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FINANCING OF REAL
ESTATE IN NIGERIA (A CASE STUDY OF EBEANO HOUSING ESTATE ENUGU)
ABSTRACT
For sometimes now, it has been observed that some people dwell in tents while
others live in thatched mud houses, some yet live in dilapidated concrete
buildings while other chose to live in tenements, bungalows, flats and
messiness of varied structural strength and aesthetics.
Also, the size of these structures and their construction materials vary
greatly and site differences exist. As a result of these observations, the
study was on the housing problems and why these discrepancies exist. The title
of the research therefore is “financing of real estate in a democratic
society’.
Considering the place of shelter in the life of many provision of housing is
supposed to be adequate and supply man’s tastes and descries, bat these days, a
lot of uncompleted buildings exist in our village and towns and people live in
any available accommodation because they do not have the finance to complete
the buildings and live in accommodations of their
choice.
TABLES OF CONTENTS
CHEAPER
ONE
1.0
Introduction
1.1
Statement of problem
1.2
Background of study
1.3
Objective of study
1.4
Significance of study
1.5
Scope and limitation of study
1.6
Definition of terms
1.7
Research methodology
CHAPTER
TWO
LITERATURE REVIEW
Historical background to housing and
housing finance in Nigeria.
2.1
The need and demand for housing in Nigeria.
2.2
Participants in the financing of real estate in Nigeria
2.3
The public sector.
A.
The federal housing authority
B.
States housing development authority
corporation
C.
The federal mortgage bank of Nigeria
D.
Insurance companies
E.
The national provident fund
F.
Pension funds
G.
Other financial (commercial banks)
2.4
The private
sector
A.
Property development companies
2.5
The role of Housing finance in housing development
2.6
Sources of real estate finance in Nigeria.
A.
The traditional sources
B.
The modern sources
2.7
Problems arising from inadequate
financing of real
estate in Nigeria.
CHAPTER
THREE
Enugu State Housing
Development Ebeona
3.1
Aims and objectives
3.2
Functions of he corporation
Revenue and Finding
of Ebeano Housing Estate Enugu
3.3
Loans
A.
From the government
B.
From financial institutions
CHAPTER FOUR
Housing Development by Eshda
4.1
Land
acquisition
4.2
Perceliation
4.3
Development
4.4
Housing construction
CHAPTER
FIVE
5.1
Finding and Recommendations
5.2
Recommendation
5.3
Conclusion
Bibliography
CHAPTER ONE
INTRODUCTION
PURPOSE
OF THE STUDY
Housing
is generally accepted to be the third major necessity of life after food and
clothing and as such is under immense need and demand by both the poor and the
rich unfortunately, this need and demand has not been met by the rate of
construction studies in real estate are deep and wide few people have been
sufficiently familiar with the specialist knowledge required for an adequate
treatment of studies in real estate and of those who have been equipped to
undertake a defiled study in it fewer still have wished to concentrate their
talents on the financing of real estate in Nigeria. A possible explanation of
their reluctance is that a large expenditure of effort is required before even
quite manor contribution can be established. This study will therefore seek to
identify and analyze the various ways or methods through which the government,
private develops and individual finance the development of real estate in
Nigeria in order to bring house ownership within the reach of the people. These
ways or methods will be critically appraised in order to determine their short
comings and recommendation will be advanced in order to eliminate the short
comings and make the method more feasible and viable, do away with non feasible
and unprofitable methods and to suggest new methods of achieving the descried
goal.
1.1
STATEMENT OF PROBLEM
As we all know Ebeano
Estate, which is located in the northern zone of New Haven Enugu some years
back had mainly consisted of detached houses during the military regime.
Government workers and officers were very few and he value of property
development was not appreciated. Obviously, the residents of Ebeano Housing
Estate had not been informed of he need for and essence of real Estate
developments.
However, with the
coming of democracy the population of government workers or civil servants
increased more government offices were opened and the inhabitants Enugu began
to see and appreciate the value of Estate development. There were more and more
civil servants with low income and Asaba became both a commercial and an
administrative centre.
During the military
regimes, one would realize that there was not a genuine effort towards real
estate finance it could not be said of Onitsha in Anambra state and Warri as
they are much renowned commercial cities. During this period he effort made by
government in real estate finance had not gone beyond building office apartment
for its workers and perhaps the building of residences for members of staff or
the particular ministry concerned with the above one could simply say that the
inhabitants of real estate finance and when any effort was made in that regard
they had to resort to borrowing since they had never been business included.
1.2
BACKGROUND OF STUDY
Real Estate
Development is a fundamental and essential feature in the urban environment.
Adequate provision of real estate development has a great deal of positive
impact on both the economic and social life of urban citizens. Its adequacy has
the reverse effect.
The shortage of real
estate development is one of ht major problem facing the urban centres
especially in the developing countries. This could be attributed to scarcity of
finance for real project development. Real estate development involves large
amount of money. It is usually not within the capability of most urban dwellers
particularly the medium and low-income groups. The rate of real estate
development constriction often lends to be small and generally depend on
financial resources.
This situation of
financial security is made worse by the rigid attitude of financial
institutions towards lending for real estate development. Their system of
granting loan makes it very difficult for the medium and low-income groups to
benefit from the available facilities. The bulk of the mortgage loans go to the
upper class.
1.3
OBJECTIVES OF STUDY
This study is aimed
at identifying and anglicizing the various ways of methods through which the
government of Enugu state finance real estate in Enugu. Ebeano to be prescribe
in order to bring housing ownership within the reach of the common man. These
ways will be critically appraised to determine their shortcoming and
recommendation will be advanced to eliminate the shortcomings.
1.4
SIGNIFICANCE OF THE STUDY
A study on real
estate development financing of Ebeano is very important for planning purposed.
The appraisal of real Estate development finance is valuable and could be
utilized to achieve certain academic objectives. It can enlighten government,
students, and researcher on the importance of real property development financing.
The general result
obtained from this study is expected to broaden the awareness of the public on
current sources of real Estate development financer in Enugu metropolis.
1.5
DEFINITION OF TERMS
The Corporation:
This
referees to the Enugu state housing, development corporation. The enabling
edict: This refers to the Enugu state Housing finance corporation edict no 10
of 1976, which established the corporation housing markets. The formal housing
market for sale or for rent, is that market in which housing is available a
acceptable space, environmental and health standing, which has full title and
an adequate provision for infrastructure. A junior mortgage: Any mortgage,
which is subordinate, is a mortgage or mortgages on the same property are a
mortgage.
Extension and
compositions: An extension is an agreement to delay
the payment of a debt for some period of time, while a composition involves
reduction in the size of the claim of creditors where there are more than two
creditors. These agreements are entirely voluntary and individual creditors are
not bound by the agreements of the other creditors. The agreements may be
reached as a result of legal actions under the jurisdiction of a court but are
more likely to be the result of private negotiation.
Financial
Intermediaries: Financial
intermediaries can be seen as institution or economic units that intermediate
can be seen as institutions or economic units that intermediate between surplus
economic units and deficit economic units. They mobilize the savings from the
surplus units and make the savings available to those units that have need for
the funds for either investment or consumption purpose. They are usually
classified into bank and non-bank financial institutions.
Housing Estate:
The
definition of “Housing Estate” as a compound word has not attracted much
attention from authors. Rather “Housing” and “Estate” has been separately
defined as an area of land upon which houses to be built are readily planned,
designed and controlled using development control and usually geared towards a
certain goal and managed as a single entity.
Real Estate:
This refers to immovable property consisting of land and buildings.
Disposal:
With regard to housing. It is the change of ownership or transfer of
occupation, which may or may not be accompanied by monitory considerations.
1.6
RESEARCH METHODOLOGY
After fully analyzing
the nature of this study much diligence was exercised in the collection of all
relevant data and information from the Estate surveyor and value and Ebeano
housing estate Enugu and also in the liberty. A huge proportion of the
information concerning this study was collected through oral personal
interviews with all persons and authorities of relevance in the
corporation.
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