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Real estate development appraisal expert, Prof Francis Udoudoh, on Monday, said that the appraisal of real estate investment before execution is the solution to uncompleted projects and collapsed structures littering the country.
According to Udoudoh, the practice of feasibility studies and viability appraisal reports of projects before their execution was necessary, especially for projects that would gulp huge sums of money.
Speaking at the 104th inaugural lecturer on the topic, 'Real Estate Investment Decision: The Appraisal Pedagogy', Prof Udoudoh, Department of Estate Management, University of Uyo, Akwa Ibo State, urged the federal and state governments, corporate organisations, and individuals to seek the professional services of qualified estate surveyors and valuers to check uncompleted projects and collapsed structures across the country.
He said, “There is a growing concern concerning reliability, consistency and rationality of undertaking investment appraisal for real estate investment. Most projects in the developed economy are subjected to investment appraisal to determine if the proposed project can and/or should be carried out.
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“Over there, the conduct of appraisal is a prime requirement by regulatory authorities before approval and execution of any project particularly those that would gulp huge sums of money. The opposite is the case in Nigeria as only a handful of projects are subjected to investment appraisal before their execution.
“The consequences are abundant uncompleted projects and collapsed structures that littered major streets in Nigerian urban centres. To forestall these negative occurrences, this lecture advises governments at all levels, to compel institutions, private organizations and individuals to seek professional services of qualified estate surveyors and valuers to prepare feasibility and/or viability appraisal reports of projects before their execution.
“For purposes of checks and balances in the services provided, the institutions including universities and other higher institutions of learning should employ qualified estate surveyors and valuers in their Estate and Works Department, Physical Planning Units, Project Management and Facilities Maintenance Departments to carry out regular development appraisal and monitoring of ongoing and existing projects and advise the authorities appropriately."
