The Effect Of Urban Infrastructure On Residential Property Values In Karu, Federal Capital Territory
CHAPTER ONE
1.0 INTRODUCTION
1.1 GENERAL BACKGROUND OF THE STUDY
An
important barometer for measuring an urban areas functionality, liveability and
development is its physical infrastructure. The efficiency of any urban area
depends largely on the provision of efficient infrastructural facilities and
services (Babarinde, 1998). Okusipe (1999) posited that apart from being a
major pointer to environmental quality urban infrastructure is a critical agent
for the socio-economic development of any urban area. He further asserted that
urban infrastructure plays an important and indispensible role in economic,
social and environmental aspects of life of an urban setting. It has tremendous
impact on the quality of urban life. It is a key developmental asset of any country
in that it provides the backbone for industrial concerns located within an
urban area to effectively and efficiently drive their production processes.
Urban
infrastructure cover a wide spectrum of services and facilities, namely;
electricity, water, roads, walkways, waste disposal systems, communication,
primary health facilities and services, schools and housing. These are more
often provided by the government. Where urban infrastructure is adequately
provided and efficiently managed productive and profitable land uses are
usually attracted towards the area. These uses out bid/out compete less
productive uses through better rent offers. This competition for locations with
good urban infrastructure usually results in an increase in land and property
values, either sales or rentals (Harvey
1993). This study therefore examines the state of urban infrastructure in Karu
and its effects on residential property values.
1.2 STATEMENT OF THE PROBLEM
Real
estate developers are consistently faced with the issue of making decisions on
the types of property to invest their earned income or highly competitive
secured mortgage funds, which were attached with high lending rate. One of the
different sections that are begging for such investment is residential property
development. This study will assess the effect of available in infrastructure
in residential property on its rental values in Karu, F.C.T.
1.3 AIM AND OBJECTIVES
The
aim of this study is to assess the effect of urban infrastructure on
residential property values in Karu, federal capital territory. In order to
achieve this aim, the following objectives are critical:
a. To
identify the types and state of infrastructure available in the study area.
b. To
examine the problems associated with provision and maintenance of the
facilities and the consequential effects on residential property values in the
area.
c. To
examine the consequential effect in the study area.
d. To
make appropriate recommendations to examine the impact of infrastructure with
the provision identified on residential property values in the study area.
1.4 JUSTIFICATION OF THE STUDY
Many
factors interplay to create property values. This could be economic,
institutional or environmental. Factors that negatively affect the value of
real property injure ownership motives and goals. They also damage the
investor’s interest and discourage subsequent investment.
For
instance, Udo and Egbenta have examines the effects of domestic waste dumpsite
on rental values of residential properties in Enugu, Nigeria.
They confirmed that contrary to popular belief, waste dumpsite does not necessarily affect property values
negatively. However, other factors could be harnessed to boost rental values of
properties in our cities. Since infrastructural facilities are regarded as
booster to social well-being of city dwellers, hence the choice of
infrastructural facilities as factors that may likely affect the rental value
of residential properties in Nigeria
cities is considered to be appropriate.
1.5 SCOPE OF THE STUDY
The
researches work is confined to the study of the effects of urban
infrastructures mainly in Karu, Abuja.
It shall deals with rental value of residential properties such as single room,
two bedroom flats and three bedroom flats which are the common types of residential
properties found in the study area. The work activities however, will cover the
provision of road network within a period of 2009-2013.
1.6 DEFINITION OF TERMS
Some
of the key words used in this work and their meaning as contain and used in the
research are:
Infrastructure:
This is seen as a wide range of economic and social facilities crucial to
creating an enabling environment for economic growth and enhances the quality
of life.
Property:
The term is used in this research to mean the rights that one individual has in
land or grow to the exclusive of other right gained from the ownership of wealth.
Value:
Value is basically the worth of a thing which depend largely on the basis of
assessment and unit of measurement.
Property Value:
The measure to properly value is a function of its degree of unity and scarcity
relative to comparable utilities.
1.7 HISTORICAL BACKGROUND OF THE STUDY AREA
Abuja
the Nigeria City came into existence by virtue of
decree No. 6 1976. However, it assumed the state of the nation capital on the
12th December 1991 when the seat of government was moved from Lagos. The process to
relocate the capital began in assumption of office by the Late General Murtala
Ramat Mohammed who notice the deteriorating conditions of Lagos
and try to find a lasting solution to it as it become obvious and impracticable
for Lagos to be
retain as the federal capital territory (F.G.N 1976).
In
other to solve those problems once and for all, the late General Murtala
Mohammed inaugurated a committee on 19th August, 1975under the
leadership of retired honourable justice Akinola Aguda. The committee was
charge among other things, with the task of recommending suitable and
alternative location, having regard to the need for easy accessibility and
their report was submitted to the federal government on the 20th
December,1975 by stating that the total land area in Lagos was estimated to be
about 6112sq Km which was grossly inadequate to be used for as federal capital
city not to even sharing it with Lagos state government (F.G.N 1976).
The
recommendation proceeded that the federal capital should be moved from Lagos
and to be relocated to the centre of the country, an area covering about 5000Sq
Km, situated at the sought of the present Suleja-Niger State (Aguda 1975) this recommendation was accepted by the Head
of state who prompted the promulgation of federal capital territory on 15th
February 1976 and vested the ownership and control of all land in the federal
capital territory on federal government as well as the administration of the
capital territory.
According
to the national population and housing census (2006) the study area (Karu) has
an estimate population of about 111, 246 inhabitants.
Karu
the study area is characterised with large markets which enhance the economic
activities of the neighbourhood, the major activities found there are:
subsistence farming, industrial activities, banking, markets and recreational
areas nevertheless many people in the study area earned above 2000 per day
which make life meaningful and to grade the area on average in the society.
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