IMPACT OF ABANDONMENT OF RESIDENTIAL BUILDING PROJECT ON THE ENVIRONMENT

ABSTRACT

This study identifies the causes and effects of abandonment of an abandoned residential project in Benin city with a view to advising prospective investors. The phenomenon of abandoned residential building projects in urban areas like Benin City has become a critical issue, impacting both the built environment and the community. This research project delves into the multifaceted aspects of this problem, aiming to identify the root causes and comprehend the far-reaching effect on the environment and the project owner. The study incorporating surveys and site visits to gather extensive data. Through rigorous analysis, several prominent causes of abandonment which include; death of investor, unforeseen financial challenges, such as rising price of cost of construction, lack of affordable financing or change in personal financial situations. These factors not only stall construction activities but also contribute to the degradation of neighborhoods, posing safety hazards and diminishing neighbouring property values. Furthermore, the research examined the effects of abandoned residential projects on the immediate community, which include; wastage of resources, loss of finance, decreases in value of surrounding properties and reduction in the rental value. The research also identified the sources of finance for residential building project, which include; Personal Loans, Bank Loan and Mortgage, Development Finance Institution (DFI), Real estate investment trust (REITS), Government Financing and Subsides and Joint Ventures and Partnership. Lastly the study examines the impact of abandoned residential building projects on the environment.