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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