Creating New Property Market Opportunities via Land Readjustment Technique in Developing Markets - What's the Connection?
||Creating New Property Market Opportunities via Land Readjustment Technique in Developing Markets - What's the Connection?
||21st Annual European Real Estate Society Conference in Bucharest, Romania
||This paper is based on a case study of a 47 mile long Ring Road, which was developed using market-friendly land-readjustment technique. The paper first presents the methodology of land readjustment (LR) technique as used in several developed countries such as Germany and Japan and developing countries such as India. LR technique is used to make provision for roads and other public infrastructure without additional budgetary expenses and is aimed to create land values and achieve planned urban growth. In LR technique first multiple individual land parcels are pooled and then their lot boundaries are reorganized after making provision for infrastructure and providing road frontage. Organization of road fronting parcels, regular shape, and access to public infrastructure provides a property value enhancement to these lots. This paper in its second part presents a case study of how this LR technique was extended to develop a regional level infrastructure -- a case of 47 mile Ring Road with 200’ wide public right of way in rapidly growing fringe areas of a 5 million population city of Ahmedabad in India. This same technique was used to acquire the ROW for the ring road. Benefits and constraints of the process are discussed and comparative advantages and disadvantages with the traditional eminent domain and the superior market-friendly LR technique are discussed. The process involves fostering partnership with the existing land owners and the result of the process is equitable benefits to all land owners involved in the development.The paper in its third part, develops strategies and opportunities for its applications in the United States. Barring a few prerequisites (legal and political will), land readjustment technique can be effectively used to service rapidly growing cities. Lessons from this LR technique case study can be applied in the United States, especially, in areas where eminent domain is popularly employed in acquisition of private properties for redevelopment purposes to facilitate economic development. This paper proposes a plan of action of how land owners could be engaged in planning and how the land owners could be made economic partner in the new real estate led economic opportunities and how lessons from land readjustment technique be used in United States.ReferencesLin, Tzu-Chin. 2005. Land assembly in a fragmented land market through land readjustment. Land Use Policy 22 :95–102Sorensen, Andrew. 2000. Conflict, consensus or consen
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||L : Real Estate Development
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