The Role Of Estate Surveyors and Valuers In Rural Development in Nigeria

The Role Of Estate Surveyors and Valuers In Rural Development in Nigeria (A Case Study of Ekwulobia, Anambra State)

The estate surveyors and valuers Registration board of Nigeria, defined the profession of estate surveying and valuation as those engaging in the arts, science and practice of:

i        Determining the value of all description of properly and various interest therein

ii       Managing and developing estate and other business concerned with the management of landed property.

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iii      Determining optimum use of land and its associated resources to meet social and economic needs.

iv      Determining the economic use of the resources by means of financial appraisal for the building industry.

From the above, one can define a valuer as one who specializes in the arts, science and practice of development and management, estimation of values of land, interest and its associated resources and the determination of the economic and social use of land and interest there in.

2.1     AN ESTATE DEVELOPER

A valuer is quite different from a developer in estate development in the sense that an estate valuer has a good knowledge and experience in appraisal of development project, selection and acquisition of property finance for disposition of complete project and advise the developers in development decision. An estate developer takes loans from financial institution, receives, technical counseling from the professionals, particularly on the legislation or legal implication of such development.

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The private functions in estate development are as follow:

i        They provide opportunity for choosing alternative development.

Ii       Identification of market demand.

Iii      promoting the use of high calibers of expertise.

iv      They have the ability to bear risks.

The public functions in Estate development are as follows:

i        They potentially recoup financial profit for the community

ii       Retain-future control of land and land uses.

iii      They consider the effects of development or re-development on the development adjoining lands.

iv      Provide desirable development project not provided by market demand.

Professionals like the builders, architects, Engineers, development controllers, surveyors etc are used by Estate developer.

2.2     FUNCTIONS OF ESTATE SURVEYOR AND VALUERS

In practice, the functions of estate surveyor and valuer are as follows:.

i        Studying the policies guiding the ownership of land resources and their distribution in the society.

ii       Management and development of landed properties.

iii      Carrying out market feasibility and viability studies and appraisals of investments proposal and schemes affecting land, buildings and other structures including resources.

iv      Taxation and rating of land and building at local and national levels.

Finally, the role of valuers in the economic and social development of any community can never be over emphasized. The functions of the valuers centers mainly on land and structures on land. This function can be summarized to be property management and in any economy like Nigeria it is going to be or has been to our greatest advantages that expects in the land or property market. Valuers are involved as far as any dealing with land structures on land are concerned.

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2.3     ROLE OF A VALUER IN THE DEVELOPMENT OF PROPERTIES

It will be noted before that the estate valuer plays more role in development purposes in the urban area than in the rural area. Most people in the rural area these days are alive to the need for development, they can even invite the government ot come and aid them in their locally initiated development project.

The role which a valuer plays in the rural development are as follows:

i        Managing and developing estates and other business concerned with the management of landed properties.

ii       To ensure that development in the rural areas meet with the standard like their counterpart in the urban areas, the valuer plays an important role in determining the structure and condition of buildings and their services and advising on their maintenance, alternation and improvement.

iii      These day also, the valuer are working in conjunction with the local government council to determines the value of all description of property and of the various interest therein. This is a way of developing the rural area and bringing the sense of urban development to the rural dwellers, all for the purpose of development.

iv      Becoming optimum use of land and its associated resources to meet social and economic needs. Lands iin the rural area and the resources therein are being put into optimum and best needs of the rural people.

v       The value also plays an important role especially in the rural area by advising government on the settlement aspect of land reform which has major influence on estate sitting in the culture of the rural people.

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vi      As development is taking place in rural area, it is the role or task of the valuer to carry out feasibility and viability studies and appraisal f any investments proposal and schemes affecting  land, buildings and other structures and land resources

vi      They carryout other valuation purposes.

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OR

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ACCOUNT NAME: CHIBUZOR TOCHI ONYEMENAM

ACCOUNT NUMBER: 3066880122

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