Abstract
A rapid increase in land and property values has been one of the driving forces of urban ecosystem development in many countries. This phenomenon has presented project proponents/policymakers with multiple options and associated challenges, nudging them to configure or incorporate elements of land-based financing in their policies and legislations. Specifically, the Government of India and various state governments have sought to monetize land through diverse instruments, for augmenting the financial viability of infrastructure and area development projects. This paper compares Indian central and state infrastructure policies/acts with regard to land monetization strategies. The analysis indicates that policies and legislations are taking a turn towards promoting land monetization mechanisms as a financing tool for cities and project implementation agencies. However, the approach is cautiously used and implementation is often seen to fall behind actual project timelines. Based on the findings, key determinants of a successful policy that captures an increase in land values, are identified. The learnings provide useful inputs for states to strengthen their policy documents and legislative/institutional frameworks, for ensuring the effectiveness of land-based financing tools.
Highlights
MethodThe intent of the governments to encourage land-based financing tools and instruments is typically communicated through various policy documents (and in some cases specific programmes and schemes)
Faculty of Architecture, Building and Planning, Melbourne School of Design, The University of Melbourne, Abstract: A rapid increase in land and property values has been one of the driving forces of urban ecosystem development in many countries
The increase in attention to land-based financing models and the adoption of land monetization instruments generally coincided with the development of infrastructure projects under the public–private partnership arrangements
Summary
The intent of the governments to encourage land-based financing tools and instruments is typically communicated through various policy documents (and in some cases specific programmes and schemes). The effectiveness of land-based mechanisms and the equity principles promoted by the policies could be gauged by five questions [16] as set out in Table 1 below. Land-based financing included all the forms of land value capture, land monetization instruments generally adopted in global networks like Global Land Tool Network [8] and mentioned by the Government of India in its land value capture policy. The land-based financing elements of these policies have been compared with the five parameters (as set out in Table 1) to understand if these elements address the fundamental questions of effectiveness and equity
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