Estate Surveyor & Valuer necessary in joint venture partnership, housing devt – ESV Okezie Obiefuna

By Mashe Umaru Gwamna

An Estate Surveyor & Valuer ESV Okezie Obiefuna said an Estate Surveyor & Valuer has a necessary role to play in a Joint Venture partnership in housing development .

He stated this yesterday in Abuja.

ESV Obiefuna explained Joint ventures partnership as a
situation where the land owner and a developer enters into an agreement to develop a parcel of land, irrespective of the size, in order to achieve the highest and best use of the land.

“This becomes necessary because each party leverages on their strength, expertise, and advantage so that they both synergies to bring the plan of developing the land into fruition.”

He said “Obtaining loans in Nigeria for housing development has become difficult. “Commercial and mortgage banks have not helped the case by granting loans at commercial interest in a situation where it is applicable which is in contrast with what obtains in other climes, hence part of the reasons for entering into joint venture partnership for housing development.”

He noted that with this above situation at hand , it makes the developer who has limited funds but equipped with expertise, to seek for a land owner who has land but lacks expertise and funds to develop his land, to join resources together to develop the land with less stress because they will share risks and profits.

He emphasized that It has been established overtime that joint venture partnership arrangement do the work.
He said Majorly because of the involvement of an external party (the land owner) who plays a supervisory role over the developer and his team to keep them in check and prevent them from losing focus especially where the project is situated in a lucrative environment.

He maintained that some joint venture partnership fails because of the inexperience or greed of the parties that do not involve professionals.
He said that this is where the role of the estate surveyor and valuer comes to play .
He stated that every joint venture partnership agreement requires the input of an estate surveyor and valuer who may have sourced the land on one hand and or the developer.
“It is his role to also manage the relationship which requires the implementation of the terms of agreement, consistently and pointing out the responsibilities and obligations of each party and in order to guide them to avoid conflicts”, ESV Obiefuna said.