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An Appraisal Of Trend In Rental Value Of Residential Property Within The Last Ten Years (2003-2012)
[A CASE STUDY OF GRA TPS100 ILORIN]
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1.4 SCOPE OF THE STUDY
The purview of this study is specifically restricted to GRA (TPS 100) neighbourhood in Ilorin, Kwara state in order to set a proper view of rental value trends of residential properties. This study covers the trends in rental value of residential properties in the study area for the past (ten) 1o years (i.e. 2003-2012)
Therefore, the study further examines the type of residential properties available within the location.
1.5 LIMITATIONS OF THE STUDY
The researcher encountered a lot of problems in the course of this research work. They include the following
1. Illiteracy: this is uncooperative attitude of the respondent during the data collection. Some landlords thought that I am a government agent that the data collected is going to be used to tax them.
2. Lack of cooperation: Some people bluntly refused to grant interview or accept the questionnaire and where they accept, the information supply will be false information. During the process some did not declare the actual rent collected on their property
3. Finance: shortage of finance affects this work in term of transportation to the study area and typing of the project work.
4. Secrecy: some people bluntly refused to grant the questionnaire on the ground that they did not want to disclose their identity.
5. Time: It took a lot of time before this work is completed
6. Lack of proper and adequate records on the rental value trends of properties in the study area.
1.6 STUDY AREA (GEOGRAPHICAL SETTING & HISTORICAL BACKGROUND OF STUDY AREA)
Ilorin was founded by one Ojo-Isekuse (1600-1700). The name Ilorin was derived from Ojo-Isekuse compounds now Oke-lele of Ilorin. It was on the stone that Ojo Isekuse used to sharpen his hunting implement e.g. cutlass and arrows hence “Ilorin†(the sharpen iron)
Ilorin is essentially a Yoruba city through people by many ethnic groups such as Yoruba, Hausa, Fulani, Nupe, Kanuri etc. they all merged together and made the city a unique melting point of cultures. At the same time they are all proved of their unique Ilorin identity. The ruler of the city and its environs (the Ilorin emirate) is of Fulani origin although the royal house had been Yorubanised thoroughly; those who are far from the city make the mistake of thinking that the various ethnic groups that fused together to make up Ilorin are separate and antagonistic towards one another. The indigenes guard their Ilorin cultural heritage jealously.
Ilorin is located at latitude 80300N and longitude 40350E. It lies in the plain of the south –western part of Nigeria. The city which lies along Lagos-Kaduna highway is 306 kilometers from Lagos, 600 kilometers from Kaduna and about 500 kilometers from Abuja.
The main river is Asa River; it occupies a fairly wide valley and flows south-north direction. The river divides Ilorin into two parts: western part representing the lore of indigenous area of Ilorin and the eastern part representing the area where the government reservation area (GRA) is located. Towards the north of this western part is an isolated hill; called Sobi hill. The hill is about three hundred and ninety-four (394) feet high above the sea level.
Ilorin was a tropical wet and dry climate. It has mean annual rainfall of about 1318mm, which begins in April and ends in November. It has a population of about 742,090 people.
The area of study in this project is the government Reservation Area (GRA). GRA is an extensive area to the North-eastern part of Ilorin. It was acquired for government use by the old colonial administration in the early part of the 20th century. Government offices and scattered residential houses were constructed there. Many of the British colonial officers and their Nigeria counterpart lived in the area. At independence in 1960, many more Nigeria moved into the GRA and later large plots of land area were allocated to the elite class and they built their houses there. Some also rented out their premises to tenants.
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