Estate Management &Valuation

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Estate Management &Valuation

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A CATEGORICAL MODELLING APPROACH FOR DETERMINING RENTAL HOUSE PRICES IN LOW-INCOME NEIGHBOURHOODS OF NORTH-CENTRAL NIGERIA
(Adekunle Ajasin University, Akungba-Akoko, 2022) Rukaiyat Adeola Ogunbajo; Rakiya Ibrahim Wali
Over the years, researchers in developing countries have applied varied methodologies to study housing attributes and house prices. This study utilised the categorical modelling approach to determine the contributory effect of housing attributes on rental house prices in a major town in North-Central Nigeria. A total of 827 housing units were sampled by stratified and random selection. The data used were generated through a questionnaire survey. Nine housing attributes were found to sustain residential buildings in the study area and these accounted for 45% and 61% variance in the rental prices of two major low-income house types. Results revealed that the identified housing attributes significantly predicted rental values for the sampled house types. The mean of predicted rental values was further computed for each house type and compared to the means of the actual rental values collated in the course of data collection and presented with line graphs. Results showed predicted values that are reasonably similar to the actual rental values of the dwelling units. This suggested a reasonably accurate prediction of rental house prices using the categorical regression approach. The study recommended the model to house managers to ensure accurate house pricing.
A Study on the Application of GIS in the Assessment of the Impact of Infrastructure on Residential Value in Minna
(PACIFIC RIM REAL ESTATE SOCIETY, 2015) Ajayi Michael Tolu A; Kemiki Olurotimi Adebowale; Muhammed J K; Adama Unekwu Jonathan; Ayoola Adeyosoye Babatunde
The provision of infrastructural facilities have been established to have direct relevance to the changes that may occur in residential property values. However, various studies have not examined the application of geographic information system to assess the impact of the infrastructure on the property values. In this regard, this study sourced primary data on water as an infrastructure and the coordinates from the selected neighbourhood in Minna using hand held GPS and Kriging done with ARCGIS tool. The regression analysis conducted reveals that water based infrastructure with P value of 0.000 less than .005 p level and has a direct variation on rental value in the Bosso area of Minna. To this end the kriging analysis indicates that the area with darker colours possess more urban infrastructure (water based infrastructure) than those in lighter colours. This implies that the impact of provision of infrastructure that have direct influence on the residents of an area could be monitored with the use of geographic information system. The study therefore recommends the creation of a department in the geographic information system body to enable the use of GIS to monitored infrastructure development and impact on residents to enhance urban governance.
An Assessment of Challenges to Land Accessibility for Urban Development in Minna
(Department of Geography and Planning Science, Faculty of the Social Sciences, University of Ado-Ekiti, Ado-Ekiti, Nigeria, 2012) Ayoola Adeyosoye Babatunde
Land is a central issue to man’s activities. But as population and affluence grow especially in our urban centers, there is an increase in the demand for land by government, private individuals and corporate bodies. This inevitably brings about the survival of the fittest syndrome and greater number of people in the urban areas still do not have access to formal land for private use regardless of the great powers endowed the state governments by the Land Use Act of 1978 to hold in trust and administer land for the common benefit of all Nigerians. This paper therefore examines the challenges to land accessibility in Minna, Nigeria. Findings revealed that 61% of the respondents own land while 39% do not own land. Out of the respondents that own land, 67.8% have developed their lands while 32.2 % of the respondents are yet to develop their lands. Lack of fund, lack of electricity, lack of access to land and shanty structures around undeveloped plots are the reasons why land owners are yet to develop their lands while Inadequate fund and lack of interest are the major reasons why respondents do not own land. The study reveals that there is significant relationship between the level of income group of respondents and land ownership in Minna. It also reveals that there is significant relationship between holders of certificates of occupancy and their level of income. Finally, the paper suggests that government should ensure provision of infrastructural facilities, payment of appropriate minimum wages and allowances to workers as well as ensuring safety of lives and properties of the people with the view to accelerating urban development at the study area.
An Assessment of Housing Maintenance and Management in Federal Housing Estates in Abuja, Nigeria.
(Nigerian Institution of Estate Surveyors and Valuers, 2013) OGUNBAJO R. A.
This research examined the the management and maintenance of federal housing estates in Abuja with a view to establishing the etent of housing management in ensuring sustainable housing. It focused on selected federal housing estates to assess how well the eisting housing stock were managed. A sample size of 400 housing units was adopted in each of the sampled estates from a total population of 3,415and 3,494 using stratified random sampling technique. Questionnaire were administered on households that fell within the sample group, and centered on the condition of buildings, management responsibility, frequency of maintenance, availability and access to neighbourhood facilities and services, and general management approach among others. A responce rate of 92.75% and 91% was recorded in both estates. Surveys were also carried out to assess the condition of access roads, drainages, street lights and other neighbourhood facilities. Collected data were analyzed using frequency distribution and percentages. The study revealed that housing units and infrastructure presents varying conditions ranging from very good, good. fair, bad and very bad. It also revealed the extent of housing management and maintenance which is responsible for the preent outlook of the estates. The study reccommended that minimum maintenance standards be set for residents to ensure that houses are maintained in good and decorative states of repair, while also emphasizing the need for residents to adopt good maintenance culture.
An Evaluation of Post Occupancy of Public Office Buildings in Minna Urban
(Department of Mass Communication, University of Maiduguri, Maiduguri, Nigeria, 2011) Ayoola Adeyosoye Babatunde
Since humans spend more than 90% of their lives inside constructed environments and reasonable percentage of their active time in productive activities in such environments like offices, it is fundamental to know how office environments support workers productivity and how best they are satisfied with these environments. Post Occupancy Evaluation therefore has long been recognised as a method of measuring the performance of a building in use as well as provide information for upgrading or improving existing facilities. It is against this backgound that this work examines post occupancy evaluation of public buildings in Minna, Nigeria. The primary method of data collection was an extensive questionnaire combined with physical observation of office environments. The study reveals that there is no significant relationship between quality of office environment and workers productivity. Finally, the study suggests the involvement of workers at design decisions that affect their offices for there to be an enabling environment and perfect job satisfaction by workers.
Analysis of the Activities of Land Administration Machineries in Abuja and Minna, Nigeria
(International Organisation of Scientific Research, Indian, 2014-02) Ayoola Adeyosoye Babatunde; Kemiki Olurotimi Adebowale; Abdulkareem Sekinat; Fabunmi Foluke Olanike
This study attempts to have a comparative analysis of the activities of land administration machineries in FCC, Abuja and Minna using some selected districts and neighbourhoods as case study areas. Questionnaires were administered to Individual land owners, property developers or plot allottees who own land from ages Eighteen (18) and above as well as interview to some staff of departments of land administration machineries in FCC, Abuja and Minna. Statistical Package for Social Scientists (SPSS), Geometric Mean Model and Linkert Scale were statistical tools employed. Findings revealed that the average growth in land allocations made available to people by government within the study period of 2000 – 2009 in FCC and Minna were191.25% and 29.22% respectively. In FCC, Delay of process and extortion of money by government officials are sufficient reasons why individual land owners will not be willing to process title documents to land. While in Minna, the reasons are Exorbitant Processing Cost, Delay of Process and extortion of money by government officials. The paper suggests among others that land administration officials should abstain from illegal acts during land transactions, government should ensure that adequate income packages are paid to land administration officials and ensures enlightening and educating customary land owners on the need for compulsory acquisition.
Assessing the Effects of Rental Default by Commercial Property Occupiers on Property Management in Minna, Niger State, Nigeria
(Josepy Ayo Babalola University, 2023) Zainab Adetoro-Folorunso; Rukaiyat Adeola Ogunbajo
One of the fundamental roles of a property manager in the property management process is his ability to collect rent on behalf of his client (landlord); rent is collected and given to the landlord to enable him to meet his investment needs. When rent arrears occur this could hinder the property owners or managers from attaining their objectives for investing in real estate. This paper fundamentally looks at the effect of rental default by commercial property occupiers on property management with experience from Minna, Niger State which is the study area. Thirty-eight property managers in the study area were surveyed with a structured questionnaire, twenty-eight were returned with a response rate of 74%. Data collected were analysed using descriptive statistical tools, analysis of the primary data depicts eleven (11) effects of rent defaults on commercial property management, of these eleven effects, income loss, reduction of annual rental yield and delay in payment of agent dues with an average means score of 3.91, 3.87, and 3.83 respectively, were ranked as the three most significant effects. The study recommended that property managers and owners should make adequate insurance provisions to protect themselves against rent arrears. Additionally, whenever any tenant fails to meet up with the agreement provided in the tenancy agreement without any genuine reason should be made to face the law.
Assessment of Residential Building conditions and Property Management Strategies in Minna, Nigeria
(UNIVERSITY OF LAGOS, 2016) Rukaiyat Adeola Ogunbajo
This study assessed the conditions of leasehold dwelling units and property management strategies in Minna, Nigeria. It sampled 328 dwelling units spread across selected neighbourhoods. Questionnaire were administered and used to solicit relevant data for the study. Simple percentages, total weighted scores, weighted mean, contingency table, chi square distribution, and phi coefficient were used to analyse collated data at various levels of the research. Findings revealed poor conditions of 55.2% of leasehold dwelling units. A computed chi square value (X2 = 48.965) indicated no statistical significant difference in the overall condition of dwelling units across the sampled neighbourhoods. Findings also showed that only 31% of dwelling units are managed by professional estate surveyors, periodic general renovations by property managers were not carried out in any of the sampled units, while 41% of respondents linked the management and maintenance of ancillary facilities in their neighbourhoods to community efforts and contributions. It further revealed that 51% of respondents were not satisfied with the management of their dwelling units, while 84% of residents were not satisfied with the management of ancillary facilities in their neighbourhoods. A chi square value (X2 = 14.965) and phi coefficient (φ = 0.209) revealed a weak, but positive and statistically significant relationship between building conditions and management type in the study area. The study emphasized the significance of effective and efficient management practices as key players in ensuring that residential buildings remain in good and decorative states or repair.
Assessment of Urban Infrastructure Quality and User Satisfaction in Low Income Residential Neighbourhoods in Minna, Nigeria
(ABYBAKAR TAFAWA BALEWA UNIVERSITY, BAUCHI, 2016) R. A. Ogunbajo; M. O. Bello; M. A. Adebayo
This study assessed urban infrastructure quality and the level of user satisfaction with urban infrastructure in low income residential neighbourhoods in Minna, Nigeria. Five (5) neighbourhoods were selected for the study, and a total of 250 housing units were sampled. Questionnaire was administered on households that fell within the sample and used to retrieve relevant data. This was followed with an observatory study of the entire study area. Simple descriptive statistic, frequency distribution, Kruskal wallis (H) test, Pearson's correlation, and Relative satisfaction index (RSI) were used to analyse collected data at different levels in the research. Analyse-it ® v4.5 statistical software for Microsoft excel was used to carry out all statistical analysis. Seven (7) components of urban infrastructure were identified to sustain residential properties in the study area and the varied conditions of each of these infrastructure was presented. The overall quality of urban infrastructure was established based on cumulative weighted scores of respondents rating of urban infrastructure quality in their respective neighbourhoods. Total weighted scores of 600 and below signified a general poor quality of urban infrastructure in the affected areas. A correlation coefficient of 0.853 indicates a strong positive relationship between drainage conditions and the condition of access roads, among others, while low RSI for access roads (1.972), drainage systems (1.456), waste disposal (1.712), security (2.632), water supply (1.372), electricity supply (1.52), and neighbourhood cleanliness (1.688) indicate a very low level of user satisfaction with urban infrastructure in the study area. Over 50% of respondents described the management of urban infrastructure in their neighbourhoods as being poor. The study recommend that efforts by the concerned authorities should be intensified towards the provision and proper management of urban infrastructure in urban areas.
CRITICAL FACTORS CONTRIBUTING TO RENT ARREARS IN RESIDENTIAL PROPERTIES IN MINNA, NIGERIA
(European University of Lefke, 2018) Olurotimi Adebowale KEMIKI; Adeyosoye Babatunde AYOOLA; Ismail OJETUNDE; Rukayat Adeola OGUNBAJO; Shien Stephen KUMA
Optimum return appears to be a tangible motive of investors of real estate investments. This motive over the years has been bedevilled by rent defaults by renters of properties in the property sector. This situation, to Property Managers and their Principals is worrisome. It is on this basis that this study attempts to assess the factors influencing rent arrears in Minna residential property market. The study employs data on various aggregate factors such as management subsystem, economic factors, tenancy arrangement, dwelling unit features and external household attributes influencing rent payments. Cluster random sampling was used to administer questionnaire to renters of residential properties in Minna while simple random and purposive sampling techniques were used to administer questionnaires to property managers. Kendall Coefficient of Concordance and Chi-Square were statistical tools used. The result revealed that W = 0.601 which indicated a statistical evidence of a fair association in the ranking of the factors responsible for rent in arrears, while the average rank correlation of factors between all possible pairs of the towns rs = 0.521 indicating a weak agreement to the identified factors. There was evidence of variation among the factors responsible for rent arrears across the areas and the study also found there is no relationship between income level of renters and type of residential accommodation occupied. The implication of the study is that renters develop practical habit that discipline their finances and prioritize the scale of preference to live below their income level.
Determining House Prices in Low Income Neighbourhoods of North-Central Nigeria: A Categorical Modelling Approach.
(2022) Ogunbajo, R. A; Olabisi S. A.; Wali R.I
In recent times, researchers from social and behavioural sciences in developing countries have begun to look in the direction of the quality of the influencing housing attributes on house prices. These attributes are best measured qualitatively on ordinal and/or nominal scales. As such, an important development in multidimensional data analysis is the optimal assignment of quantitative values to qualitative scales. This study utilised the categorical modelling approach to determine the contributory effect of housing attributes on rental house prices in North-Central Nigeria. The categorical regression model uses the optimal scaling methodology as developed in the Giﬁ system to quantify categorical variables according to a particular scaling level, thus “transforming” categorical variables into numeric variables. Having adopted + 10% precision and 90% confidence level, a total of 1,134 housing units were sampled by stratified and random selection. The data used were generated through questionnaire. Nine housing attributes were found to sustain residential buildings in the study area and these accounted for 45% and 61% variance in the rental prices of two major low income house types. Results suggested that the identified housing attributes significantly predicted rental values for the low income house types. The mean of predicted rental values were further computed for each house type and compared to the means of the actual rental values collated in the course of data collection and presented with line graphs. Results showed predicted values that are reasonably similar to the actual rental values of the dwelling units. Thus suggest a reasonably accurate prediction of rental house prices using the categorical regression approach.
Distribution and Access to Urban Infrastructure by Residential Property Occupiers in Minna, Nigeria
(University of Lagos, 2022) Rukaiyat Adeola Ogunbajo; Lateef A. Lawal; Sulaiman Adesoji Olabisi
Urban infrastructure encompasses the essential amenities, facilities, and services that make life easy and comfortable for residents within neighbourhoods. The provision of nine basic urban amenities across thirteen neighbourhoods in Minna, and measurement of access to amenities by households are the points of evaluation in this study. A total of 1,134 housing units were sampled using the stratified and systematic random sampling techniques. Data were generated from questionnaires, inspections and enumeration in the study area. Weighted mean scores were computed and indexed to determine overall accessibility to amenities. The location quotient (LQ) was used to estimate the degree of concentration of the amenities, while the Welch adjusted analysis of variance tested for a significant difference in the distribution of urban amenities across neighbourhoods. The adjusted Welch's F ratio was 2.959, which was significant at the 0.05 alpha level, suggesting an uneven distribution of amenities across neighbourhoods in the study area. This study emphasises that government at all levels should prioritise provision and development of amenities and also support efforts by communities regarding basic amenities and services.
EFFECTS OF SERVICE CHARGE ADMINISTRATION AND MANAGEMENT IN SELECTED MULTI-TENANATED COMMERCIAL BUILDINGS IN PHASE ONE, ABUJA.
(2022) Fatima Mohammed; Rukaiyat Adeola Ogunbajo
This paper assessed effects of service charge administration and management in selected multitenanted commercial buildings in phase one Abuja. The study was guided by these objectives which were investigating issues and challenges involved in the administration and management and assessing the occupant level of satisfaction. Data were collected by self-administered questionnaire and interview from eight (8) respondents from managers and 254 from tenant’s perspective respectively. Data was analyzed and presented using percentages, frequencies, relative satisfaction index and tables. Findings revealed that lack of transparency, lack of efficiency; improper accounting and poor facilities are the issues encountered. Howeve, the relative satisfaction index computed to show the satisfaction level of the occupants ranked Plumbing services 1st with relative satisfaction index of 0.7772, Cleaning of common services 2nd with relative satisfaction index of 0.718, refuse disposal 3rd with RSI with 0.653 while transformer maintenance has relative satisfaction index of 0 and ranked 13th. A number of guidelines should be taken in order to address the problems identified above which include Improved communication between manager and occupiers, clear disclosure of the basis for apportioning service charge costs between tenants among others.
Emphasizing the role of Estate Surveyors and Valuers in land use development towards achieving United Nations’ sustainable development goals (SDGs)
(Nigerian Institution of Estate Surveyors and Valuers, 2016) Kemiki Olurotimi Adebowale; Ayoola Adeyosoye Babatunde; Bature M A; Awolaja G
All human activities take place on land, making land related decisions crucial to national development. The success of private and public organisations depends strongly on the judicious use of land. Over the years, land use in Nigeria has suffered fundamental lapses resulting in deteriorating historical sites, waste, pollution, infrastructural inadequacy, housing deficit, unsecure land tenure for the urban poor, environmental degredation, investment losses and other imbalances in land use. Estate Surveyors and Valuers have tied themselves to their traditional roles, makong their role in land use development less impactful. This paper sets to concisely advance the roles of Estate Surveyors and Valuers in land use development towards achieving United Nations' sustainable development goals (focusing on goal 11 - sustainable cities and communities). The method of investigation is essentially a documentary and analysis of archival records, with a view to identifying the existing gaps in the role of Estate Surveyors in land use development. The roles of Estate Surveyors were identified in the following areas: citizen engagement, accountability, policy reform, service delivery, performance measurement, project financing, infrastructural development and maintenance, housing, valuation, land administration and other areas of concern. The paper concludes by developing strategies in making Estate Surveyors’ roles impactful in land use development and policy formulation towards achieving sustainable cities and communities in Nigeria.
Factors Influencing Residential Location Choices by Federal Civil Servants in Abuja, Nigeria.
(2024) Bello Mustapha; Ogunbajo Rukaiyat Adeola
The study aims to identify the key factors influencing residential location choices for federal civil servants in Abuja Nigeria. Abuja's planned development and growing
Generating Revenue through Property Tax: The Implication on the Attitude of Commercial Property Occupiers in Jos North Local Government
(Elixer Publishers, 2013) Ajayi M.T.A; Ighalo J.I; Ogunbajo R.A
Property tax is gradually becoming a major source of revenue for local councils in Nigeria. However, in generating revenue through property tax there is the need for local councils to consider the attitude of the residents within their jurisdiction to payment of the property tax in order to encourage public participation in the usage and the collection of the property tax. The methodology of study therefore is based on the questionaire distribution of 0.00035% of the population of the study and analysed with multivariate analysis. The multivariate analysis examined the payment of property tax as an independent variable against three dependent variables which are Awareness of Property tax, willingness to pay if property tax is splited into forms and willingness to reside or shift location if the property tax is reviewed upward. The result of the study suggest that with a calculated alpha level of 0.024 which is less than 0.05, commercial property occupants in this local government will shift location if the property tax is reviewed upward. It is the recommendation of the study therefore, that there will be the need for local government to set up a machinery to monitor the attitude of the residents as this findings may be different in other local government areas.
Housing Affordability by Federal Civil Servants in Minna, Nigeria: Emerging Issues.
(Canadian Centre of Science and Education, 2015) Ogunbajo A. Rukaiyat; Suleiman Yakubu; Fabunmi O. Foluke; Ojetunde Ismail
In Nigeria, the 1999 constitution recognises housing as a fundamental human right; hence it is imperative that Nigerians have access to decent and comfortable accommodation at affordable costs. This study examined housing affordability by Federal Civil Servants in Minna by analysing the average annual emoluments of federal civil servants and the annual rental values of houses occupied by them, and subsequently established the percentage of annual income spent on rent. A total of 200 federal civil servants spread across all grade levels were sampled. Simple descriptive statistic, likert scale, relative index and pearson product moment correlation were used to analyse collected data. Findings showed that federal civil servants in the study area spend between 7.3% and 23.8% of their annual income on rents. The study also revealed that civil servants’ level of income having a relative index of 0.96 is the major factor influencing the choice of residential accommodation by federal civil servants in the study area. It further revealed a strong positive correlation between their annual income and rental values of residential properties occupied by them. The sampled respondents expressed varied levels of satisfaction with the houses they occupy, with as much as 59% being unsatisfied with their rented housing units; these were attributed to poor housing quality, small sizes of housing units and densely populated neighbourhoods, among others. Housing Affordability Index was also adopted and used to determine housing affordability levels in the study area. The study recommended a home ownership scheme to enable federal civil servants purchase or build their own houses and pay conveniently because all respondents desired to own their own houses.
Modelling Coastal Externalities Effects on Residential Housing Values
(Emerald Publishing Limited, 2023) Ayoola Adeyosoye Babatunde; Oladapo Rashidat Adejoke; Ojo Babajide; Oyetunji Abiodun Kolawole
Purpose – This paper aims to examine the impact of coastline on the rental value of residential property in proximity to the coastline, using the hedonic pricing model from two perspectives. First, Model 1A–C accounted for estimating the inﬂuence of coastal amenities while controlling for other housing attributes inﬂuencing rent. Second, Model 2A–C accounted for the interaction between coastal amenities/disamenities and other housing attributes inﬂuencing rent. Design/methodology/approach – A survey approach was adopted for the data collection process. For both models, property values were measured in proximity to coastline using 0–250m, 251–500m and 0–500m. Findings – Findings revealed that property rental value increases as we move away from the coastline when disamenities are not controlled. The results suggested that for a mean-priced home (N2,941,029 or $8,170) at the mean distance from the coastline (301.83m), a 1% increase in distance from the coastline would result in a 0.001% or N9.77 ($0.03) increase in rental value. Practical implications – The implication to real estate valuers is that varying premiums should be considered when valuing a property depending on the distance to the coastline while considering other housing attributes. Originality/value – This research introduces a novel approach to the hedonic model for determining property values in proximity to coastal environment by estimating the inﬂuence of coastal amenities while controlling for other housing attributes inﬂuencing rent, on the one hand, and accounting for the interaction between coastal amenities/disamenities and other housing attributes inﬂuencing rent, on the other.
Potentials of Geospatial Database for Urban Land Use Management: A Case Study of FUT Minna Staff Quarters, Gidan Kwano Campus
(University of Abuja Press, 2017) Kemiki Olurotimi Adebowale; Odumosu Joseph Olayemi; Mohammed Fatima O; Popoola Naomi Ijadunola; Ayoola Adeyosoye Babatunde
Geospatial database helps to provide information about real properties. This study attempted to develop a geospatial database that will assist in managing residential properties in FUT Minna Staff quarters at Gidan Kwano Campus of the University. Structured questionnaires were administered to collect primary data and the image of the study area was downloaded from Google earth. Maps were produced showing various conditions of the building elements, services and facilities considered were doors, windows, ceilings, roofs, access roads, electricity, water supply, security and landscape. Furthermore, the occupant responses were analyzed using equal weight by taking advantage of the commutative and associate properties of matrix addition in order to arrive at an overall suitability index used in ranking the houses. The use of GIS in property management practice has proven to be efficient and a highly relevant decision making tool.
Slum Development in 3rd World Countries: Causes, Effect and Way out (A Case Study of Ibadan South East Local Government, Nigeria)
(West Africa Built Environment Research (WABER) Conference. C/o Dr Samuel Laryea, School of Construction Management and Engineering, University of Reading, Reading, UK, 2012) Adeniran Ayoade Adeleye; Kemiki Olurotimi Adebowale; Ayoola Adeyosoye Babatunde
Slums and squatting areas accommodate the majority of the population of cities in developing countries and it is estimated to be home to over 800million people, which is predicted by the UN-Habitat (2003) to grow to between 1 and 2 billion by 2020. This case of slum development is not alien to Nigeria. This study considers the case of Ibadan Metropolis. The major factors as discovered, contributing to slum development include rural-urban migration, unplanned neighborhood, overpopulation, non-compliance with laid down rules and illiteracy. The resultant effects of this are overcrowding, outbreak of diseases, loss of man hours, insecurity of life, and decline in property values amongst others. To get out of this web which keeps entangling us like a vicious cycle, the government at all levels have a major role to play by providing and implementing enabling laws and regulations, improving waste disposal, drainage and sanitary system as well as implement urban renewal.