Outdoor advertising billboards, especially the off-premise, stand-alone types, are
common sights along major thoroughfares in Nigerian cities such as Lagos. They are
attached to real estate, and in most cases, are meant to be permanent structures. They
are developed to provide display spaces for advertisement in exchange for rent, and
thus, they are income producing assets. Their valuation is therefore imperative for
different purposes such as sale/purchase, compensation, insurance, lending and
accounting. This study examined the involvement of estate surveyors and valuers in
the valuation of this outdoor advertising asset in Lagos. By employing the purposive
sampling method, managers of 34 out of 85 outdoor advertising companies and 147
out of 366 estate surveying and valuation firms in Lagos were sampled through the
use of close-ended questionnaires. The 29 questionnaires retrieved from the outdoor
advertising companies and the 127 retrieved from the estate surveying and valuation
firms were analysed using descriptive statistical tools. The study revealed that the
involvement of estate surveyors and valuers in the valuation of billboards in Lagos,
Nigeria was modest as only 146 cases out of 280 activities requiring valuation
(52.1%) between 2012 and 2017 were valuations carried out by estate surveyors and
valuers. Other unprofessional basis were resorted to in determining values of
billboards. Also, activities such as sale/purchase of billboards and, compensation for
billboards compulsorily acquired, requiring valuations, were seldom carried out
thereby restraining the involvement of valuers. Outdoor advertising companies should
embrace the use of estate surveyors and valuers more in all their activities requiring
valuation as this is the only way to achieve transparency, accountability and
compliance with regulations. Firms of Estate Surveyors and valuers too should
prospect more for valuation from all stakeholders to expand their areas of operation,
build capacity and create employment for up-coming estate valuers in Nigeria
FRED-YOUNG & EVANS LP CONTRIBUTION ON INTELLECTUAL PROPERTYEmmanuel Ekpenyong
In Nigeria, owners of intellectual property like trademarks, patents, designs and copyrights have exclusive rights over their work. The country presents opportunities for foreign intellectual property owners due to its large population and growing economy. The government regulates intellectual property through acts and agencies like the Trademarks, Patents and Designs Registry and NOTAP to register intellectual property, prevent infringement, and ensure owners' rights are protected according to international standards.
An analysis of performance of real estate investments in onitsha metropolis a...Alexander Decker
The document analyzes the performance of real estate investments in Onitsha, Nigeria and investments in bank shares from 2000-2010. Data on property rental values, capital values, bank share prices and dividends were collected from valuation firms, banks, and the stock exchange. The results showed that residential properties had an average annual return of 9.59%, standard deviation of 3.35%, and coefficient of variation of 0.34, indicating lower risk. Bank shares had a higher average annual return of 16.64% but also higher risk as evidenced by a standard deviation of 38.86% and coefficient of variation of 2.34. Therefore, the analysis found that real estate investments in Onitsha performed better and were less risky
FACTORS INFLUENCING TENANTS CHOICE OF RESIDENTIAL PROPERTIES IN IBADAN METROPOLIS
By
TAIWO PETER OSHIKOYA
BSc. ESTATE MANAGEMENT (Hons) UNILAG
EDMP18/19/H/1004
THESIS SUBMITTED TO THE
DEPARTMENT OF ESTATE MANAGEMENT,
FACULTY OF ENVIRONMENTAL DESIGN AND MANAGEMENT,
OBAFEMI AWOLOWO UNIVERSITY,
ILE-IFE, NIGERIA.
IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR
THE AWARD OF MASTER OF SCIENCE (M.Sc.) DEGREE IN
ESTATE MANAGEMENT.
2023
Analysis Of Legal Framework For International Real Estate In NigeriaRick Vogel
This document analyzes the legal framework for international real estate investment in Nigeria. It discusses how an unclear legal framework, institutional complexity, and variations in market conduct have deterred many foreign investors. The document examines Nigerian laws and regulations governing foreign real estate investment, focusing on investor protection, administrative burdens, and regulatory limitations. It argues that establishing strong legal protections for property rights and increasing transparency of institutional structures would help attract more foreign direct investment to Nigeria's real estate sector.
The Executive MBA Program with a specialization in Strategy and Leadership is specifically designed for executives and top managers of various companies. It covers all major topics relevant to the successful leadership and management of the organizations. The aim of the Program is to equip professionals with relevant business knowledge and tools in order to improve their own and company’s performance, identify weaknesses and increase efficiency.
The document discusses the real estate market in India. It notes that the Indian real estate market has seen significant growth in recent years and continues to boom, with development across residential, commercial, and retail sectors. Major real estate companies going public and large investments from both domestic and foreign investors indicate the potential of the Indian property market. The realestateonline.in website provides a platform for buyers, sellers, and dealers of residential and commercial properties across major Indian cities.
Essential Factors to Consider When Investing in Real EstateStuart Hansen
Real estate refers to any land or property that includes natural or manufactured improvements such as buildings, roads, trees, and utility systems. These improvements add to the quality of the property over time, increasing its market value. Therefore, real estate is a great investment option, as the increased property value ensures a lower amount of investment risk. However, IronStone Building Company, a subset of Drewlo holdings, provides buyers with exceptional properties at reasonable prices, and they maintain transparency throughout the acquisition process.
Real estate is an excellent way to earn extra income and diversify investment portfolios, but investors must consider fundamental aspects when investing in real estate. These factors determine what type of property best suits an investor's needs.
An essential factor to consider when investing in property is location. Proximity to amenities such as markets, highways, and transportation systems, plays a significant role in a property's valuation and tax. IronStone Communities offer plenty of recreational and leisure opportunities and are close to transportation routes, shops, diners, schools, and parks. Still, investors should assess the property's proximity to their place of work, schools for children, or their favorite recreational activities. They could also research how the area could develop in the nearest future and if those developments would still be within their needs. Investors also have to be aware of the area's rules to avoid penalties.
Another essential factor to consider is the investment purpose. Some investors buy property to provide shelter for themselves and their families. Others buy property for industrial purposes. Others buy property to lease out to other people and make money from rent, while others could buy to resell in the long term. It is essential to know the investor's plan for the property to know what type of property to purchase.
Getting the estimated value of a property is another important factor when investing in a property. Property valuation helps determine investment aspects such as taxation and insurance. There are three ways to specify it: comparing the recent sales of properties with similar characteristics, deducting the cost of depreciation from the cost of the land and construction, and the income approach where expected cash inflow for rental properties is measured. Ironclad Pricing, an exclusive IronStone feature, ensures investors get the best value for their new homes. Ironclad Pricing includes quality standard home upgrades and finishes upfront at their core prices at no extra cost.
Knowing how much an investor is willing to spend is another important factor in real estate investment. A budget narrows down available properties, and this works hand in hand with the investment purpose and property valuation. For instance, buying a property to resell might cost more, as the investor might have to renovate the property before selling again.
Bsc. Real Estate Finance and Investment [Ardhi University-Tanzania]Noah Amri Mwakanyamale
This document provides an overview of the B.Sc. Real Estate Finance and Investment (REFI) programme at Ardhi University. It discusses how real estate is a major investment that requires specialized skills, and how the REFI programme teaches students about real estate investments, financing, legal issues, and technical analysis. Graduates are equipped to work in fields like property development, management, financing, appraisal, and more. The programme started in 2007 and graduates have proven successful in meeting the industry's need for real estate investment experts.
FRED-YOUNG & EVANS LP CONTRIBUTION ON INTELLECTUAL PROPERTYEmmanuel Ekpenyong
In Nigeria, owners of intellectual property like trademarks, patents, designs and copyrights have exclusive rights over their work. The country presents opportunities for foreign intellectual property owners due to its large population and growing economy. The government regulates intellectual property through acts and agencies like the Trademarks, Patents and Designs Registry and NOTAP to register intellectual property, prevent infringement, and ensure owners' rights are protected according to international standards.
An analysis of performance of real estate investments in onitsha metropolis a...Alexander Decker
The document analyzes the performance of real estate investments in Onitsha, Nigeria and investments in bank shares from 2000-2010. Data on property rental values, capital values, bank share prices and dividends were collected from valuation firms, banks, and the stock exchange. The results showed that residential properties had an average annual return of 9.59%, standard deviation of 3.35%, and coefficient of variation of 0.34, indicating lower risk. Bank shares had a higher average annual return of 16.64% but also higher risk as evidenced by a standard deviation of 38.86% and coefficient of variation of 2.34. Therefore, the analysis found that real estate investments in Onitsha performed better and were less risky
FACTORS INFLUENCING TENANTS CHOICE OF RESIDENTIAL PROPERTIES IN IBADAN METROPOLIS
By
TAIWO PETER OSHIKOYA
BSc. ESTATE MANAGEMENT (Hons) UNILAG
EDMP18/19/H/1004
THESIS SUBMITTED TO THE
DEPARTMENT OF ESTATE MANAGEMENT,
FACULTY OF ENVIRONMENTAL DESIGN AND MANAGEMENT,
OBAFEMI AWOLOWO UNIVERSITY,
ILE-IFE, NIGERIA.
IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR
THE AWARD OF MASTER OF SCIENCE (M.Sc.) DEGREE IN
ESTATE MANAGEMENT.
2023
Analysis Of Legal Framework For International Real Estate In NigeriaRick Vogel
This document analyzes the legal framework for international real estate investment in Nigeria. It discusses how an unclear legal framework, institutional complexity, and variations in market conduct have deterred many foreign investors. The document examines Nigerian laws and regulations governing foreign real estate investment, focusing on investor protection, administrative burdens, and regulatory limitations. It argues that establishing strong legal protections for property rights and increasing transparency of institutional structures would help attract more foreign direct investment to Nigeria's real estate sector.
The Executive MBA Program with a specialization in Strategy and Leadership is specifically designed for executives and top managers of various companies. It covers all major topics relevant to the successful leadership and management of the organizations. The aim of the Program is to equip professionals with relevant business knowledge and tools in order to improve their own and company’s performance, identify weaknesses and increase efficiency.
The document discusses the real estate market in India. It notes that the Indian real estate market has seen significant growth in recent years and continues to boom, with development across residential, commercial, and retail sectors. Major real estate companies going public and large investments from both domestic and foreign investors indicate the potential of the Indian property market. The realestateonline.in website provides a platform for buyers, sellers, and dealers of residential and commercial properties across major Indian cities.
Essential Factors to Consider When Investing in Real EstateStuart Hansen
Real estate refers to any land or property that includes natural or manufactured improvements such as buildings, roads, trees, and utility systems. These improvements add to the quality of the property over time, increasing its market value. Therefore, real estate is a great investment option, as the increased property value ensures a lower amount of investment risk. However, IronStone Building Company, a subset of Drewlo holdings, provides buyers with exceptional properties at reasonable prices, and they maintain transparency throughout the acquisition process.
Real estate is an excellent way to earn extra income and diversify investment portfolios, but investors must consider fundamental aspects when investing in real estate. These factors determine what type of property best suits an investor's needs.
An essential factor to consider when investing in property is location. Proximity to amenities such as markets, highways, and transportation systems, plays a significant role in a property's valuation and tax. IronStone Communities offer plenty of recreational and leisure opportunities and are close to transportation routes, shops, diners, schools, and parks. Still, investors should assess the property's proximity to their place of work, schools for children, or their favorite recreational activities. They could also research how the area could develop in the nearest future and if those developments would still be within their needs. Investors also have to be aware of the area's rules to avoid penalties.
Another essential factor to consider is the investment purpose. Some investors buy property to provide shelter for themselves and their families. Others buy property for industrial purposes. Others buy property to lease out to other people and make money from rent, while others could buy to resell in the long term. It is essential to know the investor's plan for the property to know what type of property to purchase.
Getting the estimated value of a property is another important factor when investing in a property. Property valuation helps determine investment aspects such as taxation and insurance. There are three ways to specify it: comparing the recent sales of properties with similar characteristics, deducting the cost of depreciation from the cost of the land and construction, and the income approach where expected cash inflow for rental properties is measured. Ironclad Pricing, an exclusive IronStone feature, ensures investors get the best value for their new homes. Ironclad Pricing includes quality standard home upgrades and finishes upfront at their core prices at no extra cost.
Knowing how much an investor is willing to spend is another important factor in real estate investment. A budget narrows down available properties, and this works hand in hand with the investment purpose and property valuation. For instance, buying a property to resell might cost more, as the investor might have to renovate the property before selling again.
Bsc. Real Estate Finance and Investment [Ardhi University-Tanzania]Noah Amri Mwakanyamale
This document provides an overview of the B.Sc. Real Estate Finance and Investment (REFI) programme at Ardhi University. It discusses how real estate is a major investment that requires specialized skills, and how the REFI programme teaches students about real estate investments, financing, legal issues, and technical analysis. Graduates are equipped to work in fields like property development, management, financing, appraisal, and more. The programme started in 2007 and graduates have proven successful in meeting the industry's need for real estate investment experts.
The De Micco & Friends Group is involved in the international capital markets as an experienced investment banking company. D&F Real Estate selectively invests in profitable residential and business real estate. Due to their stable value, real estate investments provide a good alternative especially in the turbulent times at the volatile capital markets. As a subsidiary of the De Micco & Friends Group, D&F Real Estate, as an investor, puts the experiences, networks and know-how into practice at the international real estate markets. Take advantage of this know-how with your next investment.
How To Create Wealth With Real Estate Leveraging The Bank's Money.pdfRelaxMe1
In today's ever-changing financial landscape, finding lucrative avenues to generate wealth is a top priority for many individuals. Real estate has long been recognized as a reliable and potentially lucrative investment option.
Whether you're a seasoned investor or someone new to the world of real estate, understanding how to make money with this asset class can provide you with a solid foundation for financial success.
This document outlines the formation of a new Real Estate Development eAssociation. The association aims to bring together global real estate development industry stakeholders to focus on sustainable and profitable land development practices. It will provide a central organization for members to exchange information, network, and influence land development policies. The initial board will consist of 20 individuals who will establish goals, committees and governance for the association. Membership will be open to all stakeholders, including developers, builders, investors, engineers and government regulators.
Proptech and the Capital Market- Tosin AjoseTosin Ajose
Tosin Ajose is a partner at DealHQ Partners, a boutique commercial law firm in Lagos, Nigeria. She has over a decade of experience advising on major real estate deals and policy initiatives in Nigeria. The presentation discusses the opportunities for proptech to enhance the real estate capital markets in Nigeria. It outlines how technologies like blockchain, AI, and smart contracts could help address issues like access to global capital, title transfer processes, data-driven investment analysis, and automated transaction processes. This would help spur growth in Nigeria's underdeveloped real estate capital market by bringing in more capital, innovation, and efficiency.
This document discusses key elements of an effective property management program for income-producing real estate. It outlines 10 important aspects of property management including proper tenant screening, understanding tenant business structure, ensuring tenants fit the property, managing operating costs, handling lease negotiations, maintenance programs, marketing and leasing, tenant retention, compliance with landlord-tenant laws, and adherence to building codes and fire safety regulations. Implementing a comprehensive property management program is important for ownership success, especially in tough economic times, as it can add value for both owners and tenants through increased retention.
Impact of RERA on consumer buying behaviour summer project complete(1)Ajay Singh
This document provides an overview of the real estate industry in India and discusses the impact of the Real Estate Regulatory Authority (RERA). It notes that the real estate sector contributes significantly to India's GDP and is expected to grow rapidly. It outlines key functions of RERA, such as requiring registration of real estate projects and regulating promoters and agents. The document also discusses investment trends in the industry and some major investments that have been made.
Looking to invest in real estate in India? What are the major factors or elements that you should pay attention to in order to maximize your returns on property investment? find it all in this detailed document.
Megaprojects are extremely large-scale investment projects that typically cost over $1 billion and take many years to develop. They involve multiple public and private stakeholders and impact millions of people. The Moon-shaped mega resort in Dubai is a proposed $5 billion project that aims to give visitors the experience of being on the lunar surface through its design. It will include private residences, amenities, and is expected to attract over 2.5 million annual visitors once completed. Developing large-scale tourist resorts requires participation from various stakeholders like developers, local governments, planning authorities and the community to ensure diverse needs are met.
Megaprojects are extremely large-scale investment projects that typically cost over $1 billion and take many years to develop. They involve multiple public and private stakeholders and impact millions of people. The Moon-shaped mega resort in Dubai is a proposed $5 billion project that aims to give visitors the experience of being on the lunar surface through its design. It will include private residences, amenities, and is expected to attract over 2.5 million annual visitors once completed. Developing large-scale tourist resorts requires participation from various stakeholders like developers, local governments, planning authorities and the community to ensure diverse needs are met.
Bond Lawyers has launched new investment and real estate services in the UAE to address changes in the legal framework. Understanding the new real estate laws is important for developers and investors to ensure profitable ventures and protect all parties. The managing partner notes that while the law provides protections during disputes, investors must understand their rights and options under the new laws. Dubai's legal system aims to provide transparency, stability, and confidence to attract more investors to the recovering market.
Oluwafemi Babatunde Odumusi has over 10 years of experience in facility management, property management, and estate surveying. He has worked for various companies managing their property portfolios, conducting repairs and maintenance, and handling tenant issues. He is looking for new opportunities to contribute to an organization through his experience in facility management, property management, and estate surveying.
"Discover the intricate world of real estate in our comprehensive article, 'Unlocking the Real Estate Realm: Rent, Business, and Career Opportunities.' Explore the fundamental role of rent as the lifeblood of the industry, fueling businesses, and providing financial stability. Delve into the diverse landscape of real estate business ventures, from brokerage to investment and development, uncovering the myriad opportunities available.
LAND TITLE CONFLICTS AND REAL ESTATE INVESTMENT AND DEVELOPMENT IN RIVERS STATEAJHSSR Journal
ABSTRACT : Land titling and property development are two processes which are important in real estate
investment decision-making and investment itself. . Land title guarantees certainty of ownership of a site for real
estate construction and development to take place, hence, real estate investments consist of developments on
land.Land Titling protects an individual‟s right and by extension any improvement upon the land in the form of
property investment. It excludes others from appropriating the fruits of an investors investments. Unfortunately,
Land ownership conflicts as well as the ignoring the and neglecting land issues in post-conflict situations often
have extensive negative effects on economic, social, spatial and ecological development. Solving and preventing
land conflicts as well as addressing land issues responsibly in both conflict and post-conflict situations is key to
sustainable development. It is also crucial for peace and stability, and the realization of human rights. Priority
attention on land conflict prevention and solutions, coupled with the establishment of a responsible land
governance framework, is a key cornerstone for the achievement of the Sustainable Development Goals. The
study examined thecharacteristics and nature of land title conflicts in Rivers State, Nigeria, and how it interferes
with real estate development and investment prospects. The methodology had a largely pragmatic undertone and
research philosophy. It employed the use of qualitative research instruments in the data collection and analysis.
Archival review of documents with , content and thematic analysis led to the study‟s findings. The findings
revealed that trespass, encroachment, doubleor multiple sales and allocation are the major sources of land title
conflicts which negate and impede sustainable land titling and subsequently real property investment and
Replacement cost of building: Rs50
Less: Depreciation @ 2% per year for 10 years: Rs10
Depreciated value of building: Rs50 - Rs10 = Rs40
Value of land: Rs10
Depreciated value of building: Rs40
Total value by cost approach: Rs10 + Rs40 = Rs50
So the estimated market value of the property using the cost approach is Rs50.
The idea of Realty Infosol came out of actual life incidence, whereby one wanted to buy a residential apartment within a time frame to offset the capital gains tax from selling an old property.
The hunt started with meeting agents, their brokerage was more or less standard at around 2% of the value of the property excluding duties, which was coming to a decent sum they would have made in case the deal materialised.
Since buying real estate involves a substantial amount of one’s life’s earnings, it was natural to have a lot of questions for the agents about projects which they were promoting e.g. builders reputation and their past projects, feedback from their past customers, growth potential of particular locations that they were pitching, comparison on carpet area, legal documents & plans submitted by them and permissions, the last price at which the builder has sold an apartment, his lowest price and highest price sale etc.
It was astonishing that the agents did not have most of the answers to the queries and insisting on getting answers to the queries made them disinterested, as a result they started getting reluctant in the assignment.
At the end, one had to put own time and energy in getting answers to the queries. The brokerage they demanded suddenly seemed un- justified.
This document presents a marketing plan for a real estate investment and development company in Yemen. It begins with an executive summary and situation analysis of the real estate market. It then discusses the company's product and service offerings, key success factors, critical issues, and marketing strategy. The marketing strategy focuses on real estate product development and diversification to meet demand. Key objectives include maximizing competitiveness and market share. Target markets are identified along with positioning and marketing tactics relating to product, price, place, promotion and more.
Key Considerations Before Investing in Pre-Leased Commercial Properties in IndiaQwikk Returns
Investing in pre-leased commercial properties in Gurgaon, India can be a lucrative venture, offering investors the opportunity to benefit from stable rental income and potential capital appreciation. However, before diving into this segment of the real estate market, it’s crucial to understand the key considerations that can significantly impact the success of your investment. Let’s explore some important factors that investors should carefully evaluate before making a decision.
MARKET LEVERAGE OF REAL ESTATE FIRMS EMPIRICAL BEHAVIOURDinabandhu Bag
This document discusses a study on the market leverage of real estate firms in India. It begins with background on the growth of the real estate sector in India. It then reviews theories and prior studies on capital structure and leverage. The paper aims to examine the factors impacting the observed market leverage of 40 listed Indian property companies from 2005 to 2012. It finds that current market leverage is positively impacted by previous leverage as well as other firm characteristics like operating efficiency, growth options, and changes in working capital and cost of funds. The study indicates that transparency and accurate financial disclosure can help real estate firms access capital and maintain leverage.
An Evaluation Of The Problems Of Commercial Property Management Practice In N...Lisa Riley
This study evaluated the problems of commercial property management practice in Nigeria by distributing questionnaires to estate firms in Lagos State. The key findings were that the most significant problems identified were high rent, cumulative maintenance issues, electricity/plumbing needs, cash flow requirements, and construction costs. Other less significant factors identified were heating/cooling concerns, lack of transparency around fees, lack of negotiation skills, lack of access to legal support, and issues with security deposits. The study recommends that professional bodies develop systems to help members improve their skills and client relationships to practice more effectively.
Submission Deadline: 30th September 2022
Acceptance Notification: Within Three Days’ time period
Online Publication: Within 24 Hrs. time Period
Expected Date of Dispatch of Printed Journal: 5th October 2022
MODELING AND ANALYSIS OF SURFACE ROUGHNESS AND WHITE LATER THICKNESS IN WIRE-...IAEME Publication
White layer thickness (WLT) formed and surface roughness in wire electric discharge turning (WEDT) of tungsten carbide composite has been made to model through response surface methodology (RSM). A Taguchi’s standard Design of experiments involving five input variables with three levels has been employed to establish a mathematical model between input parameters and responses. Percentage of cobalt content, spindle speed, Pulse on-time, wire feed and pulse off-time were changed during the experimental tests based on the Taguchi’s orthogonal array L27 (3^13). Analysis of variance (ANOVA) revealed that the mathematical models obtained can adequately describe performance within the parameters of the factors considered. There was a good agreement between the experimental and predicted values in this study.
The De Micco & Friends Group is involved in the international capital markets as an experienced investment banking company. D&F Real Estate selectively invests in profitable residential and business real estate. Due to their stable value, real estate investments provide a good alternative especially in the turbulent times at the volatile capital markets. As a subsidiary of the De Micco & Friends Group, D&F Real Estate, as an investor, puts the experiences, networks and know-how into practice at the international real estate markets. Take advantage of this know-how with your next investment.
How To Create Wealth With Real Estate Leveraging The Bank's Money.pdfRelaxMe1
In today's ever-changing financial landscape, finding lucrative avenues to generate wealth is a top priority for many individuals. Real estate has long been recognized as a reliable and potentially lucrative investment option.
Whether you're a seasoned investor or someone new to the world of real estate, understanding how to make money with this asset class can provide you with a solid foundation for financial success.
This document outlines the formation of a new Real Estate Development eAssociation. The association aims to bring together global real estate development industry stakeholders to focus on sustainable and profitable land development practices. It will provide a central organization for members to exchange information, network, and influence land development policies. The initial board will consist of 20 individuals who will establish goals, committees and governance for the association. Membership will be open to all stakeholders, including developers, builders, investors, engineers and government regulators.
Proptech and the Capital Market- Tosin AjoseTosin Ajose
Tosin Ajose is a partner at DealHQ Partners, a boutique commercial law firm in Lagos, Nigeria. She has over a decade of experience advising on major real estate deals and policy initiatives in Nigeria. The presentation discusses the opportunities for proptech to enhance the real estate capital markets in Nigeria. It outlines how technologies like blockchain, AI, and smart contracts could help address issues like access to global capital, title transfer processes, data-driven investment analysis, and automated transaction processes. This would help spur growth in Nigeria's underdeveloped real estate capital market by bringing in more capital, innovation, and efficiency.
This document discusses key elements of an effective property management program for income-producing real estate. It outlines 10 important aspects of property management including proper tenant screening, understanding tenant business structure, ensuring tenants fit the property, managing operating costs, handling lease negotiations, maintenance programs, marketing and leasing, tenant retention, compliance with landlord-tenant laws, and adherence to building codes and fire safety regulations. Implementing a comprehensive property management program is important for ownership success, especially in tough economic times, as it can add value for both owners and tenants through increased retention.
Impact of RERA on consumer buying behaviour summer project complete(1)Ajay Singh
This document provides an overview of the real estate industry in India and discusses the impact of the Real Estate Regulatory Authority (RERA). It notes that the real estate sector contributes significantly to India's GDP and is expected to grow rapidly. It outlines key functions of RERA, such as requiring registration of real estate projects and regulating promoters and agents. The document also discusses investment trends in the industry and some major investments that have been made.
Looking to invest in real estate in India? What are the major factors or elements that you should pay attention to in order to maximize your returns on property investment? find it all in this detailed document.
Megaprojects are extremely large-scale investment projects that typically cost over $1 billion and take many years to develop. They involve multiple public and private stakeholders and impact millions of people. The Moon-shaped mega resort in Dubai is a proposed $5 billion project that aims to give visitors the experience of being on the lunar surface through its design. It will include private residences, amenities, and is expected to attract over 2.5 million annual visitors once completed. Developing large-scale tourist resorts requires participation from various stakeholders like developers, local governments, planning authorities and the community to ensure diverse needs are met.
Megaprojects are extremely large-scale investment projects that typically cost over $1 billion and take many years to develop. They involve multiple public and private stakeholders and impact millions of people. The Moon-shaped mega resort in Dubai is a proposed $5 billion project that aims to give visitors the experience of being on the lunar surface through its design. It will include private residences, amenities, and is expected to attract over 2.5 million annual visitors once completed. Developing large-scale tourist resorts requires participation from various stakeholders like developers, local governments, planning authorities and the community to ensure diverse needs are met.
Bond Lawyers has launched new investment and real estate services in the UAE to address changes in the legal framework. Understanding the new real estate laws is important for developers and investors to ensure profitable ventures and protect all parties. The managing partner notes that while the law provides protections during disputes, investors must understand their rights and options under the new laws. Dubai's legal system aims to provide transparency, stability, and confidence to attract more investors to the recovering market.
Oluwafemi Babatunde Odumusi has over 10 years of experience in facility management, property management, and estate surveying. He has worked for various companies managing their property portfolios, conducting repairs and maintenance, and handling tenant issues. He is looking for new opportunities to contribute to an organization through his experience in facility management, property management, and estate surveying.
"Discover the intricate world of real estate in our comprehensive article, 'Unlocking the Real Estate Realm: Rent, Business, and Career Opportunities.' Explore the fundamental role of rent as the lifeblood of the industry, fueling businesses, and providing financial stability. Delve into the diverse landscape of real estate business ventures, from brokerage to investment and development, uncovering the myriad opportunities available.
LAND TITLE CONFLICTS AND REAL ESTATE INVESTMENT AND DEVELOPMENT IN RIVERS STATEAJHSSR Journal
ABSTRACT : Land titling and property development are two processes which are important in real estate
investment decision-making and investment itself. . Land title guarantees certainty of ownership of a site for real
estate construction and development to take place, hence, real estate investments consist of developments on
land.Land Titling protects an individual‟s right and by extension any improvement upon the land in the form of
property investment. It excludes others from appropriating the fruits of an investors investments. Unfortunately,
Land ownership conflicts as well as the ignoring the and neglecting land issues in post-conflict situations often
have extensive negative effects on economic, social, spatial and ecological development. Solving and preventing
land conflicts as well as addressing land issues responsibly in both conflict and post-conflict situations is key to
sustainable development. It is also crucial for peace and stability, and the realization of human rights. Priority
attention on land conflict prevention and solutions, coupled with the establishment of a responsible land
governance framework, is a key cornerstone for the achievement of the Sustainable Development Goals. The
study examined thecharacteristics and nature of land title conflicts in Rivers State, Nigeria, and how it interferes
with real estate development and investment prospects. The methodology had a largely pragmatic undertone and
research philosophy. It employed the use of qualitative research instruments in the data collection and analysis.
Archival review of documents with , content and thematic analysis led to the study‟s findings. The findings
revealed that trespass, encroachment, doubleor multiple sales and allocation are the major sources of land title
conflicts which negate and impede sustainable land titling and subsequently real property investment and
Replacement cost of building: Rs50
Less: Depreciation @ 2% per year for 10 years: Rs10
Depreciated value of building: Rs50 - Rs10 = Rs40
Value of land: Rs10
Depreciated value of building: Rs40
Total value by cost approach: Rs10 + Rs40 = Rs50
So the estimated market value of the property using the cost approach is Rs50.
The idea of Realty Infosol came out of actual life incidence, whereby one wanted to buy a residential apartment within a time frame to offset the capital gains tax from selling an old property.
The hunt started with meeting agents, their brokerage was more or less standard at around 2% of the value of the property excluding duties, which was coming to a decent sum they would have made in case the deal materialised.
Since buying real estate involves a substantial amount of one’s life’s earnings, it was natural to have a lot of questions for the agents about projects which they were promoting e.g. builders reputation and their past projects, feedback from their past customers, growth potential of particular locations that they were pitching, comparison on carpet area, legal documents & plans submitted by them and permissions, the last price at which the builder has sold an apartment, his lowest price and highest price sale etc.
It was astonishing that the agents did not have most of the answers to the queries and insisting on getting answers to the queries made them disinterested, as a result they started getting reluctant in the assignment.
At the end, one had to put own time and energy in getting answers to the queries. The brokerage they demanded suddenly seemed un- justified.
This document presents a marketing plan for a real estate investment and development company in Yemen. It begins with an executive summary and situation analysis of the real estate market. It then discusses the company's product and service offerings, key success factors, critical issues, and marketing strategy. The marketing strategy focuses on real estate product development and diversification to meet demand. Key objectives include maximizing competitiveness and market share. Target markets are identified along with positioning and marketing tactics relating to product, price, place, promotion and more.
Key Considerations Before Investing in Pre-Leased Commercial Properties in IndiaQwikk Returns
Investing in pre-leased commercial properties in Gurgaon, India can be a lucrative venture, offering investors the opportunity to benefit from stable rental income and potential capital appreciation. However, before diving into this segment of the real estate market, it’s crucial to understand the key considerations that can significantly impact the success of your investment. Let’s explore some important factors that investors should carefully evaluate before making a decision.
MARKET LEVERAGE OF REAL ESTATE FIRMS EMPIRICAL BEHAVIOURDinabandhu Bag
This document discusses a study on the market leverage of real estate firms in India. It begins with background on the growth of the real estate sector in India. It then reviews theories and prior studies on capital structure and leverage. The paper aims to examine the factors impacting the observed market leverage of 40 listed Indian property companies from 2005 to 2012. It finds that current market leverage is positively impacted by previous leverage as well as other firm characteristics like operating efficiency, growth options, and changes in working capital and cost of funds. The study indicates that transparency and accurate financial disclosure can help real estate firms access capital and maintain leverage.
An Evaluation Of The Problems Of Commercial Property Management Practice In N...Lisa Riley
This study evaluated the problems of commercial property management practice in Nigeria by distributing questionnaires to estate firms in Lagos State. The key findings were that the most significant problems identified were high rent, cumulative maintenance issues, electricity/plumbing needs, cash flow requirements, and construction costs. Other less significant factors identified were heating/cooling concerns, lack of transparency around fees, lack of negotiation skills, lack of access to legal support, and issues with security deposits. The study recommends that professional bodies develop systems to help members improve their skills and client relationships to practice more effectively.
Submission Deadline: 30th September 2022
Acceptance Notification: Within Three Days’ time period
Online Publication: Within 24 Hrs. time Period
Expected Date of Dispatch of Printed Journal: 5th October 2022
MODELING AND ANALYSIS OF SURFACE ROUGHNESS AND WHITE LATER THICKNESS IN WIRE-...IAEME Publication
White layer thickness (WLT) formed and surface roughness in wire electric discharge turning (WEDT) of tungsten carbide composite has been made to model through response surface methodology (RSM). A Taguchi’s standard Design of experiments involving five input variables with three levels has been employed to establish a mathematical model between input parameters and responses. Percentage of cobalt content, spindle speed, Pulse on-time, wire feed and pulse off-time were changed during the experimental tests based on the Taguchi’s orthogonal array L27 (3^13). Analysis of variance (ANOVA) revealed that the mathematical models obtained can adequately describe performance within the parameters of the factors considered. There was a good agreement between the experimental and predicted values in this study.
A STUDY ON THE REASONS FOR TRANSGENDER TO BECOME ENTREPRENEURSIAEME Publication
The study explores the reasons for a transgender to become entrepreneurs. In this study transgender entrepreneur was taken as independent variable and reasons to become as dependent variable. Data were collected through a structured questionnaire containing a five point Likert Scale. The study examined the data of 30 transgender entrepreneurs in Salem Municipal Corporation of Tamil Nadu State, India. Simple Random sampling technique was used. Garrett Ranking Technique (Percentile Position, Mean Scores) was used as the analysis for the present study to identify the top 13 stimulus factors for establishment of trans entrepreneurial venture. Economic advancement of a nation is governed upon the upshot of a resolute entrepreneurial doings. The conception of entrepreneurship has stretched and materialized to the socially deflated uncharted sections of transgender community. Presently transgenders have smashed their stereotypes and are making recent headlines of achievements in various fields of our Indian society. The trans-community is gradually being observed in a new light and has been trying to achieve prospective growth in entrepreneurship. The findings of the research revealed that the optimistic changes are taking place to change affirmative societal outlook of the transgender for entrepreneurial ventureship. It also laid emphasis on other transgenders to renovate their traditional living. The paper also highlights that legislators, supervisory body should endorse an impartial canons and reforms in Tamil Nadu Transgender Welfare Board Association.
BROAD UNEXPOSED SKILLS OF TRANSGENDER ENTREPRENEURSIAEME Publication
Since ages gender difference is always a debatable theme whether caused by nature, evolution or environment. The birth of a transgender is dreadful not only for the child but also for their parents. The pain of living in the wrong physique and treated as second class victimized citizen is outrageous and fully harboured with vicious baseless negative scruples. For so long, social exclusion had perpetuated inequality and deprivation experiencing ingrained malign stigma and besieged victims of crime or violence across their life spans. They are pushed into the murky way of life with a source of eternal disgust, bereft sexual potency and perennial fear. Although they are highly visible but very little is known about them. The common public needs to comprehend the ravaged arrogance on these insensitive souls and assist in integrating them into the mainstream by offering equal opportunity, treat with humanity and respect their dignity. Entrepreneurship in the current age is endorsing the gender fairness movement. Unstable careers and economic inadequacy had inclined one of the gender variant people called Transgender to become entrepreneurs. These tiny budding entrepreneurs resulted in economic transition by means of employment, free from the clutches of stereotype jobs, raised standard of living and handful of financial empowerment. Besides all these inhibitions, they were able to witness a platform for skill set development that ignited them to enter into entrepreneurial domain. This paper epitomizes skill sets involved in trans-entrepreneurs of Thoothukudi Municipal Corporation of Tamil Nadu State and is a groundbreaking determination to sightsee various skills incorporated and the impact on entrepreneurship.
DETERMINANTS AFFECTING THE USER'S INTENTION TO USE MOBILE BANKING APPLICATIONSIAEME Publication
The banking and financial services industries are experiencing increased technology penetration. Among them, the banking industry has made technological advancements to better serve the general populace. The economy focused on transforming the banking sector's system into a cashless, paperless, and faceless one. The researcher wants to evaluate the user's intention for utilising a mobile banking application. The study also examines the variables affecting the user's behaviour intention when selecting specific applications for financial transactions. The researcher employed a well-structured questionnaire and a descriptive study methodology to gather the respondents' primary data utilising the snowball sampling technique. The study includes variables like performance expectations, effort expectations, social impact, enabling circumstances, and perceived risk. Each of the aforementioned variables has a major impact on how users utilise mobile banking applications. The outcome will assist the service provider in comprehending the user's history with mobile banking applications.
ANALYSE THE USER PREDILECTION ON GPAY AND PHONEPE FOR DIGITAL TRANSACTIONSIAEME Publication
Technology upgradation in banking sector took the economy to view that payment mode towards online transactions using mobile applications. This system enabled connectivity between banks, Merchant and user in a convenient mode. there are various applications used for online transactions such as Google pay, Paytm, freecharge, mobikiwi, oxygen, phonepe and so on and it also includes mobile banking applications. The study aimed at evaluating the predilection of the user in adopting digital transaction. The study is descriptive in nature. The researcher used random sample techniques to collect the data. The findings reveal that mobile applications differ with the quality of service rendered by Gpay and Phonepe. The researcher suggest the Phonepe application should focus on implementing the application should be user friendly interface and Gpay on motivating the users to feel the importance of request for money and modes of payments in the application.
VOICE BASED ATM FOR VISUALLY IMPAIRED USING ARDUINOIAEME Publication
The prototype of a voice-based ATM for visually impaired using Arduino is to help people who are blind. This uses RFID cards which contain users fingerprint encrypted on it and interacts with the users through voice commands. ATM operates when sensor detects the presence of one person in the cabin. After scanning the RFID card, it will ask to select the mode like –normal or blind. User can select the respective mode through voice input, if blind mode is selected the balance check or cash withdraw can be done through voice input. Normal mode procedure is same as the existing ATM.
IMPACT OF EMOTIONAL INTELLIGENCE ON HUMAN RESOURCE MANAGEMENT PRACTICES AMONG...IAEME Publication
There is increasing acceptability of emotional intelligence as a major factor in personality assessment and effective human resource management. Emotional intelligence as the ability to build capacity, empathize, co-operate, motivate and develop others cannot be divorced from both effective performance and human resource management systems. The human person is crucial in defining organizational leadership and fortunes in terms of challenges and opportunities and walking across both multinational and bilateral relationships. The growing complexity of the business world requires a great deal of self-confidence, integrity, communication, conflict and diversity management to keep the global enterprise within the paths of productivity and sustainability. Using the exploratory research design and 255 participants the result of this original study indicates strong positive correlation between emotional intelligence and effective human resource management. The paper offers suggestions on further studies between emotional intelligence and human capital development and recommends for conflict management as an integral part of effective human resource management.
VISUALISING AGING PARENTS & THEIR CLOSE CARERS LIFE JOURNEY IN AGING ECONOMYIAEME Publication
Our life journey, in general, is closely defined by the way we understand the meaning of why we coexist and deal with its challenges. As we develop the "inspiration economy", we could say that nearly all of the challenges we have faced are opportunities that help us to discover the rest of our journey. In this note paper, we explore how being faced with the opportunity of being a close carer for an aging parent with dementia brought intangible discoveries that changed our insight of the meaning of the rest of our life journey.
A STUDY ON THE IMPACT OF ORGANIZATIONAL CULTURE ON THE EFFECTIVENESS OF PERFO...IAEME Publication
The main objective of this study is to analyze the impact of aspects of Organizational Culture on the Effectiveness of the Performance Management System (PMS) in the Health Care Organization at Thanjavur. Organizational Culture and PMS play a crucial role in present-day organizations in achieving their objectives. PMS needs employees’ cooperation to achieve its intended objectives. Employees' cooperation depends upon the organization’s culture. The present study uses exploratory research to examine the relationship between the Organization's culture and the Effectiveness of the Performance Management System. The study uses a Structured Questionnaire to collect the primary data. For this study, Thirty-six non-clinical employees were selected from twelve randomly selected Health Care organizations at Thanjavur. Thirty-two fully completed questionnaires were received.
Living in 21st century in itself reminds all of us the necessity of police and its administration. As more and more we are entering into the modern society and culture, the more we require the services of the so called ‘Khaki Worthy’ men i.e., the police personnel. Whether we talk of Indian police or the other nation’s police, they all have the same recognition as they have in India. But as already mentioned, their services and requirements are different after the like 26th November, 2008 incidents, where they without saving their own lives has sacrificed themselves without any hitch and without caring about their respective family members and wards. In other words, they are like our heroes and mentors who can guide us from the darkness of fear, militancy, corruption and other dark sides of life and so on. Now the question arises, if Gandhi would have been alive today, what would have been his reaction/opinion to the police and its functioning? Would he have some thing different in his mind now what he had been in his mind before the partition or would he be going to start some Satyagraha in the form of some improvement in the functioning of the police administration? Really these questions or rather night mares can come to any one’s mind, when there is too much confusion is prevailing in our minds, when there is too much corruption in the society and when the polices working is also in the questioning because of one or the other case throughout the India. It is matter of great concern that we have to thing over our administration and our practical approach because the police personals are also like us, they are part and parcel of our society and among one of us, so why we all are pin pointing towards them.
A STUDY ON TALENT MANAGEMENT AND ITS IMPACT ON EMPLOYEE RETENTION IN SELECTED...IAEME Publication
The goal of this study was to see how talent management affected employee retention in the selected IT organizations in Chennai. The fundamental issue was the difficulty to attract, hire, and retain talented personnel who perform well and the gap between supply and demand of talent acquisition and retaining them within the firms. The study's main goals were to determine the impact of talent management on employee retention in IT companies in Chennai, investigate talent management strategies that IT companies could use to improve talent acquisition, performance management, career planning and formulate retention strategies that the IT firms could use. The respondents were given a structured close-ended questionnaire with the 5 Point Likert Scale as part of the study's quantitative research design. The target population consisted of 289 IT professionals. The questionnaires were distributed and collected by the researcher directly. The Statistical Package for Social Sciences (SPSS) was used to collect and analyse the questionnaire responses. Hypotheses that were formulated for the various areas of the study were tested using a variety of statistical tests. The key findings of the study suggested that talent management had an impact on employee retention. The studies also found that there is a clear link between the implementation of talent management and retention measures. Management should provide enough training and development for employees, clarify job responsibilities, provide adequate remuneration packages, and recognise employees for exceptional performance.
ATTRITION IN THE IT INDUSTRY DURING COVID-19 PANDEMIC: LINKING EMOTIONAL INTE...IAEME Publication
Globally, Millions of dollars were spent by the organizations for employing skilled Information Technology (IT) professionals. It is costly to replace unskilled employees with IT professionals possessing technical skills and competencies that aid in interconnecting the business processes. The organization’s employment tactics were forced to alter by globalization along with technological innovations as they consistently diminish to remain lean, outsource to concentrate on core competencies along with restructuring/reallocate personnel to gather efficiency. As other jobs, organizations or professions have become reasonably more appropriate in a shifting employment landscape, the above alterations trigger both involuntary as well as voluntary turnover. The employee view on jobs is also afflicted by the COVID-19 pandemic along with the employee-driven labour market. So, having effective strategies is necessary to tackle the withdrawal rate of employees. By associating Emotional Intelligence (EI) along with Talent Management (TM) in the IT industry, the rise in attrition rate was analyzed in this study. Only 303 respondents were collected out of 350 participants to whom questionnaires were distributed. From the employees of IT organizations located in Bangalore (India), the data were congregated. A simple random sampling methodology was employed to congregate data as of the respondents. Generating the hypothesis along with testing is eventuated. The effect of EI and TM along with regression analysis between TM and EI was analyzed. The outcomes indicated that employee and Organizational Performance (OP) were elevated by effective EI along with TM.
INFLUENCE OF TALENT MANAGEMENT PRACTICES ON ORGANIZATIONAL PERFORMANCE A STUD...IAEME Publication
By implementing talent management strategy, organizations would have the option to retain their skilled professionals while additionally working on their overall performance. It is the course of appropriately utilizing the ideal individuals, setting them up for future top positions, exploring and dealing with their performance, and holding them back from leaving the organization. It is employee performance that determines the success of every organization. The firm quickly obtains an upper hand over its rivals in the event that its employees having particular skills that cannot be duplicated by the competitors. Thus, firms are centred on creating successful talent management practices and processes to deal with the unique human resources. Firms are additionally endeavouring to keep their top/key staff since on the off chance that they leave; the whole store of information leaves the firm's hands. The study's objective was to determine the impact of talent management on organizational performance among the selected IT organizations in Chennai. The study recommends that talent management limitedly affects performance. On the off chance that this talent is appropriately management and implemented properly, organizations might benefit as much as possible from their maintained assets to support development and productivity, both monetarily and non-monetarily.
A STUDY OF VARIOUS TYPES OF LOANS OF SELECTED PUBLIC AND PRIVATE SECTOR BANKS...IAEME Publication
Banking regulations act of India, 1949 defines banking as “acceptance of deposits for the purpose of lending or investment from the public, repayment on demand or otherwise and withdrawable through cheques, drafts order or otherwise”, the major participants of the Indian financial system are commercial banks, the financial institution encompassing term lending institutions. Investments institutions, specialized financial institution and the state level development banks, non banking financial companies (NBFC) and other market intermediaries such has the stock brokers and money lenders are among the oldest of the certain variants of NBFC and the oldest market participants. The asset quality of banks is one of the most important indicators of their financial health. The Indian banking sector has been facing severe problems of increasing Non- Performing Assets (NPAs). The NPAs growth directly and indirectly affects the quality of assets and profitability of banks. It also shows the efficiency of banks credit risk management and the recovery effectiveness. NPA do not generate any income, whereas, the bank is required to make provisions for such as assets that why is a double edge weapon. This paper outlines the concept of quality of bank loans of different types like Housing, Agriculture and MSME loans in state Haryana of selected public and private sector banks. This study is highlighting problems associated with the role of commercial bank in financing Small and Medium Scale Enterprises (SME). The overall objective of the research was to assess the effect of the financing provisions existing for the setting up and operations of MSMEs in the country and to generate recommendations for more robust financing mechanisms for successful operation of the MSMEs, in turn understanding the impact of MSME loans on financial institutions due to NPA. There are many research conducted on the topic of Non- Performing Assets (NPA) Management, concerning particular bank, comparative study of public and private banks etc. In this paper the researcher is considering the aggregate data of selected public sector and private sector banks and attempts to compare the NPA of Housing, Agriculture and MSME loans in state Haryana of public and private sector banks. The tools used in the study are average and Anova test and variance. The findings reveal that NPA is common problem for both public and private sector banks and is associated with all types of loans either that is housing loans, agriculture loans and loans to SMES. NPAs of both public and private sector banks show the increasing trend. In 2010-11 GNPA of public and private sector were at same level it was 2% but after 2010-11 it increased in many fold and at present there is GNPA in some more than 15%. It shows the dark area of Indian banking sector.
EXPERIMENTAL STUDY OF MECHANICAL AND TRIBOLOGICAL RELATION OF NYLON/BaSO4 POL...IAEME Publication
An experiment conducted in this study found that BaSO4 changed Nylon 6's mechanical properties. By changing the weight ratios, BaSO4 was used to make Nylon 6. This Researcher looked into how hard Nylon-6/BaSO4 composites are and how well they wear. Experiments were done based on Taguchi design L9. Nylon-6/BaSO4 composites can be tested for their hardness number using a Rockwell hardness testing apparatus. On Nylon/BaSO4, the wear behavior was measured by a wear monitor, pinon-disc friction by varying reinforcement, sliding speed, and sliding distance, and the microstructure of the crack surfaces was observed by SEM. This study provides significant contributions to ultimate strength by increasing BaSO4 content up to 16% in the composites, and sliding speed contributes 72.45% to the wear rate
ROLE OF SOCIAL ENTREPRENEURSHIP IN RURAL DEVELOPMENT OF INDIA - PROBLEMS AND ...IAEME Publication
The majority of the population in India lives in villages. The village is the back bone of the country. Village or rural industries play an important role in the national economy, particularly in the rural development. Developing the rural economy is one of the key indicators towards a country’s success. Whether it be the need to look after the welfare of the farmers or invest in rural infrastructure, Governments have to ensure that rural development isn’t compromised. The economic development of our country largely depends on the progress of rural areas and the standard of living of rural masses. Village or rural industries play an important role in the national economy, particularly in the rural development. Rural entrepreneurship is based on stimulating local entrepreneurial talent and the subsequent growth of indigenous enterprises. It recognizes opportunity in the rural areas and accelerates a unique blend of resources either inside or outside of agriculture. Rural entrepreneurship brings an economic value to the rural sector by creating new methods of production, new markets, new products and generate employment opportunities thereby ensuring continuous rural development. Social Entrepreneurship has the direct and primary objective of serving the society along with the earning profits. So, social entrepreneurship is different from the economic entrepreneurship as its basic objective is not to earn profits but for providing innovative solutions to meet the society needs which are not taken care by majority of the entrepreneurs as they are in the business for profit making as a sole objective. So, the Social Entrepreneurs have the huge growth potential particularly in the developing countries like India where we have huge societal disparities in terms of the financial positions of the population. Still 22 percent of the Indian population is below the poverty line and also there is disparity among the rural & urban population in terms of families living under BPL. 25.7 percent of the rural population & 13.7 percent of the urban population is under BPL which clearly shows the disparity of the poor people in the rural and urban areas. The need to develop social entrepreneurship in agriculture is dictated by a large number of social problems. Such problems include low living standards, unemployment, and social tension. The reasons that led to the emergence of the practice of social entrepreneurship are the above factors. The research problem lays upon disclosing the importance of role of social entrepreneurship in rural development of India. The paper the tendencies of social entrepreneurship in India, to present successful examples of such business for providing recommendations how to improve situation in rural areas in terms of social entrepreneurship development. Indian government has made some steps towards development of social enterprises, social entrepreneurship, and social in- novation, but a lot remains to be improved.
OPTIMAL RECONFIGURATION OF POWER DISTRIBUTION RADIAL NETWORK USING HYBRID MET...IAEME Publication
Distribution system is a critical link between the electric power distributor and the consumers. Most of the distribution networks commonly used by the electric utility is the radial distribution network. However in this type of network, it has technical issues such as enormous power losses which affect the quality of the supply. Nowadays, the introduction of Distributed Generation (DG) units in the system help improve and support the voltage profile of the network as well as the performance of the system components through power loss mitigation. In this study network reconfiguration was done using two meta-heuristic algorithms Particle Swarm Optimization and Gravitational Search Algorithm (PSO-GSA) to enhance power quality and voltage profile in the system when simultaneously applied with the DG units. Backward/Forward Sweep Method was used in the load flow analysis and simulated using the MATLAB program. Five cases were considered in the Reconfiguration based on the contribution of DG units. The proposed method was tested using IEEE 33 bus system. Based on the results, there was a voltage profile improvement in the system from 0.9038 p.u. to 0.9594 p.u.. The integration of DG in the network also reduced power losses from 210.98 kW to 69.3963 kW. Simulated results are drawn to show the performance of each case.
APPLICATION OF FRUGAL APPROACH FOR PRODUCTIVITY IMPROVEMENT - A CASE STUDY OF...IAEME Publication
Manufacturing industries have witnessed an outburst in productivity. For productivity improvement manufacturing industries are taking various initiatives by using lean tools and techniques. However, in different manufacturing industries, frugal approach is applied in product design and services as a tool for improvement. Frugal approach contributed to prove less is more and seems indirectly contributing to improve productivity. Hence, there is need to understand status of frugal approach application in manufacturing industries. All manufacturing industries are trying hard and putting continuous efforts for competitive existence. For productivity improvements, manufacturing industries are coming up with different effective and efficient solutions in manufacturing processes and operations. To overcome current challenges, manufacturing industries have started using frugal approach in product design and services. For this study, methodology adopted with both primary and secondary sources of data. For primary source interview and observation technique is used and for secondary source review has done based on available literatures in website, printed magazines, manual etc. An attempt has made for understanding application of frugal approach with the study of manufacturing industry project. Manufacturing industry selected for this project study is Mahindra and Mahindra Ltd. This paper will help researcher to find the connections between the two concepts productivity improvement and frugal approach. This paper will help to understand significance of frugal approach for productivity improvement in manufacturing industry. This will also help to understand current scenario of frugal approach in manufacturing industry. In manufacturing industries various process are involved to deliver the final product. In the process of converting input in to output through manufacturing process productivity plays very critical role. Hence this study will help to evolve status of frugal approach in productivity improvement programme. The notion of frugal can be viewed as an approach towards productivity improvement in manufacturing industries.
A MULTIPLE – CHANNEL QUEUING MODELS ON FUZZY ENVIRONMENTIAEME Publication
In this paper, we investigated a queuing model of fuzzy environment-based a multiple channel queuing model (M/M/C) ( /FCFS) and study its performance under realistic conditions. It applies a nonagonal fuzzy number to analyse the relevant performance of a multiple channel queuing model (M/M/C) ( /FCFS). Based on the sub interval average ranking method for nonagonal fuzzy number, we convert fuzzy number to crisp one. Numerical results reveal that the efficiency of this method. Intuitively, the fuzzy environment adapts well to a multiple channel queuing models (M/M/C) ( /FCFS) are very well.
DEEP LEARNING FOR SMART GRID INTRUSION DETECTION: A HYBRID CNN-LSTM-BASED MODELgerogepatton
As digital technology becomes more deeply embedded in power systems, protecting the communication
networks of Smart Grids (SG) has emerged as a critical concern. Distributed Network Protocol 3 (DNP3)
represents a multi-tiered application layer protocol extensively utilized in Supervisory Control and Data
Acquisition (SCADA)-based smart grids to facilitate real-time data gathering and control functionalities.
Robust Intrusion Detection Systems (IDS) are necessary for early threat detection and mitigation because
of the interconnection of these networks, which makes them vulnerable to a variety of cyberattacks. To
solve this issue, this paper develops a hybrid Deep Learning (DL) model specifically designed for intrusion
detection in smart grids. The proposed approach is a combination of the Convolutional Neural Network
(CNN) and the Long-Short-Term Memory algorithms (LSTM). We employed a recent intrusion detection
dataset (DNP3), which focuses on unauthorized commands and Denial of Service (DoS) cyberattacks, to
train and test our model. The results of our experiments show that our CNN-LSTM method is much better
at finding smart grid intrusions than other deep learning algorithms used for classification. In addition,
our proposed approach improves accuracy, precision, recall, and F1 score, achieving a high detection
accuracy rate of 99.50%.
Harnessing WebAssembly for Real-time Stateless Streaming PipelinesChristina Lin
Traditionally, dealing with real-time data pipelines has involved significant overhead, even for straightforward tasks like data transformation or masking. However, in this talk, we’ll venture into the dynamic realm of WebAssembly (WASM) and discover how it can revolutionize the creation of stateless streaming pipelines within a Kafka (Redpanda) broker. These pipelines are adept at managing low-latency, high-data-volume scenarios.
ACEP Magazine edition 4th launched on 05.06.2024Rahul
This document provides information about the third edition of the magazine "Sthapatya" published by the Association of Civil Engineers (Practicing) Aurangabad. It includes messages from current and past presidents of ACEP, memories and photos from past ACEP events, information on life time achievement awards given by ACEP, and a technical article on concrete maintenance, repairs and strengthening. The document highlights activities of ACEP and provides a technical educational article for members.
6th International Conference on Machine Learning & Applications (CMLA 2024)ClaraZara1
6th International Conference on Machine Learning & Applications (CMLA 2024) will provide an excellent international forum for sharing knowledge and results in theory, methodology and applications of on Machine Learning & Applications.
KuberTENes Birthday Bash Guadalajara - K8sGPT first impressionsVictor Morales
K8sGPT is a tool that analyzes and diagnoses Kubernetes clusters. This presentation was used to share the requirements and dependencies to deploy K8sGPT in a local environment.
2. Oni, A.S; Oloyede, S.A.; Durodola, D.O; Ayedun, C.A. and Akinjare, O
http://www.iaeme.com/IJCIET/index.asp 168 editor@iaeme.com
Cite this Article: Oni, A.S; Oloyede, S.A.; Durodola, D.O; Ayedun, C.A. and
Akinjare, O, Estate Surveyors and Valuers’ Involvement In Outdoor Advertising
Billboards Valuation In Lagos, Nigeria, International Journal of Civil Engineering and
Technology (IJCIET), 10 (1), 2019, pp. 167–176.
http://www.iaeme.com/IJCIET/issues.asp?JType=IJCIET&VType=10&IType=1
1. INTRODUCTION
Outdoor advertising billboards are common physical features in the built environment, and
they are particularly ubiquitous in urban areas of Nigeria especially on highways, major
thoroughfares, high traffic zones within city centres and market areas. However, Kayode and
Afolami (2013) noted that the built environment has been a product of the creative thinking
and actions of man to enhance the environment through man’s thoughts being translated into
reality via infrastructures, fixtures and structures that are beautiful, economic and functional.
A few of these creative products, such as outdoor advertising billboards, are business and
marketing tools for propagating information and for supporting businesses, as such, they are
economic activities on land. Since outdoor advertising billboards are either owned by
advertisers, advertising companies or government agencies/regulatory bodies, with the sole
aim of ,providing a platform for information and idea dissemination to the general public,
they come in diverse designs, shapes and sizes, and built of different materials.
As physical assets on land or affixed to land, they need to be appraised for different
purposes like any other real estate properties. As income generating assets, they are liable to
taxation; as physical assets on land, their sites can be compulsorily acquired by the
government and the sign structures compensated for; as economic assets, they can exchange
hands in the market and as destructible assets, they can be insured against natural disasters
and man-induced hazards. As a human endeavour involving construction contracts and
management, it is ridden with risks and disputes making it litigious in nature. In each of these
scenarios, a valuation is a sine-qua-non. Unfortunately, even though billboards have become
commoditised that they could be bought or sold in the open market, and subject to taxation,
their valuation for whatever purpose is still shrouded in secrecy and uncertainty in Nigeria.
Any development or improvement that is fixed or attached to land is generally construed
as real property whether they are being used or utilised by the owner or used by others in
exchange for rental income. Outdoor advertising billboards are assets affixed to land; hence
they are developments or improvements on leasehold or freehold land. As investment in real
property, huge initial capital outlays are required to secure billboard sites, get approval and
put them up by outdoor advertising companies with an intention to receive income from such
investments over their economic life thereby qualifying them as investment property.
Considering the unique characteristics of these special assets and the various purposes for
which their valuation may be required particularly in eminent domain situations, insurance,
secured lending and sale/purchase, which require different considerations, there is a need to
ascertain the extent of estate surveyors and valuers’ involvement in outdoor advertising
billboard valuation and the challenges, if any, such valuation exercises bring along since such
valuations are unique.
2. LITERATURE REVIEW
In the United States and most parts of Europe, there is the existence of States and Local
Government Laws guiding installation, operation and valuation of outdoor advertising
billboards, especially for taxation and in eminent domain situations. As observed by Clark
(2006), valuers have to rely heavily on laws operating within the jurisdiction of the outdoor
advertising billboard to make a sound judgment. This underscores the importance of Local
3. Estate Surveyors and Valuers’ Involvement In Outdoor Advertising Billboards Valuation In Lagos,
Nigeria
http://www.iaeme.com/IJCIET/index.asp 169 editor@iaeme.com
and State laws regarding assessment of the values of billboards for many purposes. Stoops
and Wolverton (2006) opined that the legal and regulatory environment where billboard
valuation takes place is complex, and though there are valuation principles guiding the
valuation of real estate property, case law and statutory guidelines restrict the choice of
valuation approach.
However, apart from the Land Use Act No.6 of 1978 that stipulates methodology for
assessing values of improvements on land and compensation thereof, other existing laws in
Nigeria, particularly in the South-west, such as, the Nigerian Urban and Regional Planning
Act, No.88 of 1992, the Lagos State Structures for Signage and Advertisement Agency Law
(LSSAAL), No.9 of 2006, which established the Lagos State Signage and Advertisement
Agency (LASAA) limit themselves only to issues relating to environmental protection,
outdoor advertising structure control, construction, location, enforcement of compliance,
registration and permits, with no attention paid to guidelines for assessing the values of these
outdoor advertising structures. Also, Schedule 5, section 5(2) of the Structures for Signage
and Advertisement Agency Law (LSSAAL), 2006 No.9 of Lagos State, mandates all
billboards within its territory to be insured against third party damages. Preliminary inquiry,
among billboard owners showed that most billboards owned and operated by outdoor
advertising firms in South-western Nigeria are insured and occasionally used as collateral
security for loans. Similarly, in Nigeria, the Estate Surveyor and Valuer is the only
professional empowered by the Estate Surveyors and Valuers Decree No.24 of 1975 to
determine the value of all descriptions of property, and of the various interests therein.
According to Stoops and Wolverton (2006) and North Carolina Department of Revenue,
NCDR, (2009), the value of a billboard encompasses three distinct components that define the
appraisal unit namely: the leasehold (or freehold) land on which the billboard stands; the
billboard structure itself (features and attributes); and the use permit that enables the billboard
to operate on the site. For this reason, outdoor advertising billboards do not share equal
characteristics with other real estate properties. These differences relate to their unresolved
legal status, reliance on use permit to function, their disparate legal environments and
diversity of their constituent parts.
Aguilar (2000), Gelineau (2003), Stoops (2005), Clark (2006) and Stoops and Wolverton
(2006), itemised the problems associated with valuation of outdoor advertising billboards to
include the legal status controversy (whether they are real or personal property); nature of
billboard property as well as identification and allocation issues.
Fortenberry (2007) found that despite the increasing popularity and use of billboards,
outdoor advertising billboard valuation has largely gone unnoticed by the academic
community, hence very few studies have been recorded in Nigeria. He however identified a
few studies related to the socio-economic, environmental, urban planning, scientific and
technical aspects of outdoor advertising business and billboards. He asserted that most of the
available literature on nature, characteristics and valuation methodology of outdoor
advertising assets, were from the United States of America.
With reference to opinions on the values of billboards, first, Stoops (2003) found that
apart from the question of whether billboards are real or personal property, there is another
question as to whether an outdoor advertising company is a real estate-based or a service-
based business. This view was supported by Clark (2006) noting that the legal environment
where valuation takes place, impinges on valuation methodology. Second, Stoops (2006)
declared that, apart from the typical variance in valuation occasioned by valuers’
interpretation of market data, it is very common to have figures of value of billboards that
vary two to five times in valuation. Third, Floyd, Hodgdon and Johnson (1998) noted that
controversies associated with billboard valuation have separated real estate valuers on a
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number of ranks so much that there is increasing clamour for a close scrutiny of the
discordant matters involved such as whether real or personal property is really being valued;
the nature of outdoor advertising firm interests, and the legal description of outdoor
advertising billboard structures. Fourth, Oehlrich (1999) observed that ability to have
adequate quantity, quality and reliability of data to justify valuation analysis was a big hurdle.
Even in America, getting data about billboard management contracts, ground leases, display
leases among others, is difficult and near impossible in some cases. Fifth, O’Neall and Marsh
(2004) opined that outdoor advertising structures or billboards are complex properties and
their valuation for tax and condemnation purposes have been problematic resulting in wide
variances in assessed values due to lack of uniform valuation practices in many American
States.
However, Stoop (2003) and Stoop and Wolverton (2006) opined that when leased
billboard sites are compulsorily acquired, the landlord should be entitled to reasonable market
contributory value of the billboard site to the freehold land acquired, based on the anticipated
stream of market rent to the land but Sutte (1994) noted that, in the various eminent domain
issues in USA, appraisers must reflect the money trail theory in the identification and
apportionment of the assets that are compulsorily acquired due to divergent laws in many
States.
Concerning factors that affect the valuation and value of outdoor advertising billboards,
first, Clark (2006) identified the purpose of valuation (compensation, sale/purchase, insurance
and tax, etc.); the legal classification of billboards (real or personal property); the legal
environment where the billboard valuation is taking place and availability of data. Literature
has shown that each State in the US sets a standard for the valuation of billboard properties
through laws and technical guidelines. In Nigeria, on the other hand, apart from the general
stipulation in the Land Use Act, 1978 for valuation of improvements on land for
compensation purposes, there is no known law or regulation guiding the valuation of
advertising billboards for either compensation or tax. The Lagos State Structures for Signage
and Advertisement Agency Law No.9 of 2006 only stipulates guidelines for charging permits.
Second, Wright and Wright (2001) and Gelineau (2003) identified three elements of cost
that define the value of a sign as the desirability of the location; the nature of the legal
permission to operate at that site; and the physical structure or improvement on the site. Issues
such as existing advertising contract and billboard site lease terms and conditions, are always
considered during sale or purchase, compensation, tax or insurance of billboards.
Cantwell (1999) and Reilly (2005) opined that location involves the type of roadway;
speed and volume of traffic; distance to the sign; length of unobstructed view time; and type
and quantity of scenic distractions. It is the interplay of these location features that determine
the quantity and quality of exposure of an outdoor advertising billboard.
According to Arkansas Assessment Coordination Department (2015), as with the
valuation of other properties, the three conventional approaches to value (income, sales
comparison and replacement cost new less depreciation) should be considered when valuing
billboard structures. Aguilar (2000) agreed with this notion only if the advertising billboard
property qualifies to be designated as real estate but Sutte (1994) noted that the real estate-
related premise considers the cost method as not reflecting the market pulse of the purchasers
and vendors of outdoor advertising billboards.
The State of California Board of Equalisation (2002), states that billboards present an
appraiser with several apparent contradictions. For example, while billboards are typically
purchased for their capacity to generate income, it may be difficult to identify the income that
is attributable to the taxable property. The State Tax Commission of Missouri (2009),
observed that the cost approach is the easiest to apply and usually the most defensible method.
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The Market Approach would be appropriate if comparable sales of similar billboards were to
be available and authenticated, or enough information was acquired to develop an Effective
Gross Income Multiplier (EGIM). In addition, the Income Approach could be a good
alternative if adequate market income and expense data were available and a justifiable
capitalisation rate established. Regrettably, information on outdoor advertising billboard
activities is hard to come by in Nigeria thereby limiting the use of the income approach.
2.1. Involvement of Appraisers in the Valuation of OAB
In Chicago, Floyd, Hodgdon and Johnson (1998) confirmed the involvement of valuers
(appraisers) in billboard valuation especially in eminent domain cases (compensation
purpose) and tax purpose. The authors itemised and discussed the different areas that divided
appraisers in their valuation of billboards, which were on how to determine whether in
billboard valuation, real or personal property is being valued, understanding the type of
outdoor advertising company interests, and the legal characterisation of outdoor advertising
billboard structure.
Nation and Oehlrich (1999) further acknowledged the involvement of Chicago Appraisers
(Valuers) in the valuation of OAB. They observed that appraisers face a number of problems
in a bid to estimate the market value of an individual billboard structure as a result of the
inability to have enough quantity and quality of data to back the analysis. They affirmed that
most billboards, usually on leasehold estates, are rarely found in public records, hence,
appraisers must widen their survey to include market participants and verify their market data
from more than one source. Irrespective of the purpose, involvement of valuers in billboard
valuation will enhance reliability and acceptability of values by all stakeholders (Gelineau,
2003 Akinjare et al (2018) and Ayedun et al, 2018).
3. RESEARCH METHODS
This research is exploratory and quantitative as it explored literature to examine how outdoor
advertising billboards are viewed, classified and valued under different scenarios in South-
west Nigeria. Stakeholders in outdoor advertising billboard valuation were classified into
first, outdoor advertising companies; second, government and its agencies (the Ministry of
Transportation, State Inland Revenue Department, Lagos State Signage and Advertisement
Agency who regulates outdoor advertising, grants permits and levy/collects permit fees; and
third, Estate Surveying and Valuation firms, who carry out valuation of both real and personal
properties in Nigeria. Also, a cross sectional survey approach was undertaken in Lagos State.
Two groups, senior officers of outdoor advertising companies and managing partners of
Estate Surveying and Valuation firms in Lagos were sampled for physical survey through
questionnaire administration. Information on the steps taken are contained in Table 1.
Table 1 Estate Surveying and Valuation Firms and Outdoor Advertising Companies in Lagos State by
Location
S/N Location
ESV Firms OAB Companies
No. Sample size No. Sample size
1 Victoria Island, Ikoyi, Lekki 72 29 2 1
2 Lagos Island Axis 88 35 3 2
3 Yaba, Surulere, Ilupeju, Shomolu, 60 24 6 3
4 Ikeja, Maryland, Magodo, Ogba,
Ojota, Egbeda
104 42 70 26
5 Apapa, Ojoo, Isolo, Festac, Amuwo,
Mile2
42 17 4 2
Total 366 147 85 34
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There are 85 registered outdoor advertising firms and 366 registered Estate Surveying and
Valuation firms in Lagos, Nigeria as at January, 2017. By employing the purposive sampling
method, managers of thirty-four out of eighty-five (85) outdoor advertising practitioners and
147 out of 366 estate surveying and valuation firms in Lagos State constituted the
respondents.
In the collection of data, two sets of close-ended questionnaires were designed with one
for practitioners in the outdoor advertising companies and the other for Estate Surveyors and
Valuers in the study area. The questionnaires were administered personally by hand and with
the help of three research assistants. This approach was employed to avoid instances of non-
delivery or misplacement in transit associated with posted questionnaires. Follow-up visits
were made to further clarify issues and retrieve completed questionnaires. This survey
instrument was supported with three sets of interview guide, each for the officials of LASAA;
Lagos State Internal Revenue Service and the State Ministry of Transportation / Works.
Descriptive and inferential statistical tools were employed in analysing data so obtained.
4. DATA PRESENTATION AND ANALYSIS
The field survey was carried out between the months of August and November, 2017. The
survey was personally undertaken with the help of the three field assistants throughout Lagos
Metropolis. The data collected was subsequently coded and analysed with the use of
Statistical Package for Social Sciences (SPSS) Version 17.0. All the 29 and 127
questionnaires retrieved from officers of outdoor advertising companies and managing
partners of estate surveying and valuation firms respectively, were found useful for analysis.
Table 2 shows the response rate across the companies and firms in Lagos, Nigeria
Table 2 Response Rate of Respondents
Location
Estate Surveying and
Valuation Firms
Outdoor Advertising
Companies
Distributed Retrieved %age Distributed Retrieved %age
VI, Ikoyi, etc. 29 26 89.7 1 1 100
Lagos Island 35 30 85.7 2 2 100
Yaba, Surulere, etc. 24 22 91.7 3 3 100
Ikeja, Maryland,etc. 42 35 83.3 26 21 80.8
Apapa, Ojoo, Isolo,
Festac, etc.
17 14 82.4 2 2 100
Total 147 127 86.4 34 29 85.3
Source: Author’s Field Survey, 2017
Table 2 contains the response rates from the five zones in Lagos. Overall, 86.4% and
85.3% respectively of the questionnaires administered to senior officers of estate surveying
and valuation firms as well as practitioners of outdoor advertising were retrieved and found
useful for analysis.
4.2.2. Respondents’ General Profile
Analysed data on the respondents from the two groups are as contained in Table 3. While
respondents from the estate surveying and valuation profession were mostly males (78%), the
reverse was the case with outdoor advertising companies with 72.4% females. This may be
attributed to the fact that there are more males in the practice of estate surveying and
valuation in Nigeria, and enquiries from OA companies during the time of questionnaire
administration also showed that females stayed more in the offices than their male
counterparts because of the nature of their work.
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Gender as well as age of respondents has impacts on the quality of information gathered,
while level of educational and professional qualification and certification undoubtedly have
positive correlation with reliability of data.
Table 3: Profiles of Estate Surveyors and Valuers (ESV) and Managers of Outdoor Advertising
Companies
Biodata Sub-heading ESV OAC
Gender
Age of Respondents
Highest
Educational Qualification
Highest
Professional
Qualification/Certification
Professional Membership
Years of Experience
Male 99 (78.0) 8 (27.6%)
Female 28 (22.0%) 21 (72.4%)
Total
21 – 30 years
31 – 40 years
41 – 50 years
51 – 60 years
61 years and above
Total
OND
HND/B.Sc.
M.Sc.
Ph.D
Total
Associate
Full Member
Associate < 10 years
Associate > 10 years
Fellow
Others
Total
NIESV
RICS
APCON
Others
Total
6 – 10 years
11 – 15 years
Above 15 years
Total
127 (100%)
8(6.3%)
31(24.4%)
51(40.2%)
33(26.0%)
4(3.1%)
127 (100%)
-
99 (78.0%)
26(20.5%)
2 (1.5%)
127 (100%)
-
-
87 (68.5%)
24 (18.9%)
16 (12.6%)
-
127 (100%)
125 (98.4%)
2 (1.6%)
-
-
127 (100%)
6 (4.7%)
36 (28.4%)
85 (66.9%)
127 (100%)
29 (100%)
-
16 (55.2%)
13 (44.8%)
-
-
29 (100%)
2 (6.9%)
14 (48.3%)
11 (37.9%)
2 (6.9%)
29 (100%)
9 (31.0%)
6 (20.7%)
-
-
2 (6.9%)
12 (41.4%)
29 (100%)
-
-
19 (65.5%)
10 (34.5%)
29 (100%)
3 (10.4%)
19 (65.5%)
7 (24.1%)
29 (100%)
Source: Author’s Field Survey, 2017
In terms of the ages of respondents, available data shows that none of the respondent
managers of Outdoor Advertising Companies was above 50 years of age while none was
below 31 years either as against those of Estate Surveyors and Valuers, which starts from 21
and even rises above 60 years in service. From the analysis, one can infer that being a
manager and sustaining the post for a very long duration seems strenuous.
In terms of educational qualifications, both Estate Surveyors and Valuers and Managers of
Outdoor Advertising Companies are well educated as all the former group has minimum of
HND or B.Sc. degree while it is more than 93% among the latter group. However, no OND
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certificate holder can be a manager in an Estate Surveying and Valuation firm except he
pursues additional professional qualifications from the Nigerian Institution of Estate
Surveyors and Valuers and get registered by the Estate Surveyors and Valuers Registration
Board of Nigeria.
All respondent Estate Surveyors and Valuers are members of professional bodies whereas
65.5% of managers of Outdoor Advertising Companies are members of Advertising
Practitioners Council of Nigeria (APCON) at different membership grades while the rest of
them belong to other associations or professional bodies related to advertising. Also, in terms
of years of experience in practice, 95% and 90% of respondent Estate Surveyors and Valuers
and respondent outdoor advertising practitioners have been in practice for over 10 years. This,
no doubt, lends credibility to their opinion about the subject of study.
4.3. Relative Involvement of OAB Valuations
There are five major purposes for which the services of the estate surveyors and valuers are
required by outdoor advertising practitioners. These are valuations for sale/purchase of
billboards, compensation claims, insurance, lending or for accounting purpose. Interviews
with estate valuers and outdoor advertising practitioners showed that at times, some of these
five activities do go on without inputs from the estate surveyors and valuers. In response to a
question as to whether the respondent estate surveyors and valuers in Lagos had carried out
billboard valuation in the past, 72 (56.7%) of them affirmed their participation while the
remaining 55 (44.3%) had never been involved in billboard valuation. However, data obtained
from the outdoor advertising practitioners are as analysed in Table 4.
Table 4 Relative occurrences of OAB valuations
Activities /
Purpose of
Valuation
Basis of Assessing some OA Practitioners’ Activities
Total
Valuation
Firm’s
Income
Negotiation
based on cost
of construction
Historic
Cost
Sale/Purchsa 3 (21.4%) 6 (42.9%) 5 (35.7%) - 14 (5%)
Compensation 8 (33.3%) - 16 (66.6%) - 24 (8.6%)
Lending 67 (50.8%) 45 (34.1%) 20 (15.2%) - 132 (47.1%)
Insurance 54 (61.4%) 34 (38.6%) - - 88 (31.4%)
Accounting 14 (63.6%) - - 8 (36.4%) 22 (7.9%)
Total 146 (52.1%) 85 (30.4%) 41 (14.6%) 8 (2.9%) 280 (100%)
Out of 280 activities carried out between years 2012 and 2017 with respect to
sales/acquisitions of billboards, compensation, lending, insurance and company accounting,
only 52.1% of them had inputs from estate surveyors and valuers, either directly
commissioned by outdoor advertising practitioners, through banks’ requests or insurance
companies’ request. Interviews carried out showed that secured lending procedures by banks
made it mandatory for bank officials to directly commission valuation assignments as a way
of ensuring unbiased reporting from the valuation professionals. It can therefore be deduced
that OAB practitioners only sourced 50.8% of their lending for the 6-year period under
investigation from banks. In the same vein, only 21.4%, 33.3%, 61.4% and 63.6% of their
sales/acquisitions, compensation, insurance and accounting activities respectively had inputs
from government recognised professional valuers. In an ideal situation and for the purposes of
accountability and transparency, outdoor advertising practitioners need to imbibe the spirit of
obtaining professional opinions of value at all times, irrespective of the urgency, before
engaging in sale/acquisition, compensation, lending, insurance and company accounting of
their billboards, as one of the ways of ensuring business sustainability.
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5. FINDINGS
The study found that whereas men were more (80.8%) in the office routine cadre in the estate
surveying and valuation (ESV) profession, on the other hand, women were more 75.0%)
prevalent in the office routine cadre of outdoor advertising companies. In-depth interviews
conducted showed ESV firms need staff that can travel to locations outside the head office, at
short notices, hence men are usually preferred as staff. On the contrary, outdoor advertising
companies need their engineers and technicians in the field while the female folks take care of
clients’ requests in the offices. Data analysed also showed that a greater proportion (40.8%) of
staff with ESV firms were between 41 and 50 years of age as against 31 to 40 years of age
(57.1%) for OA organizations. With the least academic qualification for all ESVs involved in
the study being a B.Sc. or HND, all the sampled respondents were professionally qualified as
against 7.1% of OA organizations’ managers having OND and also not being linked to any
professional organisation.
From literature, valuations are being carried out by assessors for tax purposes on existing
billboards. There is no such valuation for billboard taxation in Nigeria. Billboard companies
only pay Company Income Tax.
The involvement of Estate Surveyors and Valuers in billboard valuation in Lagos is
relatively low as the study has shown that activities such as sale/purchase of billboards and
compensation for billboards where valuations are required seldom take place. Other basis
were used to determine value when some critical activities of the outdoor advertising
companies were to take place.
6. CONCLUSION AND RECOMMENDATION
Billboard values take advantage of scarcity of supply because developing a new billboard
usually requires a lot of time and effort to find a suitable site, apply and secure approval of the
appropriate government authority, pay permit fee, negotiate leases for the proposed sites and
get the physical structure built, if all of the other works prove successful. Developing new
signs can be overwhelming because approvals and permits are often difficult or impossible to
obtain. Outdoor advertising companies should benefit more from bank facilities by by
professionally valuing their billboards to be used as collateral security for loans. Also, in line
with the International Financial Reporting Standard (IFRS), large outdoor advertising
companies should cultivate the habit of professionally determining the market values of their
assets, billboard inclusive, for inclusion in their annual financial statements.
Estate surveyors and valuers on their part, should prospect more for valuation of
billboards to expand their operations, create avenue for capacity building and employment for
valuers.
ACKNOWLEDGEMENT
The author hereby acknowledge the support of Covenant University, Ota, Ogun State, Nigeria
for providing the enabling environment and platform for this study, and importantly,
defraying the cost of publication.
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