Unlocking Land Values for Urban Infrastructure Finance : International Experience--Considerations for Indian Policy
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World Bank, Washington, DC
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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.
Palabras clave
ACCESS TO INFORMATION, ACCOUNTABILITY, ACCOUNTING, ARBITRAGE, ASSET MANAGEMENT, ASSET MANAGER, ASSET MANAGERS, ASSET SALES, ASSETS, AUCTION, AUCTIONS, AUTONOMY, BALANCE SHEET, BALANCE SHEETS, BANK BORROWING, BORROWING, BUDGET, BUDGET DEFICITS, BUDGET PROCESS, BUDGETS, CAPITAL INVESTMENT, CAPITAL STOCK, CHARGES, CITIES, CLAIMANTS, COMMUNITY DEVELOPMENT, COMPETITIVE AUCTIONS, COMPETITIVE BIDDING, CONTRACT, CONTRACTS, CONVERSION, DEBT, DEBT FINANCING, DEBT SERVICE, DEBTS, DECENTRALIZATION, DEDICATED REVENUE, DEFICIT, DEPOSITS, DEREGULATION, DEVELOPING COUNTRIES, DEVELOPMENT AUTHORITIES, DEVELOPMENT BANK, DISCOUNT, DISCOUNT RATES, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ELECTRICITY, ENTERPRISES, EQUIPMENT, EQUITY, EXCHANGE, EXPENDITURE, EXPENDITURES, FEES, FINANCE, FINANCIAL ASSETS, FINANCIAL INCENTIVES, FINANCIAL MANAGEMENT, FISCAL RESPONSIBILITY, FIXED REVENUE, FUEL TAXES, FUNGIBLE, FUTURE, GOOD, GOVERNANCE, GOVERNMENT ACCOUNTING SYSTEM, GOVERNMENT BUDGET, GOVERNMENT GRANTS, GOVERNMENT POLICY, GOVERNMENT REGULATION, GOVERNMENTS, GRANTS, GUARANTEE, HOLDING, HOLDINGS, HOUSING, INCOME, INFRASTRUCTURE FINANCE, INFRASTRUCTURE FINANCING, INFRASTRUCTURE INVESTMENT, INSTITUTIONAL ARRANGEMENTS, INSTITUTIONAL SETTING, INSTITUTIONAL STRUCTURE, INTEREST, INTERGOVERNMENTAL RELATIONS, INTERGOVERNMENTAL TRANSFERS, INTERNATIONAL BANK, INTERNATIONAL INVESTORS, INTERNATIONAL SECURITY, INVENTORIES, INVENTORY, INVESTMENT ASSETS, INVESTMENT DECISIONS, INVESTMENT FINANCING, INVESTMENT FUNDS, INVESTMENT PROJECTS, INVESTMENT PURPOSES, INVESTMENTS, IPO, LAND, LAND DEVELOPMENT, LAND MANAGEMENT, LAND OWNERSHIP, LAND PARCEL, LAND PARCELS, LAND POLICY, LAND PRICES, LAND REFORM, LAND USE, LAND VALUE, LAND VALUES, LANDHOLDER, LANDHOLDERS, LANDOWNERS, LARGE CITIES, LEASE PAYMENTS, LEGAL AUTHORITY, LEGAL OWNERSHIP, LEGISLATION, LEVY, LIABILITIES, LOCAL AUTHORITIES, LOCAL ECONOMY, LOCAL GOVERNMENT, LOCAL GOVERNMENTS, LOCAL INFRASTRUCTURE, LOCAL LEVEL, LOCAL TAXES, MANDATES, MARKET, MARKET COMPETITION, MARKET PARTICIPANTS, MARKET PRICES, MARKET SIZE, MARKET VALUE, MARKETS, MASS TRANSIT, METROPOLITAN AREAS, MINISTRIES OF FINANCE, MUNICIPAL, MUNICIPAL BONDS, MUNICIPAL DEVELOPMENT, MUNICIPAL GOVERNMENT, MUNICIPAL GOVERNMENTS, MUNICIPAL OWNERSHIP, MUNICIPAL PERFORMANCE, MUNICIPALITIES, MUNICIPALITY, OPEN MARKET, OPPORTUNITY COST, OPPORTUNITY COSTS, OPTION, OVERSIGHT, OWNERSHIP STRUCTURE, PARTICIPATION, PER, PLEDGES, POLITICAL POWER, PORTS, POST OFFICE, PRICING, PRIVATE PARTIES, PRIVATE SECTOR, PRIVATIZATION, PRODUCTIVITY, PROFIT, PROFITS, PROJECTS, PROMISSORY NOTE, PROPERTIES, PROPERTY OWNERSHIP, PROPERTY TAX ADMINISTRATION, PROPERTY TAX BASE, PROPERTY TAXES, PROVINCIAL GOVERNMENTS, PROVISIONS, PUBLIC, PUBLIC AGENCIES, PUBLIC ASSET, PUBLIC FINANCES, PUBLIC GOODS, PUBLIC INSTITUTIONS, PUBLIC INVESTMENT, PUBLIC OFFICIALS, PUBLIC OWNERSHIP, PUBLIC PROPERTY, PUBLIC PROVIDERS, PUBLIC REVENUES, PUBLIC SECTOR, PUBLIC SERVICE, PUBLIC SERVICE DELIVERY, PUBLIC SERVICE PROVISION, PUBLIC SERVICES, PUBLIC USE, PUBLIC WORKS, REAL PROPERTY, REGULATION, REPORTS, RESERVE, RETURN, REVENUE, REVENUE SOURCES, REVENUES, RISK MANAGEMENT, ROADS, RURAL PROPERTY, SAVINGS, SERVICES, SHARE, SHARES, SPENDING, STATE GOVERNMENT, STATE GOVERNMENTS, STATE LANDS, STATE PROPERTY, STATES, STREETS, SUPERVISORY BOARD, TAX, TAX LAW, TAX POLICY, TAX RATE, TAX RATES, TAX REVENUES, TAXATION, TAXES, TRANSACTION, TRANSACTIONS, TRANSPARENCY, TRANSPORT, TREASURY, TREATIES, TREATY, TRUST FUND, URBAN AREAS, URBAN DEVELOPMENT, URBAN GROWTH, URBAN INFRASTRUCTURE, URBAN PLANNING, URBANIZATION, UTILITIES, VACANT LAND, VALUATION, VALUATIONS, WATER SUPPLY, urban land