THE EFFECT OF INFRASTRUCTURAL DEVELOPMENT ON RENTAL VALUES IN OWERRI URBAN

THE EFFECT OF INFRASTRUCTURAL DEVELOPMENT ON RENTAL VALUES IN OWERRI URBAN OF IMO STATE

ABSTRACT

This project was conducted to determine the effects of infrastructural development on rental values in Owerri urban of Imo state. A simple random sampling method was used and 50 samples was drawn from a population of 500 from the study area. Descriptive research design was used because it gives a

TO PLACE AN ORDER FOR THE COMPLETE PROJECT MATERIAL, pay N3, 000 to:

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After payment, text the name of the project, email address and your names to 08064502337 picture of a situation. Primary data were also analyzed using Chi-square technique to determine the effect of infrastructure such as Access roads, pipe borne water, public health care center etc. the study reveals that the availability of functional infrastructure on how it affects the rental values.

CHAPTER ONE

INTRODUCTION

  • BACKGROUND OF THE STUDY

Residential estate are developed and use over time with constant use, of properties, infrastructure and facilities are likely to deteriorate with time. This can be attributed to fair wear and tear in the case of properties. In the case of infrastructure there is tendency also for their condition to deteriorate especially with population surge in such residential estates. It is more so explained when it has to do with a residential estate that the life span has spanned over decades.

Residential property is considered a basic necessity of life, the third after food and clothing. The fact remains that unlike food and clothing, real property is difficult to acquire. Its importance can be seen and psychological development of individuals, states and nations, housing is defined to encompass the shelter and facilities/ services that make up the living environment to make life meaningful and comfortable for people.

Man is a socio-economic being seeking to dwell in residential units that provide him the maximum supply of the necessary facilities at affordable costs. In this light provision of facilities that would enhance the hung condition of residents within a neighbourhood is very essential.

Rental value of properties varies from place to place depending on various factors among which facilities available stand permanent. Most often, when people talk of the factors affecting rental value of residential properties, the most commonly discussed factors are location, quality of building, demand and supply rate, etc. Little or no regard is given to public facilities. The study therefore attempts the examination and adequacy of public infrastructures and their effect on property values.

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Infrastructure is a very important component of every estate be it commercial, residential or industrial. Its decay therefore has immeasurable effect on properties prevalent in the environment.

Mubi (2002) describes infrastructure as the aggregate of all facilities that allows a cell to function effectively. It is also seen as a wide range of economic and social facilities growth and enhances quality of life. They include housing, electricity, pipe-borne water, drainage, waste disposal, roads, sewage, health, education, telecommunications and institutional structures like police station, fire fighting station, bank and post office.

In other words, infrastructure is the large scale public service or systems, service and facilities of a country or region that are necessary for economic activity; including power and water supplies, public transportation, telecommunication, road and school.

Fox (1994) defines infrastructure as those services derived from a set of public works traditionally by the public and to allow for household consumption.

It is the facilities with high fixed costs, long economic lives, strong links to economic development, and a tradition of public sector involvement, the services provided forms the underpinnings of the nation’s defense, a strong economy and our health and safety, which includes; highways, streets, roads, bridges, airports and airways; public transit, transportation, water supply, waste water treatment, water resources, solid waste and hazardous waste services.

Wikipedia (2000) defines infrastructure as the fundamental condition for economic development. It also defines it as the network services usually provided by the state that makes increasing development possible.

It further explains that infrastructure comprises of two types which is physical infrastructure and the social infrastructure. The physical infrastructure include roads, airports, public water and electricity, while the social infrastructure include public care facilities and school.

The state of infrastructure in Owerri urban is quite poor. A lot of people living there are facing a lot of infrastructural challenges since its creation in the forties of the last century, to continue on prospecting. There is no functional pipe borne water in Owerri urban. Many residents depends on rain water, bore holes for their supply except the government waters in the urban.

There is also epileptic power supply, many people depends on the private electricity generator to sustain themselves and which can lead to health and environmental hazards. It can also lead to death as a result of inhalation of poisonous exhaust fumes from these generations.

  • STATEMENT OF PROBLEM
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Owerri urban has been in existence for a longtime in Owerri with the advent of the shell petroleum in their oil prospective in the early forties. The condition of the infrastructures put in places have deteriorated over the years. Most of the roads have been completely eroded and where there are remnants of far there are pot holes. There is no functional provision of potable water as the residents depends on boreholes alone? And other sources of water like rain water, water tankers etc. the buildings are in poor condition due to wear and tear and some environment factors.

The other means of encouraging infrastructural provision were not given adequate attention. For example the shortage of fund for the implementation of infrastructure  plan is ill conceived at the time it is implemented. The lack of spatial focus on development planning has handicapped the improvement on infrastructural development in Owerri urban in Imo state.

  • OBJECTIVE OF THE STUDY

The objective of this study include:

  1.  To determine the relationship between the poor water supply in Owerri urban on how it affects the people living in there.
  2. To determine the relationship between the condition of access roads and how it affects the rental value in the urban.
  3. To determine how the maintenance of the building study area affects the rental value.
    • RESEARCH QUESTION
  • Is there a relationship between the poor water supply and the rental value of the Owerri urban?
  • Is there a relationship between the accessibility of the roads in the Owerri urban and rental values?
  • Is there a relationship between the maintenance of the building on the rental values?
    • RESEARCH HYPOTHESIS

Hi: There is a significant relationship between the poor water supply and the rental value of the properties in the Owerri urban.

Ho: There is no relationship between the poor water supply and the rental values of the properties in the Owerri urban.

Hi: There is a significant relationship between the poor condition of the roads in the Owerri urban and the rental of the properties.

Ho: There is no significant relationship between the poor condition of the roads in the Owerri urban and the rental of properties.

Hi: There is a significant relationship between the inadequate maintenance of the building on the rental values.

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Ho: There is no relationship between the inadequate maintenance of the building of the rental value.

  • SIGNIFICANCE OF THE STUDY
  1. The significance of the study is to advocate the adequate provision of infrastructure in the Owerri urban such as access roads, pipe borne water, electricity etc, which will affect rental value and create more comfortable environment for users.
  2. It is expected to create awareness on the need for substantial infrastructure and provision in an area so as enhance the economic value of land and properties.
    • SCOPE OF STUDY

The scope of this study is the effect of infrastructural development on rental value of residential properties which will focus on the strategies to implement development on the Owerri urban.

It will also examine how meaningful infrastructural development can really thrive in Owerri urban.

  • DEFINITION OF TERMS
  1. Infrastructure: The basic structure and facilities needed for the operation of a society or organization.
  2. Development: Can be defined as the change of state which must involves a measurable increment.
  • Rental values: The amount the property eligible to get had it been rented out as per the prevailing situations existing in the place for similar property.
  1. Facility: Is a place, amenity or piece of equipment provided for a particular purpose.

————- this is an incomplete article ———– it’s a product of a high quality project researched work.

Project topic: THE EFFECT OF INFRASTRUCTURAL DEVELOPMENT ON RENTAL VALUES IN OWERRI URBAN OF IMO STATE

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