Land-Based Financing Elements in Infrastructure Policy Formulation: A Case of India

Raghu Dharmapuri Tirumala and Piyush Tiwari
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Raghu Dharmapuri Tirumala: Faculty of Architecture, Building and Planning, Melbourne School of Design, The University of Melbourne, Melbourne 3010, Australia

Land, 2021, vol. 10, issue 2, 1-17

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.

Keywords: land-based financing; land monetisation; policy; infrastructure; Sustainable Development Goals (search for similar items in EconPapers)
JEL-codes: Q15 Q2 Q24 Q28 Q5 R14 R52 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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