Land Value: Result of Legislations and Market Forces

Urban areas are identified as drivers of economic growth. Land as one of the natural resource is extensively used in urban centers and is derived as land value in the context. Various aspects play an important role in determining land value, while land value in turn determines the nature and identities of the city. Aurangabad has transformed from a town of 2.0 Lakh populations to a population of 11.0 Lakh within a very short period of time of less than 40 years. This rapid transformation has converted the land in and around Aurangabad as a valuable land. From formulation of development plan, enforcing various laws and legislations and mandating development regulations have defined and governed the development of the city. Besides laws and legislations and interplay of components of planning the market activities as a force has been the resultant of the land values.