THE EFFECT OF COMMERCIAL LAND USE AND VALUE

Project Abstract

This research project aims to investigate the effect of commercial land use on property values. The relationship between the type of commercial activities conducted on a piece of land and its market value is a critical aspect of urban economics and real estate studies. Understanding how different commercial land uses influence property values can provide valuable insights for real estate developers, investors, local governments, and urban planners. The study will employ a mixed-methods approach, combining quantitative analysis of property data with qualitative assessments of the perceived impacts of commercial land use on property values. By analyzing property sales data and rental rates in various commercial districts, the research will seek to identify patterns and correlations between the specific types of commercial activities and the corresponding property values. Furthermore, the research will investigate how factors such as proximity to transportation hubs, population density, zoning regulations, and the overall economic environment of an area interact with commercial land use to influence property values. By considering these contextual variables, the study aims to provide a comprehensive understanding of the complex dynamics that shape the relationship between commercial land use and property values. In addition to analyzing property market data, the research will also involve conducting surveys and interviews with real estate experts, property owners, and local residents to gather qualitative insights into how different types of commercial land use are perceived within the community and how they impact property values. These qualitative assessments will complement the quantitative analysis and help to provide a more holistic understanding of the factors influencing property values in commercial areas. The findings of this research project are expected to have practical implications for various stakeholders involved in real estate development and urban planning. By shedding light on the relationship between commercial land use and property values, the study aims to inform decision-making processes related to zoning regulations, land use planning, and real estate investment strategies. Ultimately, the research seeks to contribute to the development of more sustainable and economically vibrant commercial districts by providing evidence-based recommendations for optimizing the mix of commercial activities to enhance property values and promote overall urban prosperity.

Project Overview

<p> </p><p><strong>INTRODUCTION</strong></p><p>Land is a national endowment that can be referred to as the said portion of the earth’s surface, while land use can be described as a way, manner or order in which land is used by people in an area for deterrent purposes. This rings about the need for the demand of commercial land acquisition for economic and business transaction. &nbsp; &nbsp; </p><p>Ogui urban is located in the capital city of Enugu state and has a typical urban environment, which is surrounded by major roads and towns some at which include Oni – Asata, Holy Ghost, Ziks Avenue, Okpara Avenue and so on therefore making it accessible for which ever kind of business transaction. As a result, investors tend to exploit commercial land around these areas, which include, artisan, Edinburgh, independence layout new layout, onu-Asata, Obiagu etc. The unique attract a lot of investors who in turn refuse to abide to the enforced planning laws by the central authority. In other words, value in basic economics is detained as the utility or satisfaction which a good or seminar offers for the purpose of this write piece, value mean the worth of an interest in a land or building.</p><p>Land use in Enugu was proposed earlier when Enugu was under Anambra state and the use of commercial lands by investors was properly monitored and up till date it is still being monitored but not effective like it used to be in the case investors who migrated into others areas that were not commercial proposed areas tailed to accept the fact that those areas were not purposively commercial proposed areas but were to support commercial activities. This therefore became a treat to the individuals residing in those areas. Ogui urban is a typical example of these areas. This work is to demonstrate the effects of commercial land use on land value, and I intend to sow this in this work piece. &nbsp; &nbsp; &nbsp;</p><p><strong>1.1 &nbsp; &nbsp; &nbsp; HISTORICAL BACKGROUND</strong></p><p>Ogui urban is located in the capital city of Enugu state. She deviated from the Affar and got her first paramount Chief in the person of late Chief Augustine Nnamanni who died on the 30th day of October 1993. Ogui did have any chief until 2002 the chief was sworn in he was Chief Oko Michael Mmaduekwe.</p><p>Ogui became or got her autonomous community on the 12th day of July 2003. Her culture in enriched with different dances and masquerade. Ogui urban is made up of five villages they include Umuokokwette, Umuabu, Onuatu Onu Asala and Onyke with two local government the Enugu North and the Enugu Central North. She shares a common boarder with her brother Abakpa Nike along the presidential road while the original Ogui dweller reside at Umunevo village. Now a town that accommodate a lot of investors and visitor and student. &nbsp; &nbsp; &nbsp; </p><p><strong>1.2 &nbsp; &nbsp; &nbsp;STATEMENT OF GENERAL PROBLEM</strong></p><p>For a long time now; it has been recorded that investors face the problem of investing blinding without knowing the effect on the land value. They do not know the effect of commercializing a land set out for federal values. As such most investors abuse the constitutional provision for land value and in time to come they will be victimized by the execution of government plan on an exploited land. The level of indiscriminate dumping of refuse that brings about environmental bleeder, the congestion of planned building by investors allowing space for the major road and eating into part of the pedestrian path. The increase in the movement of investors accommodates the vandalization of electrical cables, blocking of drainages with refuses. &nbsp; &nbsp; </p><p><strong>1.3 &nbsp;</strong><strong>OBJECTIVE OF STUDY</strong></p><p>The aim of this research is to make the government the land use allocation authority and the private investor, realize the effect of commercial land use on land value in Ogui urban.</p><p><strong>1.4 &nbsp; &nbsp;</strong><strong>SCOPE OF STUDY</strong></p><p>The development of Ogui Nike was divided into two stages “urban Ogui and Rural” Ogui at the moment rural – Ogui has suffered trickling development while the urban Ogui has been effectively development.</p><p>The urban Ogui include the control business district (Atesian, Ogbetle) this scope in focused mainly on the effect of commercial land use. </p><p><strong>1.5 &nbsp;</strong><strong>LIMITATION OF STUDY</strong></p><p>This research work is limited to some extent by the inconsistency of records as the urban and regional planning authority of Ogui. Some of the officials were not always available to provide or give out the necessary map diagram. It was also limited to some extent by inadequacy of finance. </p> <br><p></p>