CHAPTER ONE
INTRODUCTION
The provision of infrastructural facilities
In Nigeria is not adequate when compared with that of advanced Countries. It is
quite believed that the development of any City or Nation cannot be considered
in isolation of infrastructural facilities available in the Country.
Infrastructural facilities were defined
according to Donald (1974) as those basic amenities and services essential to
both rural and urban societies for economic and social development. These
amenities constitute the main fabric of what maybe called urban physical system
linked with the property value.
The word “Infrastructure” according to the
Webster’s New World Dictionary is defined as a sub-structure or underlying
foundation especially the basic installation and facilities on which the
continuance and growth of a community, state, country depend on. Such as roads,
schools, power plants, transportation, communication system etc.
The availability of infrastructural
facilities can enhance more developments and this will directly increase the
standard of living of the people residing in such areas. The presence of
infrastructural facilities have a great impact
on property value, population growth, and also increase investment of
commercial venture which could be a source of generating revenue for the local
government. Therefore it has been an area of focus especially to Estate
Surveyors and Valuers who are usually responsible for information on property
and also guide and advice their clients.
This research work therefore examines the
various infrastructural facilities which can make real estate to be an
alternative means to potential investors. The success in development or
purchase of a property by a potential developer depends on the perfect
interpretation in terms of their present and future effects on the value and
returns to such developer or purchaser.
1.1 STATEMENT OF PROBLEM/ JUSTIFICATION
The
decision to undertake this research work stems from numerous problems
associated with the value of residential properties.
The
infrastructural facilities provided by government are limited to some areas or
part of the state or country, which is adversely affecting the worth of
properties in the areas where adequate infrastructural facilities is lacking.
Again,
the problem associated with properties has been traced to lack of management
and infrastructural facilities, which is causing deterioration, functional and
economic obsolescence. The problems will be reflected in the case studies and
possible solution will be prescribed.
1.2 AIM
The aim
of this research work is to analyze the impact of infrastructural facilities on
the value of properties in Itakudimoh and Fate area.
1.2.1 OBJECTIVES
1 To
identify the infrastructural facilities and residential properties in the study
area.
2 To
examine the condition of infrastructural facilities in the study area.
3 To
examine the values of properties in the study area for the past 10years.
4 To
know the impact of the infrastructural facilities and residential properties in
the study area.
5 To
examine the problem encountered on infrastructural facilities so as to
recommend possible solutions for them.
1.3
SIGNIFICANCE OF STUDY
The significances of the study are as follows:
1 To
know the importance of infrastructural facilities on property value.
2 Helps
to know the trends of properties i.e. lower range, middle range or higher
range.
3 To
enlighten investors and also to encourage them to invest on real estate
business.
4 The
study will also be useful for both students and governments to know how
infrastructural facilities affect the value of properties.
1.4
SCOPE OF STUDY
The
study is being limited to some areas in Fate and Itakudimoh i.e. from kwara
shopping mall to area in fate and after pakata secondary school to the central
mosque in itakudimoh. Where properties are selected at random for the purpose
of this research work and a comparative analysis is carried out on the impact
of infrastructural facilities on the value of properties in both areas.
1.5 LIMITATIONS OF THE STUDY
In
carrying out this study, it is not exempted from the normal difficulties
encountered in this kind of research work these include:
1 There
are difficulties in the administration and collection of information, where
some people refuse to disclose information or even collect the questionnaire.
2 Lack
of funds and financial constraints is also a problem encountered on
transportation cost, typing of questionnaires and other factors like nature,
economic hardship.
3 Some
estate firms also refused to disclose some information on properties in the
study area which they considered to be secret to them.
4 The
time limit with which to undertake this research work is another limitation,
because some of the respondent will delay information to be supplied.
1.6 STUDY AREA
HISTORICAL BACKGROUND OF EMIRATE
Ilorin is the present capital of
capital Kwara state in the north central region of the federal of . It is a pre-dominantly Islamic
city with people of diverse culture who have come together to live as one in
peace and harmony. The entire community
comprises of five local government areas namely,
west, south, east, Asa and more local government.
has a population of about 814,192 people and the
geographical co-ordinations of
are latitude of 8.5 degrees north, longitude of 4.55 degrees east and elevation
of 290metres.
community was
discovered in the 18th century by the Duo of Afonja, Ara-onakakanfo,
a Yoruba warlord and Sheik Alimi an Islamic scholar. These heroes arrives at different times
and different circumstances.
Sheik
Alimi was an Islamic missionary propagating Islam and its teaching across the
land. He was temporarily settled at Kuwo village very close to where he built mosque and houses. He
continued to explore other territories to spread his belief and settle down
permanently.
During
his course, he discovered a river flow through villages and he sought to know
the origin, It was river Asabuh known as
today in . He later settled down at a homlet
within the vicinity of the river which was occupied by Fulanis. The kinsman was
known as Gaa-Fulani and was headed by Olufadi. Other hamlets around was Idiape,
Okesuna, Gambari, which also have their heads.
Sheik
Alimi and Afonja fought many wars together internally and externally which
later made them suspicious of each other and eventually leads to confrontation,
where Sheik Alimi defeated Afonja. After the defeat Sheik Alimi extended hand
of friendship to other hamlets nearby for a larger community with a common
belief, which he headed. The community is known today as “”. The city was named after the major
meeting point of the people as a testimony of the unity of the people.
Source: www.ilorin.org
1.7 DEFINATION
OF TERMS
1. INFRASTRUCTURAL
FACILITIES: Donald (1971) defined infrastructure as
the basic facilities and services essential to both rural and urban society and
to economic and social developments. These are the essential physical structure
and facilities that are developed, acquired or provided by the government to
the public.
The basic structures, services and facilities necessary for an area
or locality to perform efficiently is known as infrastructure, Jeffery (2009)
these includes roads, streets, bridges, transportations, health services,
education, water supply, power supply, telecommunication, waste disposal e.t.c.
2. VALUE: The word “value” means different thing to different people and
different professions. The Oxford Advanced Learner English Dictionary defines
value as the worth of something in terms of money or of the goods for which it
can be exchanged or quality of being useful
Akogun
(2006) with respect to real estate defines value as the worth of an interest in
land and building or claims on chattel assessed by appropriate method of
valuation.
3. ECONMIC INFRASTRUCTURE: Business dictionary explains economic
infrastructure as an internal facilities of a country that makes business
activities possible such as communication, transportation, distribution
networks, financial institution, market and energy supply system
4.SOCIAL
INFRASTRUCTURE: Schubeler
(1996) buttressed that social infrastructure are those facilities which helps
individual of a society to learn and accommodate other social activities or
services e.g. health, education, recreation and cultural facilities.