Land Use Changes

2478 WordsFeb 3, 201210 Pages
1.0 `INTRODUCTION 2.1 BACKGROUND OF THE STUDY The trend in property development is not however unconnected with the increased awareness in making the highest and best use of land resources among competing uses. According to Balowe (1978) the term ``land`` often mean different things depending upon the content in which it is used and the circumstances under which it is considered. Land takes a fundamental significance as a commodity in daily use for multi-various purpose over the years; it has influenced and continues to influence the daily lives of Nigerians as expressed in social, economic and political organization of various communities in Nigeria. However, the property market is an economic mechanism rationing land between…show more content…
This dissertation attempts to provide answers to the above questions with a view to attract the above reactions of the New Town Development Authority, Property Developers, Estate Surveyors, Land Owners and Tenant towards a better understanding of the dynamics of land use and value in a fast growing city like Lagos. 2.3 PURPOSE OF THE STUDY As stated earlier, the purpose of this study is to proffer solution to the problem outlined in section 1.2 above and in doing so; I shall critically examine the genesis and impact of change in use in property values in low density layout (Admiralty Way Lekki Phase1). I shall examine how transfer of land to its most profitable use is often frustrated by factors such as: a) The imperfect knowledge of buyers and sellers of the use to which the given property can be put. b) The importance of adequate zoning area for commercial activities within government estate c) The time- absorbing and costly process of seeking and acquiring new locations. d) The cost and legal complexity of acquiring properties e) The monopoly power of Town Planning and New Town Development Authorities. In conclusion, I shall establish if the ever increasing incidence of change in use should be encouraged by government. 2.4 SIGNIFICANCE OF THE STUDY The outcome of this study is expected to create awareness for Lagos state Government through New Town Development Authorities and
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