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    Land-based financing elements in infrastructure policy formulation: A case of India

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    Author
    Dharmapuri Tirumala, VRRS; Tiwari, P
    Date
    2021-01-29
    Source Title
    Land
    Publisher
    MDPI
    University of Melbourne Author/s
    Dharmapuri Tirumala, Venkata Raghu Rama Swamy
    Affiliation
    Architecture, Building and Planning
    Metadata
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    Document Type
    Journal Article
    Citations
    Dharmapuri Tirumala, V. R. R. S. & Tiwari, P. (2021). Land-based financing elements in infrastructure policy formulation: A case of India. Land, (10)
    Access Status
    Open Access
    URI
    http://hdl.handle.net/11343/258877
    Open Access URL
    https://www.mdpi.com/2073-445X/10/2/133
    Abstract
    A rapid increase in land and property values has been one of the driving forces of urban ecosys-tem development in many countries. This phenomenon has presented project propo-nents/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 di-verse 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 en-suring the effectiveness of land-based financing tools.

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