in the intensity of the use of land or with the res-establishment of an existing use (Michael 1965).

Value: Value is the power of a commodity to commend other commodities in exchange for it. It can also be defined as presence worth of future benefit (Okoh 2001).

Research: Serious and detailed study of a subject that is aimed at learning new facts scientific laws, testing ideals (Oyefeso 1995).

Estate: Is a large area of land which is owned by a family or an organization. It includes any interest in landed property which gives risk to a measure of control (Kuye 2000).

Land: This can simply be defined as a solid portion of the earth surface. It includes soil, grasses, trees and any other fixed or attach to it (Macmillan Dictionary).

Prominent land uses: This based on used of land for many social activities that is well known and serve as infrastructural facilities of a town (Ebenezer 1983).

Property: Is any physical or intangible entity that is owned by a person or jointly by a group of people or  a legal entity like a corporation, depending on  the nature of the property, an owner of property has the right to consume, sell, rent, mortgage, transfer, exchange of destroy it or be excluded other from doing these things (John locke 2000).

.


TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.COM

Researchwap.com is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.com guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.com is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.com" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.