Contributors:Peterson, George E.
Source:Policy Research Working Paper;No. 6683
Subject Terms:BUDGET, MUNICIPALITY, LAND POLICY, INVESTMENT FUNDS, GOVERNMENT POLICY, PROPERTY OWNERSHIP, MANDATES, HOLDING, ARBITRAGE, LOCAL LEVEL, INTERGOVERNMENTAL RELATIONS, LANDHOLDERS, STATES, FUTURE, MUNICIPAL OWNERSHIP, PUBLIC SERVICE, METROPOLITAN AREAS, MINISTRIES OF FINANCE, GUARANTEE, DEVELOPING COUNTRIES, EXPENDITURES, ACCOUNTING, LAND PARCEL, urban land, RETURN, DEREGULATION, TRANSPORT, DEPOSITS, GOVERNMENT ACCOUNTING SYSTEM, LAND VALUE, OPEN MARKET, VALUATION, PUBLIC SERVICE PROVISION, WATER SUPPLY, REPORTS, TRANSACTION, STATE GOVERNMENTS, EQUIPMENT, POST OFFICE, SHARES, DEFICIT, MUNICIPAL BONDS, INVENTORIES, MUNICIPAL, ACCOUNTABILITY, GOVERNANCE, TAX POLICY, EXPENDITURE, MUNICIPAL PERFORMANCE, PORTS, TAX RATES, ASSET MANAGEMENT, INSTITUTIONAL SETTING, INCOME, GRANTS, PUBLIC SECTOR, STATE LANDS, REVENUE, PUBLIC GOODS, LAND OWNERSHIP, LAND, LOCAL GOVERNMENTS, LOCAL AUTHORITIES, REGULATION, CLAIMANTS, HOUSING, OPTION, VALUATIONS, STATE GOVERNMENT, PUBLIC SERVICES, BORROWING, PROPERTIES, MUNICIPAL GOVERNMENTS, TAXES, DEBTS, AUTONOMY, MARKET COMPETITION, BUDGET DEFICITS, PRIVATE SECTOR, PUBLIC ASSET, PUBLIC FINANCES, AUCTIONS, URBAN INFRASTRUCTURE, TREATY, PROVINCIAL GOVERNMENTS, GOVERNMENT BUDGET, INFRASTRUCTURE FINANCE, PRIVATIZATION, PROFITS, URBANIZATION, REAL PROPERTY, GOVERNMENTS, DEBT FINANCING, CAPITAL INVESTMENT, CONTRACTS, URBAN AREAS, RURAL PROPERTY, PUBLIC REVENUES, ECONOMIC GROWTH, INTERNATIONAL SECURITY, ELECTRICITY, FUEL TAXES, BALANCE SHEET, PUBLIC INSTITUTIONS, DEVELOPMENT BANK, OPPORTUNITY COST, INTEREST, INSTITUTIONAL ARRANGEMENTS, PUBLIC AGENCIES, INFRASTRUCTURE FINANCING, MUNICIPALITIES, AUCTION, MUNICIPAL GOVERNMENT, PUBLIC WORKS, CONVERSION, DEVELOPMENT AUTHORITIES, PROPERTY TAX BASE, DISCOUNT RATES, MUNICIPAL DEVELOPMENT, LANDHOLDER, STATE PROPERTY, LOCAL GOVERNMENT, MASS TRANSIT, BUDGETS, TAXATION, CAPITAL STOCK, LAND USE, TAX REVENUES, GOVERNMENT GRANTS, INFRASTRUCTURE INVESTMENT, LOCAL ECONOMY, INTERNATIONAL BANK, SPENDING, ECONOMIC DEVELOPMENT, PRIVATE PARTIES, PUBLIC, LEGAL AUTHORITY, TAX LAW, PROFIT, REVENUE SOURCES, INVESTMENT FINANCING, URBAN DEVELOPMENT, SAVINGS, LIABILITIES, PUBLIC OFFICIALS, PARTICIPATION, URBAN PLANNING, RISK MANAGEMENT, MARKET PARTICIPANTS, PRODUCTIVITY, URBAN GROWTH, CHARGES, TAX, FUNGIBLE, PUBLIC PROVIDERS, ASSET MANAGERS, MARKET SIZE, FINANCIAL MANAGEMENT, LAND MANAGEMENT, TRUST FUND, CONTRACT, SHARE, ENTERPRISES, TAX RATE, INVESTMENT PURPOSES, PUBLIC INVESTMENT, INTERGOVERNMENTAL TRANSFERS, LANDOWNERS, TREATIES, UTILITIES, LEVY, MARKET, DEBT SERVICE, MARKETS, FINANCIAL ASSETS, INSTITUTIONAL STRUCTURE, TRANSACTIONS, DEDICATED REVENUE, INVESTMENT PROJECTS, HOLDINGS, INVESTMENTS, LAND PARCELS, PUBLIC USE, INTERNATIONAL INVESTORS, SUPERVISORY BOARD, GOVERNMENT REGULATION, ASSET SALES, FIXED REVENUE, LAND PRICES, OVERSIGHT, INVENTORY, ASSETS, PRICING, LAND REFORM, LAND VALUES, LARGE CITIES, BALANCE SHEETS, TRANSPARENCY, CITIES, DECENTRALIZATION, PROPERTY TAX ADMINISTRATION, PUBLIC SERVICE DELIVERY, EXCHANGE, MARKET PRICES, PLEDGES, EQUITY, SERVICES, REVENUES, ACCESS TO INFORMATION, PROPERTY TAXES, VACANT LAND, LEGISLATION, LOCAL TAXES, INVESTMENT ASSETS, PROJECTS, BUDGET PROCESS, COMMUNITY DEVELOPMENT, TREASURY, PER, FINANCE, ROADS, INVESTMENT DECISIONS, DEBT, PUBLIC OWNERSHIP, RESERVE, LEASE PAYMENTS, POLITICAL POWER, ASSET MANAGER, DISCOUNT, IPO, LOCAL INFRASTRUCTURE, PROVISIONS, FEES, LAND DEVELOPMENT, OWNERSHIP STRUCTURE, FINANCIAL INCENTIVES, BANK BORROWING, COMPETITIVE BIDDING, STREETS, FISCAL RESPONSIBILITY, PROMISSORY NOTE, MARKET VALUE, GOOD, COMPETITIVE AUCTIONS, PUBLIC PROPERTY, LEGAL OWNERSHIP, OPPORTUNITY COSTS
More Info:Despite strong economic growth, investment in basic urban infrastructure -- water supply, wastewater removal and treatment, roads, and other capital-intensive systems -- has failed to keep pace with urban growth, leaving a critical urban infrastructure deficit. At the same time, urban lands in these many developing countries are among the most expensive in the world. Much of this land is owned by public authorities. Significant parts of it lie vacant, unused for public service provision or inappropriate for conversion to higher-valued economic activity. A composite public-sector balance sheet for India's urban areas would show an asset mix strong on public-sector landholdings but weak on infrastructure. This raises the following questions: Can some excess public-sector land be exchanged for infrastructure, in a manner that is politically acceptable and economically efficient? Can public land sales be a realistic source of finance for critically needed urban infrastructure investment? This paper considers the policy context that has shaped different land-disposal and earmarking initiatives, provides details about the actual workings of institutions, and examines international experience in infrastructure investment. This study contributes to the consultative process underway in India to consider strategies to unlock public land values to help finance urban infrastructure investment.