CHALLENGES AND PROSPECT OF PROPERTY RE-DEVELOPMENT (A CASE STUDY OF TAIWO ROAD ILORIN)

SYNOPSIS

        landed properties ( houses ) have been observed, undergoing changes in their design shapes and uses, this changes in  use as a result of alteration being made could also be know as redevelopment, that is the restructuring of the building to suite the uses which they were designated.

        this dissertation in the pros of redevelopment in an urban centre, which is ilorin metropolis.

        further more, it examines the causes of redevelopment and analysis its effect on re-development properties developer and property users.

        it also, highlights the significance of redevelopment challenges analysis of any project.

CHAPTER ONE

1. INTRODUCTION

A study of road property investment in ilorin revealed a number of constraints which were associated with the regulation of houses that is the restructuring of building.

In the area of pre- investment students for property development or redevelopment the anticipated return can only be tested or ascertained with proper understanding analysis and taking into consideration.

The factor affecting redevelopment omuojine ( 1993) history has it  that ilorin was founded  orgurally by those who built according to hallet arahan ( 1979) all value in arty hand  under go continue evaluation form a stage of non existence through a circle of change.

In Nigeria the law of Nigeria (1948) cap 155 defines development or redevelopment as any building operation and any use of land or any building there in for a proposed which is disproved from the proposed which the land for building was last being used.

More ever, british town and country planning act (1947) carrying out building engineer, mining or other operation in an over, under land or the making of any material residential building in the area, which later brought up to a standard of a distinct settlement most of those building built were able to change in their use as a result of the development of the town physically environmentally and economically.

With the federal government pronouncement of ilorin as a capital of kwara state.

There arose the need to create a business district and the resultant use for commercial use some are bergs restored to us  formal use due to obsolescence that had set on the building for instance a three (3) bedroom residential could have it use change to an estate surveyors office.

Similar conversion may governor involve tampering with the structure by way of pulling down we all, addition of new accommodation and imploring the physical fabrics of the building.

Also, an obsolete terminates building with eight (5) rooms (i.e. face to face) may be converted to flat or any other type of design.

Although, the redevelopment enhancement aesthetic value of the building and make alternative enough for the type of the use proposed.

More so in some cases, alternation  may have to be done to be both the internal and external part of the building for instance  a converted office accommodation  proposed to house a new bank may give it s approach view redesign and filled with many architectural decoration further more  the  frontal fence may have to be pulled down to aid visibility  and give room for parking lots redevelopment project  cannot be carried out without learning some  task or challenge on the developer and even the property consumer.

In carrying out such project the developers encounter difficulties which stand as obstacle to the successful, efficient and effective development redevelopment project.

The challenge includes government policies building material the real estate finance and others.

1.1   STATEMENT OF THE PROBLEM

As it is not unusual for any dissertation like this to be   constrained due to some reasons. this particular project work. he therefore, not has been an exception. there searcher had been confronted with the inadequate fund to carryout the project work. he had utilized the very limited resource at his disposal to work toward the success of the work.

Insufficient time was another problem. the writer has to distribute the short available time at his disposal to the pursuit of this project work and to other academic pursuits.

During the collection of the data used for this project work, the researcher was faced with the poor response of the few available people or property owners interviewed thinking that the researcher may have be one of the frauds in the town, thus preferred to keep their words to themselves.

Inadequate literatures on  the topic has been of the problem faced as the researcher could  not lay his hand on one quick referencing, thus, making him to rely exclusively on the data gotten from the field.

Another major problem was the unavailability of some property owners for interview by the researcher.

1.2   AIM

To examine the challenges and prospect of within the redevelopment property in the study area

1.2   OBJECTIVES

1. To identify the properties under redevelopment on the case study
2. To know the stage of the properties  under
3. To examine the prospect of  the  properties redevelopment
4. To examine the challenge involve in the redevelopment