COMPONENTS OF RESIDENTIAL PROPERTY DEVELOPMENT

COMPONENTS OF RESIDENTIAL PROPERTY DEVELOPMENT

Property development is defined in section 19 of the Nigeria urban and regional planning decree No 88 of 1992 (NURPD) as the carrying out of any building, engineering, mining or the other operations in or under or over land or the making of any environmental significance changes in the use of any land or demolition of building including the felling of trees, and the placing of the tree standing erection used for display of advertisement on the land.

Residential real estate development is meant for dwelling purpose either by individual or cooperate body. This could be inform of blocks of flats, detached houses, and complex, or Tenement building e.t.c.

The components which are necessary for residential real estate development are those input which are necessary to actualized real estate development, couple with the technicalities applied by skilled labour. The major input are:

1. Land: land is an essential input necessary for development. Being a vital input in development, the process of a professional are employed. The process of acquisition, the location, and physical, legal attributes e.t.c of the site put into consideration before acquiring it.

2. Capital: Capital is necessary for development in the absence of capital, no development can be implemented. It is the life blood of development, required to finance a proposal project. As far as a scheme is concerned, its financial viability must be calculated and cost measures against value.

3. Labour: The suitability of capable and skilled labour and professional is also one off an important input necessary for development. That is the construction period requires different knowledge. To this end, skilled and unskilled personal of varying background (interms of formal and informal training and experience) are required to participate in the development process.

4. Entrepreneur: the entrepreneur talent of the property development is to identified opportunities, exercise vision, initiate the property development process, and to ensure that the entire process is conducted efficiently.