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Impact Of Land Use Act On Property Development In Nigeria
[A CASE STUDY OF ILORIN]
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1.7 DEFINITION OF TERMS
PROPERTY: This is an investment for which the owner expects at least reasonable return.
DEVELOPMENT: Development has been defined by statues; the best known the town planning laws in Europe, America and Africa. The most celebrated of the , all, the British town and country planning Act 1947 has defined development in 12 (2) as “The carrying out of building, Engineering, Mining and other operations in, on, over or under land or the making of any material change in the use of any buildings in other landâ€.
PROPERTY DEVELOPMENT: Property development has a wide meaning, among Architects, Engineers and surveyors; it generally means the process of carrying out construction works which are associated with a change in use of land or with the re-establishment of an existing use. Such works would include the alteration, erection or re-erection of building as well as the construction of roads and drains, the building of river wall or even the layout of a plain field.
DEVELOPERS: The developer is the prime mover in property market. He provides and supplies the property into the market by developing or acquiring them. He provides and sources the funds for the construction, purchase, or development of estate. The developer is principally an investor and a speculator and he goes into the property business with the principal aim and objectives of making profit.
PROPERTY MARKET: Property is an investment market that deals with the right and interest in land and buildings.
CERTIFICATION OF OCCUPANCY: It is the document issued in evidence of a statutory right of occupancy by the military administrator of a state and is obligatory only in relation to land in urban areas.
DEVELOPED LAND: A developed land means a land on which there exist any physical improvements in the nature of infrastructural development like road, water, electricity, drainage, building, well, fencing e.t.c.
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