257535356 building-economics-and-sociology

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BUILDING ECONOMICS AND
SOCIOLOGY
IX SEMESTER, B.ARCH

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Table of Contents
SECTION A: BUILDING ECONOMICS
1. Introduction to economics
1.1 Broad features of economics...................................................5
1.2 Macro and micro economics...................................................10
1.3Money and banking functions..................................................13
1.4Factors of production...............................................................22
2. Land economics
2.1 Land economics: Land as limited resource.............................25
2.2 Land development and conservation.....................................27
2.3 Public policies on land utilization and development...............31
2.4 Theories of land values...........................................................34
2.5 Acts.........................................................................................37
3. Building economics
3.1 Architectural aspects of building economics...........................45
2.2 Rent control and other building acts......................................55
2.3 Economics of high rise buildings............................................60
SECTION B: SOCIOLOGY
4. Man and his environment
4.1 Man and his social environment..............................................63
5. Urbanisation
5.1 Trends and characteristics.......................................................74
5.2 Dynamics of urban growth, expansion and development.......82

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5.3 Urban attitude, values and behaviour....................................86
5.4 Study......................................................................................90

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1. INTRODUCTION TO BUILDING ECONOMICS
1.1 Broad features of economics
1.2 Macro and micro economics
1.4 Money and banking functions
1.5 Factors of production
1.1 BROAD FEATURES OF ECONOMICS
Economics is the study of how people and society choose to employ
scarce resources that could have alternative uses in order to produce
various commodities and to distribute them for consumption, now or in
the future, among various persons and groups in society. It is concerned

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with the efficient utilisation or management of limited productive
resources for the purpose of maximising human satisfaction of needs; and
economics is a social science, which studies the principles controlling the
alternative applications of limited means in satisfying unlimited wants.
Lionel Robbins in a 1932: "the science which studies human behaviour as
a relationship between ends and scarce means which have alternative
uses."
The above definitions touch on several different themes of economics
including:
a) Scarcity;
b) Choice;
c) Opportunity cost;
d) Specialisation;
e) Exchange;
f) Equity or income distribution; and
g) Economic Systems.
a) Scarcity
Scarcity occurs when commodities used to satisfy people's material wants
are not available in adequate amounts. Scarce commodities are called
economic goods. Commodities that are not scarce are called free
goods. The problem of scarcity is commonly known as the Economic
Problem. It has two aspects: Society's material wants: the material wants
of its citizens and institutions are virtually unlimited or insatiable; and
economic resources: the means for producing goods and services are
limited or scarce. An important question is: "why are commodities
scarce?" They are scarce because the resources used to produce them are
also scarce. These economic resources are land, labour and capital, also
called the factors of production or inputs.
b) Choice
If all things are scarce in comparison to the desire for them, and if people
have a lot of unsatisfied wants, they cannot satisfy all of their wants.
People, therefore, have to make choices. In this case the economic
problem is how best to use resources available to satisfy human wants.
c) Opportunity Cost
Opportunity cost is a direct result of having to make a choice. In making a
choice, people have to sacrifice; this sacrifice is called opportunity cost or
the cost of something given up in terms of alternatives forgone when a
choice is made.
d) Specialisation
Specialisation results from division of labour, a result of the problem of
scarcity. Its aim is to increase the productivity of labour to produce more
goods and services with a given level of capital. This will in turn increase
the ability of people t o satisfy their material wants.

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e) Exchange
Exchange complements specialisation. Any commodities produced must
be bought and sold to help economic growth. There must be a ready
market for those commodities produced otherwise specialisation would be
of no benefit. The principle on which exchange is based is called the Law
of Comparative Advantage. It states that it is beneficial if one
specialises in the production of the commodity in which he/she is more
efficient. International trade is based on this very simple principle.
f) Equity or Income Distribution
Equity is the distribution of income in society and suggesting how poor,
disadvantaged people can be helped without harming the economy.
Evaluating income distribution is a fundamental element of modern
economics.
g) Economic Systems
Another way to combat the problem of scarcity is to organise production
and exchange into an economic system. An economic system has two
elements: the forces of production; and the relations of production. The
forces of production include tools, factories, equipment, production skills,
and the level of knowledge of the labour force, natural resources, and the
general level of technology. The relations of production are the social
relationships between humans, particularly the relationship of each class
of humans to the means of production. The basic types of economic
systems or organisations are usually described as:
 Traditional economies
Custom and habit forms the cornerstone of the system of solving
the economic problem. It is reinforced by superstition and religious
belief s and is common in some developing countries.
 Market economies
There is predominantly private owner ship of economic resources. T
he allocation and distribution of economic resources is determined
by production, sales and purchase decisions taken mainly by firm s
and households through the market forces of demand and supply.
 Command economies
This is a centre of all planned economy where most decisions about
the ownership, allocation and distribution of resources are taken by
the central authorities. Firms and households produce according to a
“plan” drawn up by government bureaucrats. Competitive markets
are not usually allowed to f unction.
 Mixed economies
This is where t he economic system is a combination of some or all
of the other three systems. It may include some level of a market

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economy with a strong central government. There might be shifts in
balance between these two forces.
Economic growth is defined as an increase in an economy's ability to
produce goods and services. Think of an economy as a giant cake. We all
have a slice of the cake to eat, and may be happy with the size of our slice
or not. If the economy grows, we would be able to see the overall size of
the cake increasing.
Whether or not our individual slice grows depends on whether we are able
to share in the growing economy. Even if we do not benefit directly, we
should still be able to see some advantages to the growing economy. This
is because the extra economic growth should produce higher tax
revenues, which can then be spent on public services that should benefit
everyone.
An increase in an economy's ability to produce goods and services,
therefore increasing economic output, is possible under two conditions:
1. More resources are used in the economy.
2. Existing resources are used more efficiently.
The first resource is land. Even if you are producing a service, you will
need somewhere to organise your work and do the necessary
administration, such as invoicing your customers and so on.
Manufacturers of a product have an even more pressing need for land, as
they will require a production site or factory location with storage for
supplies and parts. This means using the land resources of an economy.
The next resource – labour, it's no good going to all the trouble of
acquiring the location where we'll make the extra goods and services if we
have no labour to carry out the work.
Economic growth is measured in changes in what is called 'gross domestic
product' (GDP). This is a measure of everything that has been produced in
an economy.
Barriers to economic growth
We have seen earlier that the ability to grow an economy depends on
using more resources (land and labour, for example), or on more efficient
use of these resources.
The correct term for the resources used is: factors of production. There are
four factors of production: land, labour, capital and enterprise. Economic
growth depends on the quality and availability of these factors. If any of
the factors of production suffers from a lack of quality or availability, then
economic growth will not be as great as its potential. So what can cause
these factors of production to be of low quality or unavailable?

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 Insufficient or contaminated land
 Substandard labour supply
 Poor technical infrastructure, such as roads and communications
 Poor social infrastructure, such as schools or hospitals
 Poor industrial infrastructure, such as factories and machinery
Other barriers exist that can hamper countries' ability to grow their
economies. They may be unable to gain access to export markets, due to
the trade policies of other countries. In order to protect their own
domestic producers, many countries block the imports of goods or
services from other parts of the world.
The World Trade Organisation (WTO) is a place where member
governments go to sort out the trade problems they have with each other.
Less developed economies
Less developed economies tend to be in the early stages of
industrialisation. In fact many less developed economies have little
or no industrial base. People in countries with less developed
economies usually have a low standard of living. Seen more broadly
than just in economic terms, people in these countries also tend to
be ranked in a medium to low position in the Human Development
Index, produced by the UNDP.
Less developed economies are often structured in such a way that
agriculture forms a large part of their overall economy. Small scale or
subsistence farming tends to produce low incomes for the people who
work in these countries. This leads to low effective demand for goods and
services other than those that are central to life.
These economies are often characterised by having low levels of private
investment. This tends to be because people are unable to save much of
their already low incomes. High fertility rates are often seen in less
developed economies. Children often form part of a family's wealth, as
their labour is often seen as essential to the family's survival.
Insufficient factors of production usually plague less developed
economies. They can lack the ability to improve the social and technical
infrastructure needed to boost their economies and can become stuck in a
cycle of poverty.

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The costs of economic growth
One of the main concerns about expanding rates of economic growth
focuses on the effects of congestion, pollution and carbon emissions on
the environment. Economic growth in China and India raises fears that the
resulting environmental damage could have serious impacts on us all.
Other observers say that it is hypocritical for those in the developed world
to preach to those trying to develop their economies.
Another cost of economic growth is the loss of ancient ways of life and
cultures. As countries industrialise, natural resources can be lost as more
land is sought. The loss of huge areas of the Brazilian rainforest to cattle-
ranching is an example of this effect.
Some opponents to the trend towards greater globalisation in industry and
economic development highlight criticisms of economic development that
they see as generating large costs:
 The 'one size fits all' view of economic development prevents subtle
differences in the routes chosen to development.
 The search for faster economic growth may prevent countries
concentrating on social goals such as care for the elderly or children.
 The acceptance of materialism as a general goal in life.
 The homogenised global culture that some observers say has arisen.
Reference
http://www.bized.co.uk/learn/economics/notes/features.htm

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1.2 MACRO AND MICRO ECONOMICS:
Macro is derived from the Greek word “makros” which means large.
Macro economics may be defined as that branch of economic analysis
which studies the behaviour of not one particular unit, but of all the units
combined together. Macro economics is a study of aggregates. It is the
study of the economic system as a whole – total production, total
consumption, total savings and total investment. The following are the
fields covered by macro economics:
 Theory of Income, Output and Employment with its two
constituents, namely, the theory of consumption function, the
theory of investment function and the theory of business cycles or
economic fluctuations.
 Theory of Prices with its constituents of the theories of inflation,
deflation and reflation.
 Theory of Economic Growth dealing with the long-run growth of
income, output and employment.
 Macro Theory of Distribution dealing with the relative shares of
wages and profits in the total national income.
The study of macro economics is indispensable as it is the main agent for
formulation and successful execution of government economic policies. It
is also indispensable for the formulation of micro economic models. Macro
economics is based on the belief that economics are subject to laws of
nations, which are interdependent of the internal structure of their
constituents. Since macro economics studies the trends in the business
activities it has strong and direct orientation to public policy both at the
level of debate of great issues of fiscal policy and at the more technical
levels of operation of government agencies, which are shouldering the
responsibility of creating climate for economic stabilization. [1]

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Application:
To understand why the overall flow of output and income fluctuates; what
factors lead to the growth in the productive capacity and what are social
and economic cost of economy’s growth, it is necessary to study the field
of aggregate economics i.e., total output income. Another name for the
aggregate economics is macro economics. The main topics covered under
this branch is study of national income analysis, the statistical
measurement of such aggregate flows as the gross national product
national income, consumption and investment and establishing
systematic relationships, which can explain the change in the aggregates
over time. Thus macro economics concerns the determinants of the
performance of entire economics of nations, groups of nations and the
whole world. [2]
Micro economics may be defined as that branch of economic analysis,
which studies the economic behaviour of the individual unit, maybe a
person, a particular household, or a particular firm, how they function and
how they reach their equilibrium. The branch of economics studies how
households and firms make decisions to allocate limited resources,
typically in markets where goods or services are being bought and sold.
Micro economics examines how these decisions and behaviours affect the
supply and demand for goods and services, which determines prices; and
how prices, in turn, determine the supply and demand of goods and
services. The following are the fields covered by microeconomics:
 Theory of Product pricing with its two constituents, namely, the
theory of consumer behaviour and the theory of production and
costs.
 Theory of Factor pricing.
 Theory of Economic Welfare.
While the economic study is concerned with the working of only one part
of the economy at a time and effects of a change in some variable on
other are analyzed on the assumption that rest of the economy during
that period is at a standstill; other things remaining the same, it forms a
part of the problems in micro economics.
The concept may be made clear at the very outset that a separate study
of Macro economics and Micro economics is absolutely necessary because
there may be inherent contradictions between the laws of micro
economics and macro economics. What might be right policy of an

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individual, a firm or an industry may not be right for the economic system
as a whole. In fact, the mere aggregation of the laws of behaviour of the
individuals, or firms will not hold good for the study of macro economics
because there are disharmonies between the behaviour of individual units
and the behaviour of economic system as a whole.
Since all modern economies are money economies (i.e., income, wages,
interests, rents, dividends and taxes, etc., are in terms of money), the
economic system can be considered as a system of money flows. The
money flows have their counterpart in real flows of goods and services.
Therefore the working of the economic system can be studied by following
the route through which the money flows or real flow money. [3]
Application:
Price theory is the main tool of microeconomics because the properties of
market supply and demand functions are generally built up from
assumptions about the actions of households or firms. The overall
magnitude of output also affects the composition of output because it may
be seen that during depression when the output falls, the output of
durable goods declines more than non durable goods and more than
services. Profits fall more than wages and the wages fall more than the
interest. Thus economic theory is generally considered to be micro
economic when it is based on assumption about behaviour of the
consumers and the producers or householders and firms the ultimate
decision makers. Analysis of consumption, investment and labour supply
behaviour of a household firm is an example of micro economics. [4]
Reference
AN INTRODUCTION TO SOCIAL SCIENCE
1. Page no. 333
2. Page no. 331
3. Page no. 329, 330
4. Page no. 332

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1.3 MONEY AND BANKING FUNCTIONS:
What is Money??
Money is anything that is generally accepted as payment for goods and
services and repayment of debts. Money is an abstraction, idea or
concept, token instances of which are the physical bills or coins which are
carried and traded.
Money originated as commodity money, but nearly all contemporary
money systems at the national level are fiat money systems. Fiat money is
without value as a physical commodity, and derives its value by being
declared by a government to be legal tender; that is, it must be accepted
as a form of payment within the national boundaries of the country, for
"all debts, public and private". By law, the refusal of a legal tender
(offering) extinguishes the debt in the same way acceptance does.
The money supply of a country is usually held to consist of currency
(banknotes and coins) and demand deposits or 'bank money' (the balance
held in checking accounts and savings accounts). These demand deposits
usually account for a much larger part of the money supply than currency.
Bank money is intangible and exists only in the form of various bank
records. Despite being intangible, bank money still performs the basic
functions of money, as checks are generally accepted as a form of

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payment and as a means of transferring ownership of deposit money.
More generally, the term "price system" is sometimes used to refer to
methods using commodity valuation or money accounting systems. [1]
Functions of money:
1. Money as a Medium of Exchange:
The function of money as a medium of exchange solves all the
difficulties of barter system. There is no necessity for a double
coincidence of wants in the money economy. The man with cow who
wants to purchase cloth need not seek a cloth seller who wants a
cow. He can sell his cow in the market for money and then purchase
cloth with the money obtained.
2. Money as Measure of Value :
In money economy values of all commodities are expressed in terms
of money. Money is like the yard stick of cloth merchant, as yard-
stick measures all varieties of cloth, money measures the value of
all varieties goods. This function of money makes transactions easy
and also fair.
3. Standard of Deferred Payment :
In a money economy the contracts are made for future payments
terms of money instead of goods and promise to repay the loan in
money. In this way money is the standard of deferred payments.
This function stimulates all kinds of economic activities which
depend on borrowed money.
4. Money as a Store of Value :
Goods cannot be stored because they are perishable. People receive
their incomes in money form and keep their savings in money form
in banks. In this way, money is used to store value of commodities.
5. The essential or primary functions of money are:
a) To serve as medium of exchange.
b) To serve as a measure of value.
The latter two functions are of secondary importance because they;
derived functions. In modern economy, money plays a very important
role. Its disappearance would cause disappearance of the economy itself.
[2]
Characteristics of money:

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The characteristics of what serves as money depend somewhat on the
degree of complexity in the society. A relatively simple economy, with
relatively few goods and services, few producers and consumers, and few
transactions, may be able to function with a form of money that would not
work in a more complex society.
There are some general characteristics that are usually important for
whatever serves as money in a modern economy.
i. First, to serve as an effective medium of exchange, money must be
durable. Repeating our earlier example, we could have chosen to
use apples as money and pay for everything in apples. But problems
arise when the apples rot. Who wants to carry around rotten apples?
Good apples tend to be eaten, and nothing could erode the value of
your money more quickly than having it end up in your stomach.
ii. Second, what serves as money must not be easily reproduced by
people and should be relatively scarce. We could use chestnuts as
money. They’re relatively scarce and last a long time. But, if we did,
people would start growing chestnut trees, and we wouldn’t be able
to control the supply. Soon there would be so many chestnuts in use,
and prices would be bid up so high, that you’d need a truck to carry
the chestnuts to pay for bread and milk.
iii. Third, although what serves as money must be relatively scarce (not
rocks, for example), it can’t be too scarce. Whatever serves as
money has to be available in sufficient quantity to enable all the
exchanges in our economy to take place. We could use whooping
cranes. But there wouldn’t be enough of them to enable all the
exchanges that have to take place. We would very quickly run out of
money—to say nothing of the poor birds.
iv. Fourth, money has to be easy to transport. We could use elephants.
But just think of all the problems at pay-day if elephant money was
used to provide your wage or salary. Pocket money would take on a
whole, or should we say whole, new meaning.
v. And last, money must be divisible into usable quantities or fractions.
Imagine the difficulties you would incur to purchase something that
had a price of 1/50th of an elephant. Not a pleasant thought.
So money needs to be (1) durable, (2) not easily reproduced by people,
(3) relatively scarce, (4) not too scarce, (5) easily transported, and (6)
divisible. But, as we emphasized earlier, the most essential attribute of
anything that serves as money is its acceptability. It must be readily
accepted by people in the economy. [3]
Money Supply:
In economics, money is a broad term that refers to any financial
instrument that can fulfil the functions of money (detailed above). These

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financial instruments together are collectively referred to as the money
supply of an economy. Since the money supply consists of various
financial instruments (usually currency, demand deposits and various
other types of deposits), the amount of money in an economy is measured
by adding together these financial instruments creating a monetary
aggregate. Modern monetary theory distinguishes among different types
of monetary aggregates, using a categorization system that focuses on
the liquidity of the financial instrument used as money. [1]
Market liquidity:
Market liquidity describes how easily an item can be traded for another
item, or into the common currency within an economy. Money is the most
liquid asset because it is universally recognized and accepted as the
common currency. In this way, money gives consumers the freedom to
trade goods and services easily without having to barter.
Liquid financial instruments are easily tradable and have low transaction
costs. There should be no (or minimal) spread between the prices to buy
and sell the instrument being used as money. [1]
Measures of money:
The money supply is the amount of financial instruments within a specific
economy available for purchasing goods or services. The money supply is
usually measured as three escalating categories M1, M2 and M3. The
categories grow in size with M1 being currency (coins and bills) and
checking account deposits. M2 is currency, checking account deposits and
savings account deposits, and M3 is M2 plus time deposits. M1 includes
only the most liquid financial instruments, and M3 relatively illiquid
instruments.
Another measure of money, M0, is also used, although unlike the other
measures, it does not represent actual purchasing power by firms and
households in the economy. M0 is base money, or the amount of money
actually issued by the central bank of a country. It is measured as
currency plus deposits of banks and other institutions at the central bank.
M0 is also the only money that can satisfy the reserve requirements of
commercial banks. [1]
Types of money:
Currently, most modern monetary systems are based on fiat money.
However, for most of history, almost all money was commodity money,
such as gold and silver coins. As economies developed, commodity money
was eventually replaced by representative money, such as the gold
standard, as traders found the physical transportation of gold and silver

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burdensome. Fiat currencies gradually took over in the last hundred years,
especially since the breakup of the Bretton Woods system in the early
1970s.
1. Commodity money
Many items have been used as commodity money such as naturally
scarce precious metals, conch shells, barley, beads etc., as well as
many other things that are thought of as having value. Commodity
money value comes from the commodity out of which it is made.
The commodity itself constitutes the money, and the money is the
commodity. Examples of commodities that have been used as
mediums of exchange include gold, silver, copper, rice, salt,
peppercorns, large stones, decorated belts, shells, alcohol,
cigarettes, cannabis, candy, etc.
2. Fiat money
Fiat money or fiat currency is money whose value is not derived
from any intrinsic value or guarantee that it can be converted into a
valuable commodity (such as gold). Instead, it has value only by
government order (fiat). Usually, the government declares the fiat
currency (typically notes and coins from a central bank) legal
tender, making it unlawful to not accept the fiat currency as a
means of repayment for all debts, public and private.
3. Credit money
Credit money is any claim against a physical or legal person that
can be used for the purchase of goods and services. Credit money
differs from commodity and fiat money in two ways: It is not payable
on demand (although in the case of fiat money, "demand payment"
is a purely symbolic act since all that can be demanded is other
types of fiat currency) and there is some element of risk that the
real value upon fulfilment of the claim will not be equal to real value
expected at the time of purchase.
4. Representative money
In 1875 economist William Stanley Jevons described what he called
"representative money," i.e., money that consists of token coins, or
other physical tokens such as certificates, that can be reliably
exchanged for a fixed quantity of a commodity such as gold or
silver. The value of representative money stands in direct and fixed
relation to the commodity that backs it, while not itself being
composed of that commodity. [1]
Banks:

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A bank is a financial institution licensed by a government. Its primary
activities include borrowing and lending money. Many other financial
activities were allowed over time. For example banks are important
players in financial markets and offer financial services such as
investment funds. In some countries such as Germany, banks have
historically owned major stakes in industrial corporations while in other
countries such as the United States banks are prohibited from owning non-
financial companies. In Japan, banks are usually the nexus of a cross-share
holding entity known as the zaibatsu. In France, banc assurance is
prevalent, as most banks offer insurance services (and now real estate
services) to their clients. [4]
Functions of a bank:
Banks play an important role in the financial system and the economy. As
a key component of the financial system, banks allocate funds from savers
to borrowers in an efficient manner. They provide specialized financial
services, which reduce the cost of obtaining information about both
savings and borrowing opportunities. These financial services help to
make the overall economy more efficient. Its economic functions can be
described as:
1. Issue of money, in the form of bank note and current accounts
subject to cheque or payment at the customer's order. These claims
on banks can act as money because they are negotiable and/or
repayable on demand, and hence valued at par. They are effectively
transferable by mere delivery, in the case of banknotes, or by
drawing a cheque that the payee may bank or cash.
2. Netting and settlement of payments – banks act as both collection
and paying agents for customers, participating in interbank clearing
and settlement systems to collect, present, be presented with, and
pay payment instruments. This enables banks to economize on
reserves held for settlement of payments, since inward and outward
payments offset each other. It also enables the offsetting of
payment flows between geographical areas, reducing the cost of
settlement between them.
3. Credit intermediation – banks borrow and lend back-to-back on their
own account as middle men
4. Credit quality improvement – banks lend money to ordinary
commercial and personal borrowers (ordinary credit quality), but are
high quality borrowers. The improvement comes from diversification
of the bank's assets and capital which provides a buffer to absorb
losses without defaulting on its obligations. However, banknotes and
deposits are generally unsecured; if the bank gets into difficulty and
pledges assets as security, to raise the funding it needs to continue
to operate, this puts the note holders and depositors in an
economically subordinated position.

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5. Maturity transformation – banks borrow more on demand debt and
short term debt, but provide more long term loans. In other words,
they borrow short and lend long. With a stronger credit quality than
most other borrowers, banks can do this by aggregating issues (e.g.
accepting deposits and issuing banknotes) and redemptions (e.g.
withdrawals and redemptions of banknotes), maintaining reserves of
cash, investing in marketable securities that can be readily
converted to cash if needed, and raising replacement funding as
needed from various sources (e.g. wholesale cash markets and
securities markets). [5]
How banks work:
Banks operate by borrowing funds-usually by accepting deposits or by
borrowing in the money markets. Banks borrow from individuals,
businesses, financial institutions, and governments with surplus funds
(savings). They then use those deposits and borrowed funds (liabilities of
the bank) to make loans or to purchase securities (assets of the bank).
Banks make these loans to businesses, other financial institutions,
individuals, and governments (that need the funds for investments or
other purposes). Interest rates provide the price signals for borrowers,
lenders, and banks.
Through the process of taking deposits, making loans, and responding to
interest rate signals, the banking system helps channel funds from savers
to borrowers in an efficient manner. Savers range from an individual with a
$1,000 certificate of deposit to a corporation with millions of dollars in
temporary savings. Banks also service a wide array of borrowers, from an
individual who takes a loan of $100 on a credit card to a major corporation
financing a billion-dollar corporate merger. [5]
Types of banks:
Banking institutions may be roughly classified as follows:
I. Private Banks.
II. Public or chartered banks.
1. Savings banks.
2. Trust companies.
3. Commercial banks.
[(a) State banks, (b) National banks] [6]
1. Private Banks

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Private banking is, perhaps, the oldest form of banking, and some of the
most powerful banking concerns in the world to-day are private
institutions. They are distinguished from public or incorporated banks in
that they are conducted as individual or partnership enterprises, and that,
until recently they have not been subject generally to the supervision of
the state. The tendency in recent years has been toward public regulation
of private as well as incorporated banks. In several states, private banks
are now forbidden to use a corporate name, or to use the name "bank' or
any similar title. Some states require private bankers to have a minimum
capital, and in a few Eastern states certain classes of private bankers are
required to post a bond. In a few states the banking business is absolutely
denied to unincorporated concerns.
Private Banks perform two principal functions:
(1) As an adjunct to the brokerage business in large cities.
(2) As a means of supplying banking accommodations in small
communities where a state or national bank would not be profitable.
In larger cities their main business is dealing in securities, foreign
exchange and foreign loans. Some of the larger banking houses have been
prominent in recent years in promoting large industrial combinations and
consolidations, and in underwriting stock and bond issues. Generally
speaking, they do not make a practice of discounting commercial paper,
making business loans, and accepting checking deposits as commercial
banks do. In the smaller communities, having only meagre banking
facilities, they do perform this service.
Public or chartered banks are created by the state or Federal Government,
which usually exercises some supervision over them. Savings banks, trust
companies, and state commercial banks are chartered, that is, licensed to
do business, by the several states; national banks are chartered by the
Federal Government, under the terms of the national banking act and its
amendments, and the Federal reserve banks are also chartered by the
Government. In the early days of banking, each bank was created by a
special charter granted by the legislature; now, nearly all the states have
a general incorporation or banking law by complying with the terms of
which a group of men proposing" to establish a bank may set a charter. [7]
2. Savings Banks
Savings banks are of two general kinds: mutual and stock. The mutual
savings bank has no capital and consequently no stockholders. It is
organized for the exclusive benefit of the depositors. Apart from the
expenses of running the bank, the depositors get all the profit arising from
the investment of their deposits. In the stock savings bank, which has a
capital and stockholders, the profits of the business, over and above the

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customary interest to depositors, go to the stockholders as in other types
of banks.
The basic purpose of the savings bank is to encourage thrift and saving. It
provides at once a safe place for the working classes to keep their
savings, and an expert, reliable agency for their investment in the safest
way. The deposits are invested largely in mortgages, bonds, and other
high-grade securities. From the return on these loans or investments,
interest is paid the depositors or credited to their accounts at periodic
intervals, generally twice a year. Most savings banks require depositors to
give notice, varying from two weeks to three months, of intended
withdrawals, except where the amount is small. Primarily the savings bank
serves the wage-earner, not the business man. [8]
3. Trust Companies
The trust company is a comparatively new type of banking institution and
its functions are not yet clearly defined. The earliest trust companies were
organized to carry on life, fidelity and title insurance and the granting of
annuities, but their primary function has been to act as incorporated
trustees, accepting and executing trusts of various kinds. In this capacity
they serve as executors and administrators of estates, as custodians of
funds or properties held in trust, and as guardians of minors. Prior to the
Civil War the trust company attracted very little attention, but since that
time, particularly since about 1875, the increase in the number and the
variety of functions performed by trust companies has been marked. In
connection with their duties as trustees these companies have secured
from the legislatures additional powers authorizing them to carry on other
more or less closely related lines of business, until now they undertake
such a great variety of functions that they have been aptly called the
"department stores of finance."[1]
While it is not possible to draw a sharp line of division between the
function of the trust company and that of the commercial bank, it may be
said that the commercial bank deals in credit and handles active funds,
thus aiding in the creation of wealth, while the trust company deals in
capital and handles funds that are principally inactive, thus conserving
existing wealth. More and more, however, trust companies have assumed
the functions of the commercial bank as well as those of the savings bank
and have engaged in a great variety of financial activities. Many trust
companies, including some of the most influential, have adhered to their
original and essential function of acting as trustees; others make banking
their main business; and still others specialize on the financial side. The
general tendency in recent years seems to have been toward an
expansion of their activities so as to include many or all of these
functions.
In many trust companies the different kinds of work or activities are
carried on by departments, as, for example, the trust, banking, bond and

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safe deposit departments. Some of these departments may be
subdivided; thus, the banking department may be divided into savings
bank and commercial departments; and the larger companies may have
various other departments and divisions, such as mortgage, investment,
transfer, real estate, title insurance and fidelity insurance. Generally
where trust companies carry on trust and a banking business, the two
departments are kept separate, each having its own records, clerks and
handling of funds. [9]
4. Commercial Banks
Commercial banks are classified according to the source of their charters,
into state and national banks. National banks are organized under the
national bank law of 1863 and its amendments. State banks are chartered
by and subject to the supervision of the various states. In some states,
private banks are not differentiated from state banks owing to the fact
that the same regulations and laws apply to both incorporated and
unincorporated banks. So, too, the distinction between state banks and
stock savings banks, and, again, between state banks and trust
companies is not at all marked or uniform under the varying laws of the
different states. In this book, we shall use the term "state bank" in the
sense of a bank of discount and deposit incorporated under state law.
Commercial banks organized under state laws perform their functions in
essentially the same way as national banks. Indeed, there is little to
distinguish them in everyday business, except that national banks bear
the title "national,"1 and that state banks do not issue circulating notes.
Several factors enter into the determination of the relative advantage of
incorporating under state law or the national system. In general, the state
banking laws permit the organization of banks with smaller capital than
under the national system. No national bank may be organized with less
capital than $25,000; while in several states, banks may be started with
as little as $10,000, and, in one state, $5,000. This makes it possible for
small towns to secure the advantage of a bank under state law, which
otherwise might have to do without. Until recently national banks were
forbidden to loan on real estate, while state banks in most of the state's
are permitted to make such loans. Generally, the reserve required of state
banks is lower than under the national system. National banks alone can
profitably issue notes; the issues of state banks are subject to a tax of ten
per cent, which amounts to a prohibition.
 There are a few special exceptions to this rule.
There is little or no justification for the popular opinion that national banks
are safer and sounder than state banks. Most of the states now have
excellent banking laws, which in many instances are modelled upon the
national banking law. The percentage of failures among state banks is only
a trifle higher than among national banks. The soundness of a bank
depends, not upon the authority which issues its charter, but upon the
ability and honesty of its management and supervision. [10]

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References:
1. http://en.wikipedia.org/wiki/Money
2. http://www.informationbible.com/FunctionsOfMoney.html
3. http://www.moneyandyouth.cfee.org/en/resources/pdf/moneyfunct.p
df
4. file:///D:/acedamics/ix%20sem/b.e.s/money%20and%20banking
%20concepts/Bank.htm
5. file:///D:/acedamics/ix%20sem/b.e.s/money%20and%20banking
%20concepts/FUNCTION%20OF%20BANK.htm
6. http://chestofbooks.com/finance/banking/Money-And-Banking-
Holdsworth/Chapter-X-Functions-Of-The-Bank-75-Classification-Of-
Bank.html
Holdsworth/76 Private-Banks.html
Holdsworth/77-Savings-Banks.html
Holdsworth/Chapter-XIX-Trust-Companies-152-Functions.html
Holdsworth/79-Commercial-Banks.html
1.4 FACTORS OF PRODUCTION:
In economics, factors of production are the resources employed to
produce goods and services. They facilitate production but do not become
part of the product or are significantly transformed by the production
process. The factors are generally divided into four major groups:
 Land
 Labor
 Capital
 Enterprise
Land includes natural resources, such as air, soil, water, minerals,
climate, natural grasslands and woodlands. Labor uses capital on land to
produce wealth. Every tangible good is made up of the raw materials that
come from nature -- and because all people (and other living things) have
material needs for survival, everyone must have access to some land in
order to live. Land is the passive factor in production. To the economist,

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therefore, the meaning of `land' is broader than its usual meaning. The
payment for land use and the received income of a land owner is rent.
Below are some of the characteristics of land:
a) Limited in supply;
b) No costs of production;
c) Varies in quality;
d) Has a wide range of alternative uses;
e) More productive land is in greater demand.
Labour includes all human resources physical and mental, available for
the production of goods and services. It may be unskilled, semi-skilled, or
skilled, and local labour markets vary in the size and nature of the pool of
labour. The payment for someone else's labor and all income received
from one’s own labor is wages.
The supply of labour is the number of hours which people are willing to
work for a given wage-rate over a period - say a year. The supply of labour
will, therefore, depend on the number of workers found multiplied by the
average number of hours worked by each worker. Ability and willingness
to work do not, in themselves, guarantee employment. Job creation
depends on the expansion of the economy. The supply of labour must also
consider the quality of labour and how efficiently the workers do the tasks
given to them. The efficiency of labour depends on education and
knowledge of the work force, motivation, working conditions and social
welfare.
Capital is a man-made resource. The term capital in economics is all
man-made aids to further production. Examples of capital are buildings,
machines and other equipment, which are used in making the goods we
consume. Capital may be considered under various categories: fixed
capital; working or circulating capital; financial capital; social capital;
individual capital; and natural capital including renewable and non-
renewable natural resources.
a) Fixed capital includes machinery, factories, equipment, new
technology, buildings, computers, and other goods that are
designed to increase the productive potential of the economy for
future years.
b) Working capital includes the stocks of finished and semi-finished
goods that will be economically consumed in the near future or will
be made into a finished consumer good in the near future. These are
often called inventories. The phrase "working capital" has also been
used to refer to liquid assets (money) needed for immediate
expenses linked to the production process (to pay salaries, invoices,
taxes, interests...)
c) Financial capital is simply the amount of money the initiator of the
business has invested in it. "Financial capital" often refers to his or
her net worth tied up in the business (assets minus liabilities).

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d) Social capital is the value of network trusting relationships
between individuals in an economy.
e) Individual capital which is inherent in persons, protected by
societies, and trades labor for trust or money. Close parallel
concepts are "talent", "ingenuity", "leadership", "trained bodies", or
"innate skills" that cannot reliably be reproduced by using any
combination of any of the others above.
f) Natural capital which is inherent in ecologies and protected by
communities to support life, e.g. a river which provides farms with
water.
g) Infrastructural capital is non-natural support systems (e.g.
clothing, shelter, roads and personal computers) that minimize need
for new social trust, instruction, and natural resources.
Enterprise/Entrepreneurship is the risk taking activity that utilizes
land, labour and capital to produce goods or services in the expectation of
a future reward. That reward is called profit in economics. Often these
entrepreneurs are seen as innovators, developing new ways to produce
and new products. In a planned economy, central planners decide how
land, labor, and capital should be used to provide for maximum benefit for
all citizens.

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2. LAND ECONOMICS
2.1 Land economics: Land as limited resource
2.2 Land development and conservation
2.3 Public policies on land utilization and development
2.4 Theories of land values
2.5 Acts
2.1 LAND ECONOMICS: LAND AS LIMITED RESOURCE:
Land is a natural resource which yields some income and has some
exchange value .Land economics is a branch of the economics which
focuses on the use of land and the role of land in economics. It often
intersects with environmental economics, since land use policies have an
impact on the health of the environment, and many land economics trade
journals focus on the environmental ramifications of land-use around the

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world. Specialists in this branch of economics work in a number of places,
from university campuses to public utilities.
Characteristics of Land:
1. It is nature’s free gift.
2. It is fixed in quantity.
3. It doesn’t have any supply value.
4. It is permanent.
5. Land lacks mobility in geographical sense.
6. Land provides infinite variation of degree, fertility and situation so
that no two pieces of land are exactly alike.
The pressure of growing population in developing countries has laid a
heavy burden on the physical resources of the countries. The scarcity of
land and infrastructure facilities has come in the way of housing
development, especially in the urban areas.
High Cost of Urban Land:
 The cost of land and its development to provide essential housing
services and other infrastructure facilities has steeply risen and now
accounts for substantial cost of housing construction.
 It has become therefore to devise ways and means of effecting
saving in the use of land cost of its development.
 At the same time, the quantity of housing and human settlement
that emerges should not be adversely affected. It is therefore,
incumbent on planners to achieve economic physical planning by
application of the latest advances in sciences and technology.
 Local planning regulations and building by-laws have a significant
impact on land use planning and cost of land development for
housing.
New developments:
Some basic principles of physical planning to ensure land use economy as
well as economy in cost of development of land which need to be further
researched and studied for practical adoption are:
ECONOMICAL SPACE NORMS:
Until the economic conditions of the masses improve , minimum space
norms would have to be realistically laid down for built up
accommodations , open spaces and residential densities, so that these are
actually adopted and also progressively improved without adversely
affecting the environmental conditions.

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1. HEALTHFUL HOUSING
2. COMMUNICATION FACILITIES
3. ADVANCES IN CONSTRUCTION TECHNOLOGY
4. COMMUNITY PARTICIPATION
Land itself is a resource like labor or capital, especially when the land
harbors deposits of natural resources like minerals, oil, or timber. It is also
a fixed resource: the amount of available land on Earth is finite, although
land speculation may create situations in which the supply of land cannot
meet the demand. The way in which land is used can have a profound
impact on a local or national economy, whether that use is urban or rural.
Public and private uses of land and their sometimes conflicting needs are
also of interest in land economics.
One of the fields of focus in land economics is the allocation of land. As a
fixed resource, land's value is dictated by its availability, and the
allocation of land resources can play a critical role in how land is treated.
In packed cities, for example, land can be scarce and difficult to obtain,
and it has a correspondingly high price. In rural regions, however, land
may be very inexpensive due to decreased demand. Or, demand for land
which can be used as housing may inflate the prices of farmland, making
it difficult for farmers to buy or retain land for farming use.
Researchers in this field may look at issues like government acquisition of
land to satisfy right of way requirements for roadways and utilities, and
land use policies which force land to remain unoccupied and unused for
large stretches of time. They also look at how land can be made more
profitable, and how land values shift over time in response to a variety of
factors including market pressures and the discovery of natural resources.
The study of land economics is often closely wrapped up in politics,
especially politics on a local scale. Powerful planning commissions and
lobbies may be able to push the nature of land use in their communities,
shaping land use policies and the economics of locally available land in
ways which sometimes surprise economists. Regional and national
governments also play a role in land economics, by establishing policies
which are designed to balance the needs of individuals against the needs
of the government and the population as a whole.
2.2 LAND DEVELOPMENT AND CONSERVATION:
Land economics is a branch of economics field which focuses on the use
of land and the role of land in economics.

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Land itself is a resource like labour or capital, especially when the land
harbours deposits of natural resources. It is also a fixed resource: the
amount of available land on earth is finite, although land speculation may
create situations in which the supply of land cannot meet the demand.
The way in which the land is used can have a profound impact on a local
or national economy, whether that use is urban or rural. Public and private
uses of land and their sometimes conflicting needs are also of interest in
land economics.
One of the fields of focus in land economics is the allocation of land. As a
fixed resource, land value’s is dictated by its availability, and the
allocation of land resources can play a critical role in how land is treated.
In packed cities, for example, land can be scarce and difficult to obtain,
and it has a correspondingly high price. In rural regions, however, land
may be very inexpensive due to decreased demand. Or, demand for land
which can be used as housing may inflate the prices of farmland, making
it difficult for farmers to buy or retain land for farming use.
Researchers in this field may look at the issues like government
acquisition of land to satisfy right of way requirements for roadways and
utilities, and land use policies which force land to remain unoccupied and
unused for large stretches of time. They also look at how land can be
made more profitable, and land values shift over time in response to a
variety of factors including market pressures and the discovery of natural
resources. [1]
Land development:
Land development refers to altering the landscape in any number of ways
such as:
 Changing landforms from a natural or semi-natural state for a
purpose such as agriculture or housing.
 Subdividing real estate into lots, typically for the purpose of
building homes.
 Developing property or changing its purpose, for example by
converting an unused factory complex into condominiums.
The conversion of land from one use to another is the generally accepted
definition of land development. [2]
This age old process began with ancient
societies organised themselves into tribes, on and claiming land, forming
villages and primitive towns, for the mutual protection and livelihood for
all. The great civilisation of Egypt, Greece and Rome can be traced to

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humble beginnings of tribal communities. Their growth in size and
complexity is typical of urban development and unlike what we are
experiencing today. With their complex roadways, aqueducts, commercial
markets and residential areas the ancient problems associated with land
development endeavours- those of adequate transportation, waste
disposal, drainage, water supply, population densities and others posed a
challenge then and continue to require innovative solutions today.
Today the process for finding solutions and developing scenarios for land
use that serve the greater good is systematic one, and is to a large
degree, uniform in principle and practise. The systematic approach to the
land use planning, analysis and engineering is known as land
development design.
Since the early 1950s, the conversion of land to a different use generally
meant a more intense use. The definition formally applied almost
exclusively to residential, commercial, retail, industrial and office uses. It
did not take long however, before city planners and residents alike echoed
to have areas preserved for recreational, educational, social and cultural
activities. In response to this social need the definition of land
development was broadened to include such as converting rural land to
agricultural use constructing major transportation and utility systems, and
even urban and suburban redevelopment projects. Thus, land
development is the conversion of land from one use to another, usually of
great intensity, and is typically applied to a single parcel or group of
parcels and includes supporting uses and infrastructure improvements.
Land development design and consulting constitute the systematic
process of collecting data, studying and understanding the data,
extrapolating the data, and creating on paper the plans for reshaping the
land to yield a land development project that is politically, economically
and environmentally acceptable to the client and the public. Persuasion,
salesmanship and negotiation are all part of each step in the land
development design process. [3]
The steps involved in land development are:
Step1
Feasibility/programming initiates the process with a general review of
proposed program and existing site conditions, with particular emphasis
on identification of environmental, cultural and infrastructure resources.
Step2

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Site analysis determines the allowable use of the site based on local
master plans, codes and ordinances and recommends a course of action
to accomplish the development program with respect to those documents.
Feasibility review and site analysis are usually performed concurrently,
these studies result in a complete site inventory, identify usable site area
and form the foundation of further design efforts through provision of
adequate base mapping and establishment of project goals.
Step3
Conceptual design presents the initial organisation of the development
program.
Step4
Schematic design is a refinement of the initial concept sketches that adds
scale, dimensions and precise testing of specific uses, including building
arrangements and infrastructure systems.
Step5
Final design is the conclusion to the primary design effort. Carried out
predominantly by engineers, preliminary plans are enhanced with a level
of detail sufficient to construct all aspects of the project
Step6
Plan submission and permitting represent the formal regulatory review of
final design (construction) documents by all governing agencies as well as
application for procurement of all necessary site and building permits.
Step7
Construction is the final step in land development process. During
construction the land development consultant is a valuable resource for
both the client and the contractor and is often responsible for stake out,
reviewing submittals, shop drawings and RFIs, certain inspections and
field and formal revisions. [4]
Land Conservation:
Land is one of the most precious natural resources, the importance of
which in human civilisation needs no elaboration. The total available land
area in the state sets the limits within which the competing human needs
have to be met. The needs of agricultural, industrial, domestic and others

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often result in diversion from one use to the other. Diversion of land from
agriculture to non-agriculture uses adversely affects the growth in
agriculture sector. Even the available land is subjected to soil erosion of
varying degrees and degradation problems of different magnitudes. [5]
Land being the major non renewable natural resource is inelastic in
nature. There is lot of pressure on land due to the increasing population
from the agricultural, industrial and housing sectors. On the other hand,
the land is subjected to soil erosion and land degradation problem due to
rain and wind action and faulty cultivation practices resulting in loss of
topsoil, which is the place where all nutrients are available. This leads to
poor yields, uneconomic returns, reservoir sedimentation, and reduction in
storage capacity, and shutdown of hydel power stations, ecological
imbalance, environmental pollution, draughts and floods. Hence the
conservation, development and management of the land resources which
ensures the physical and chemical and biological health of soil profile is of
prime importance.
In a predominantly agricultural system, the objective of improving the
productivity, profitability and prosperity of the farmers and achieving
agricultural development on an ecological sustainable basis can be
attained only when conservation, development and management of the
land resources are assured. [6]
Conservation action provides benefits such as opportunities for active
outdoor recreation, and for the appreciation of landscapes and the historic
heritage.
Public conservation land and other natural areas also contribute other
often overlooked products such as clean water supplies, and the benefits
such as the regulation of the effects of flooding, erosion and climate
change. [7]
References
1. http://www.wisegeek.com/what-is-land-economics.htm
2. http://en.wikipedia.org/wiki/Land_development - Pg-2
3. Land Development Handbook, Planning, Engineering & Surveying/
Dewberry, Third Edition,Chapter-1- Overview of The Land
Development Process, Pg- 3
4. Part-1- Overview-Pg-1
5. http://www.tn.gov.in/spctenthplan/CH_9_4.PDF
6. http://www.tn.gov.in/spc/annualplan/ap2004-05/ch9_4.pdf
7. http://www.doc.govt.nz/conservation/threats-and-impacts/benefits-
of-conservation/economic-impacts/

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2.3 PUBLIC POLICIES ON LAND UTILIZATION AND
DEVELOPMENT:
Public policy can be generally defined as the course of action or inaction
taken by governmental entities (the decisions of government) with regard
to a particular issue or set of issues. Other scholars define it as a system
of "courses of action, regulatory measures, laws, and funding priorities
concerning a given topic promulgated by a governmental entity or its
representatives.
"Public policy is commonly embodied "in constitutions, legislative acts,
and judicial decisions." [1]
Urban Land Policy in India:
Land reform measures were initiated in rural India soon after
independence in 1947. Urban Land Reforms were however, slow in
coming. Some public interventions in different form were also made in the
land market, but the first major step aimed at fundamental reforms in the
urban land systems came only in 1976 when a comprehensive land ceiling
legislation took place.
Despite these efforts India lacks a comprehensive Urban Land Policy.
Neither the Government of India nor the State Government has
formulated any such policy. While one may find expressions or intentions
and isolated policy announcements, there has been no consistent Urban
Land Policy formulated on the basis of detailed study of the problems that
are encountered.
Sources of Land Policy:
The following constitute the vital sources of urban policy matters in India.

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 Reports/papers brought out by the central or State
government
 Five year Plans
 Legislation
(i) Report of the Committee on Urban land Policy: The first
attempt towards evolving an Urban Land Policy was made when
the Government of India, Ministry of health consisted a
Committee to examine the problems related to urban land Policy
in1963. The report submitted by the committee in 1965 must be
considered as a landmark in the field of urban policy literature in
India. The committee took note of the declining man-land ratio
and considering a comprehensive long policy measures.
(ii) Task force on housing and Urban Development: The
planning Commission set up Task forces to evolve a long term
perspective on housing and urban development Issues in 1982.
The task Force on ‘Planning of urban development which
submitted its report in 1983 critically examined, inter alia, the
problems of urban land policies in India. It reviewed the existing
approaches to land policy, especially with reference to Delhi and
called for a new approach to promote efficiency in the allocation
of land and to help the poor in their access to land for Shelter.
(iii) National housing Policy: The national Housing policy
document of the government of India (1988) emphasized the
need for the formulation and implementation of a purposeful land
policy in the context of achieving the goal of eradicating
houselessness in the country by the turn of the century. It also
suggested strategies to augment the supply of land, particularly
to meet the housing requirements of the weaker sections.
(iv) National commission on Urbanization (1988): An important
step towards understanding the urban problems of the country
was taken by the government of India when it appointed national
commission on urbanization. The Commission in its report
examined the dimensions of urbanization and the issues relating
to the existing urban patterns and policies in India and made
recommendation on the range of policy interventions necessary
to bring about more human and efficient urban seducements. It
identified the failure to anticipate the rising demand for urban
land and ensure an adequate land at affordable prices as possibly
the most disastrous feature of the past four decades of
urbanization in India. Emphasizing the significance of urbanized
land as a vital resource that needs to be generated in sufficient
quantities for appropriate usage. The commission strongly
advocated a realistic land policy to overcome the problems of
shortage of urban land and the rising land prices.
Five year plan:

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The five year plans constitute an important source of state policy on
issues relating to socio economic development in India. While the first two
plans of the central government recognized the need for formulation of
policies relating to urban planning and development, the first serious
effort at laying down a broad policy with regard to urban development was
made while formulating the third five year plan. The plan referred to the
high costs of urban development in rapidly growing urban areas and
proposed measures to control urban land values. The Fourth Five Year Plan
stressed the need of urban land policy and called for action on the
recommendations of the report of the committee on urban land policy of
1965.
The Fifth Five Year Plan is of great significance so far as urban land policy
is concerned. It recognized that, perhaps the most important instrument
necessary for achieving breakthrough in urban development will be the
formulation of Urban Land Policy. In the Sixth Plan the thrust of
urbanization policy was on development of small and medium towns and
achieving balanced distribution of urban population. The Seventh Five Year
Plan called for slowing down the growth of big metropolises and stressed
the need for preparation of regional and sub-regional Urban Development
Plans.
Legislations:
Legislation is a source as well as an instrument of Public Policy. The State
seeks to achieve many of its policy objectives through enactment of laws.
A major difficulty in the articulation of urban land policy is the plethora of
existing legislation and regulation which govern the land market Planning
Commission 1989.These laws relate primarily to land use regulation which
restrict private rights, and direct intervention in the land market to gain
social control of land.
The most important constitutional provision in relation to Urban Land
Policy is article 19(1)(f) which confers on individual the right to property.
The operation of this provision is, however restricted by article 19(5)
which empowers the state to place reasonable restrictions on property
rights in public interest. It is this provision that enables the state to
directly acquire private lands or restricts private rights over land. The
various laws governing the land market passed by the Central and State
government may be classified as follows:
1. Town Planning Legislation including Urban
Development Authority Acts: To control the use of land
with a view to regulate its planned growth and
development.

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2. Land Acquisition Act: To acquire land for public
purposes.
3. Municipal enactment including building byelaws: To
control building activities.
4. Slum Improvement and Clearance Act: To improve
the living conditions of slum dwellers.
5. Urban Land Ceiling and Development Act: To
improve ceiling limits on land holdings and achieve
equitable distribution of urban land.
Objectives of Urban Land Policy:
The Committee on Urban Land Policy (1965) outlined four basic objectives:
1. Optimum social use of urban land.
2. Supply of adequate quantity of land at reasonable prices.
3. Encouraging community effort for land development and
housing.
4. Preventing concentration of land ownership.
Reference
1. www.wikipedia.org.
2. URBAN LAND POLICY – Author : A. RAVINDRA, page no.- 35-39
2.4 THEORIES OF LAND VALUES:
The concept of land value may be classified as “the monetary evaluation
of land use. It is dependent on both the present and the future use which ,
in turn , is influenced by the physical and economic characteristics of the
site and the social control of land use” ( Clarke , 1965 ). According to
Lichfield (1956), values are created and changed by the same forces that
create and change uses. Clarke has clarified that the value may also
change before any change of use actually takes place. For example, where
the site possesses value for a future use its potential is reflected in the
present price or rent. Value may, therefore, be classified as “current
value”, i.e., value for the present use or “potential value”, i.e. value for a
different and usually more valuable use at some future date.
Land value can be considered in two contexts. One is the market value,
which is the price of a land parcel negotiated at the time of sale of the
parcel, and the other is the assessed value, which is the estimated worth

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of the parcel made by a competent private or public assessor (Northam,
1975). The market value of a piece of land may be different from the
assessed value.
The first important work on urban land use values was written by R.M.
Hurd (1901), often regarded as the father of modern land economics. He
adopted the principles put forward by Ricardo for agriculture land to the
urban land.
Alfred Marshall (1916) introduced the concept of ‘location value’ which is
expressed in the financial advantage derived from the location of the site.
According to him, the site value was equal to the agricultural rental and
the location value. In other words, the urban land value is determined by
adding the location factor to the agricultural land value. One other factor
influencing the value of urban land is the amount of floor space in the
building.
R.M. Haig (1926) introduced the notion of the friction of space i.e.
hindrance to perfect or immediate accessibility, for without such ‘friction’
there would be no transport costs and all locations would be perfect. He
tried to establish a three-way relation of rent, transport costs and location
which is independent.
Ratcliff (1949), carrying forward the argument of Haig opined that the
utilization of land was ultimately determined by the relative efficiencies of
the uses in various locations. Efficiency in use is measured by the ability
to pay rent and the use that can extract the greatest return from a given
site will be the successful bidder. [1]
The Valuation Of Real Estate. Theory Of Land Values
Agricultural land has value because of its fertility, that is, its ability to
yield produce for its owners. However, the most fertile land is not always
the most valuable. Proximity to communities and to means of
transportation makes some agricultural land more valuable than other
land, more fertile but also more remote. In cities, towns and villages, land
is of use chiefly for placing buildings upon it. The use to which such
buildings may be put determines the value of the land in relation to the
other land in the community and their use depends to a great extent upon
their location.
Current Financial Crisis, and How Economic Theory should be
taught....
Yes, the current financial crisis highlights how scholars need to recast the
economic theory that they teach. The key concept that is missing today is
LAND VALUE. Classical economics divided factors of production into three:
land, labor, and capital. Beginning around 1920, scholars conflated land

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5
with capital. This left them totally unprepared to cope with or explain the
crash of 1929. At this time "macro-economics", as we now call it, rose to
the fore. For a time it eclipsed "micro-economics", which had degenerated
into the explanation of the allocation of resources among competing ends.
Gradually, micro-economics came back to be integrated with macro, but in
the process land value almost disappeared.
Scholars have "disappeared" land values in two main ways. One is to
conflate them with values of man-made capital, overlooking or trivializing
all differences. One obvious fault in this is that interest rates and land
rents vary inversely.
The other way is simply to trivialize land values as a quantity. This is
based on no respectable quantitative research whatever, and a systematic
ignoring of research showing land values to be a major element of wealth.
When it comes to the dynamics that lead to crises like that of 2008, land
values move in cycles of high amplitude, much higher than the values of
reproducible capital. When values are high and rising they lead to great
excesses of urban sprawl. These excesses fructify vast new areas around
growing cities, resulting in an overhang of "ripening" land that far exceeds
possible demands, resulting in a crash.
As to teaching money and banking, few or no texts recognize that
expanding banks, by taking land under and around speculative
developments, in effect "monetize" those speculative land values. When
the wave of land values ebbs, and debtors default, banks have to
contract, as they are now. Yet economic theorists, and those statesmen
whom they have trained, attend mainly to the froth on the waves, ignoring
the basic wave of land value that drives the cycle.
Another and related fault in theory is to ignore the turnover of capital. In
a boom of land values, capital goes into investments that pay out slowly.
The basis of allocating loans is not marginal productivity, but collateral
security, as perceived by bankers who do not distinguish land from
capital. The loan turnover of banks slows down, because a bank, no
matter how positive its balance sheet, cannot lend much faster than its
debtors repay their loans. The result is to slow down new loans and seize
up the system, as we see today.
Tax theory is now based on the fallacy that a progressive tax must also be
one that suppresses and distorts incentives. This reflects economists
ignoring the high concentration of the ownership of land, and the positive

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5
incentive effects of taxing land in lieu of work, enterprise, building, and
income-creating investing. [2]
Land value taxation (LVT)
Is an ad valorem tax on the value of land. This ignores buildings,
improvements, and personal property. Because of this, LVT is different
from other property taxes on real estate — the combination of land,
buildings, and improvements to land. Every jurisdiction that has a real
estate property tax has an element of land value tax, because land value
contributes to overall property value.
Most taxes distort economic decisions. If labor, buildings, machinery or
plants are taxed, people are dissuaded from constructive and beneficial
activities. The efficiency are penalized due to the excess burden of
taxation. This does not apply to LVT, which is payable regardless of how
well the land is actually used, because the supply of land is inelastic.
Market land rents depend on what tenants are prepared to pay rather than
on the expenses of landlords, and so LVT cannot be passed on to tenants.
The only direct effect of LVT on prices is to lower the market price of land.
In the other way, LVT is often said to be justified for economic reasons
because if it is implemented properly, it will not deter production, distort
market mechanisms or otherwise create deadweight losses the way other
taxes do.
Nobel Prize winner William Vickrey believed that "removing almost all
business taxes, including property taxes on improvements, excepting only
taxes reflecting the marginal social cost of public services rendered to
specific activities, and replacing them with taxes on site values, would
substantially improve the economic efficiency of the jurisdiction." A
correlation between the use of LVT at the expense of traditional property
taxes and greater market efficiency is predicted by economic theory, and
has been observed in practice. [3]
Reference
1. Alan W. Evans, the Theory of Land Values. Publisher – University of
reading department of Economics, 1988.
2. http://chestofbooks.com/real-estate/Real-Estate-Principles-
Practices/chapter-XIV-the-valuation-of-real-estate-theory-of-land-
va.html, paragraph 1 and 2.

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5
3. Land value taxation in theory and practice. By Charles theory
Chomley, Robert Leonard Outhwaite. Page no. 76
2.5 ACTS:
Land Use and Building Act (132/1999, amendment 222/2003 included):
General objective of the Act:
The objective of this Act is to ensure that the use of land and water areas
and building activities on them create preconditions for a favourable living
environment and promote ecologically, economically, socially and
culturally sustainable development.
The Act also aims to ensure that everyone has the right to participate in
the preparation process, and that planning is high quality and interactive,
that expertise is comprehensive and that there is open provision of
information on matters being processed.
Objectives in land use planning
The objective in land use planning is to promote the following through
interactive planning and sufficient assessment of impact:
i. a safe, healthy, pleasant, socially functional living and working
environment which provides for the needs of various population
groups, such as children, the elderly and the handicapped;
ii. economical community structure and land use;
iii. protection of the beauty of the built environment and of cultural
values;
iv. biological diversity and other natural values;
v. environmental protection and prevention of environmental hazards;
vi. provident use of natural resources;
vii. functionality of communities and good building;
viii. economical community building;
ix. favourable business conditions;
x. availability of services;
xi. An appropriate traffic system and, especially, public transport and
non-motorized traffic.
Planning review
At least once each year, local authorities must draw up a review of all
planning matters that are or will in the near future become pending in the
local authority or the regional council and which are not of minor
importance (planning review). The review briefly explains planning matters
and the stage of processing reached as well as any such decisions and
other actions which have an immediate influence on the basic premises,
objectives, content and implementation of plans.

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5
Planning reviews must be publicized in a manner appropriate for their
purpose.
Objectives of building guidance
The objective of building guidance is to promote:
a) the creation of a good living environment that is socially functional
and aesthetically harmonious, safe and pleasant and serves the
needs of its users;
b) building based on approaches which have sustainable and
economical life-cycle properties and are socially and economically
viable, and create and maintain cultural values;
c) The planned and continuous care and maintenance of the built
environment and building stock.
Areas requiring planning
An area requiring planning is an area the use of which involves needs that
require special measures, such as road, water main or sewer construction
or arranging other areas. Provisions concerning areas requiring planning
also apply to construction where the environmental impact is so
substantial as to require more comprehensive consideration than the
normal permit procedure.
In a legally binding local master plan or building ordinance, local
authorities may also designate areas where, due to their location,
community development requiring planning may be expected, or where
land use planning is warranted by particular environmental values or
hazards, as areas requiring planning. An order in a local master plan or a
building ordinance designating an area as requiring planning may be in
force for a maximum of ten years at a time.
National land use objectives
National land use objectives are decided upon by the Council of State.
National land use objectives may concern matters which have:
a) international or more extensive than regional bearing on local structure,
land use, or the transport or power network;
b) a significant impact on national cultural or natural heritage; or
c) Nationally significant impact on ecological sustainability, the economy of
the local structure, or avoidance of environmental hazards.
When national land use objectives are issued, the general objectives of
this Act and the objectives for land use planning laid down in section 5
must be taken into account.
The Finnish Building Code
The competent ministry will issue technical and corresponding general
regulations and instructions supplementing this Act, which are published in
the Finnish Building Code. In addition, the ministry is in charge of

2
5
harmonizing regulations concerning buildings issued by government
authorities. Furthermore, regulations that concern building but are issued
under other legislation may also be included in the Building Code.
The regulations in the Building Code are binding. Instructions are not
binding, however, and approaches other than those suggested in them
may be applied if they meet the requirements set for building.
The regulations in the Building Code concern the construction of new
buildings. Unless otherwise specifically prescribed by the regulations, they
are applicable to renovation and alteration work only in so far as the type
and extent of the measure and a possible change in use of the building or
part thereof require.
Building restriction
A building restriction is in force in areas designated by the regional plan as
recreation or protection areas or areas for transportation or technical
service networks. The area covered by building restrictions may be
increased or decreased by a special order in the plan.
Land Acquisition (Companies) Rules, 1963:
The difficulties that come in the process of Land Acquisition in India are
immense, given the population density and the type of land use in the
country. This is evident from the fact that the fundamental issue in a
number of top stories in the past few years has been the Process of Land
Acquisition; be it Narmada Bachao Andolan or the recent Nandigram issue.
With number of State Governments demarcating lands as Special
Economic Zones the problem just is going to get worse. The evolution of
Law of Land Acquisition as it exists today in various forms in different
statutes in India has undergone an evolution in the last decade. Originally
the wishes of owners of property were totally irrelevant, but at present,
the law tries to provide various provisions for objections and alternative
remedies in case of inadequacy of compensation.
Exercise of the powers conferred by section 55 of the Land Acquisition Act
1894 (1 of 1894), the Central Government hereby makes the following
rules for the guidance of the State Government and the Officer of the
Central Government and of the State Governments, namely :—
1. Short title and application
a. These rules may be called the Land Acquisition (Companies)
Rules, 1963.
b. These rules shall apply to acquisition of land for all companies
under Part VII of the Act.
2. Definitions
In these rules:
a. “Act” means the Land Acquisition Act,1894 (1 of 1894); and

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5
b. “Committee” means the Land Acquisition Committee constituted
under rule 3
3. Land Acquisition Committee.
a. For the purpose of advising the appropriate Government in
relation to acquisition of land under Part VII of the Act the
appropriate Government shall, by notification in the Official
Gazette, constitute a Committee to be called the Land Acquisition
Committee.
b. The Committee shall consist of:
i. The Secretaries to the Government of the Departments of
Revenue, Agriculture and Industries or such other officers of
each of the said Departments as the appropriate Government
may appoint;
ii. Such other members as the appropriate Government may
appoint for such term as that Government may, by order,
specify; and
iii. The Secretary to the Department or any officer nominated by
him dealing with the purposes for which the company
proposes to acquire the land.
c.The appropriate Government shall appoint one of the members of
the Committee to be its Chairman.
d. The Committee shall regulate its own procedure.
e. It shall be duty of the Committee to advise the appropriate
Government on all matters relating to or arising out of acquisition
of land under Part VII of the Act, on which it is consulted and to
tender its advice within one month from the date on which it is
consulted: provided that the appropriate Government may on a
request being made in this behalf of the Committee and for
sufficient reasons extend the said period to a further period not
exceeding two months.
4. Appropriate Government to be satisfied with regard to
certain matters before initiating acquisition proceedings
a. Whenever a company makes an application to the appropriate
Government for acquisition of any land, that Government shall
direct the Collector to submit a report to it on the following
matters, namely :
i. that the company has made its best endeavour to find out lands
in the locality suitable for the purpose of the acquisition;
ii. that the company has made all reasonable efforts to get such
lands by negotiation with the person interested therein on
payment of reasonable price and such efforts have failed;
iii. that the land proposed to be acquired is suitable for the purpose;
iv. that the area of land proposed to be acquired is not excessive;
v. that the company is in a position to utilise the land
expeditiously; and

2
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vi. Where the land proposed to be acquired is good agricultural land
that no alternative suitable site can be found so as to avoid
acquisition of that land.
b. The Collector shall, after giving the company a reasonable
opportunity, to make any representation in this behalf, hold an
enquiry into the matters referred to in sub-rule (1) and while
holding such enquiry he shall :
i. in any case where the land proposed to be acquired is
agricultural land, consult the Senior Agricultural Officer of the
district whether or not such land is good agricultural land;
ii. determine, having regard to the provisions of sections 23 and 24
of the Act, the approximate amount of compensation likely to
be payable in respect of the land, which, in the opinion of the
Collector, should be acquired for the company; and
iii. Ascertain whether the company offered a reasonable price (not
being less than the compensation so determined), to the
persons interested in the land proposed to be acquired.
Explanation— For the purpose of this rule “good agricultural
land” means any land which, considering the level of
agricultural production and the crop pattern of the area in
which it is situated, is of average or above average
productivity and includes a garden or grove land.
c. As soon as may be after holding the enquiry under sub-rule (2),
the Collector shall submit a report to the appropriate
Government and a copy of the same be forwarded by that
Government to the Committee.
d. No declaration shall be made by the appropriate Government
under section 6 of the Act unless—
i. the appropriate Government has consulted the Committee and
has considered the report submitted under this rule and the
report, if any, submitted under section 5A of the Act; and
ii. the agreement under section 41 of the Act has been executed by
the company.
5. Conditions under which sanction may be given for transfer of
land.
Where a company for which land has been acquired under the Act
applies for the previous sanction of the appropriate Government for
the transfer of that land or any part thereof by sale, gift, and lease or
otherwise, no such sanction shall be given unless:
i. the proposed transfer of land along with dwelling houses,
amenities, buildings or work, if any, is to some other company
or where the company is a co-operative society, such transfer
is to any or all of its members, or

2
5
ii. where the land has been acquired for the erection of the
dwelling houses for workmen employed by the company, the
proposed transfer of the land along with dwelling houses, if
any, is to such workmen or their dependent heirs: Provided
that before giving any such sanction the appropriate
Government shall consult the Committee
6. Repeal.
All rules made by the appropriate Government for the guidance of its
officers with respect to acquisition of land for companies under Part
VII of the Act and in force immediately before the commencement of
these rules shall, to the extent of the repugnancy, cease to have
effect.
The Process of Land Acquisition
For the purposes of Land Acquisition Act of proceedings are carried on by
an officer appointed by the government known as Land Acquisition
Collector. The proceeding under the Land Acquisition Collector is of an
administrative nature and not of a judicial or quasi judicial character. When
a government intends to occupy a land in any locality is has to issue a
notification under Section 4 in the official gazette, newspaper and give a
public notice which entitles anyone on behalf of the government to enter
the land for the purposes of digging, taking level, set out boundaries etc.
The notification puts forward the intention of the government to acquire
and entitles government officials to investigate and ascertain weather the
land is suitable for the purpose. The section also makes it mandatory for
the officer or person authorised by the government to give a notice of
seven days signifying his intention to enter any or building or enclosed
court in any locality. This is a mandatory provision of the process of land
acquisition.
An officer or authorised person of the government has to tender payment
for all necessary damage, and dispute all disputes to insufficiency of
amount lie to the collector. Under Section 5(a) any person interested in
land which is notified under section 4 (who is entitled to claim an interest
in compensation) can raise an objection, in writing and in person. The
collector after making inquiry to such objections has to forward the report
to the government whose decision in this respect would be final. After
considering such report made by the collector under section 5(a) the
government may issue a declaration within one year of the notification
under section 4 to acquire land for public purposes or company, this
declaration is a mandatory requirement of the acquisition.
After the declaration under Section 6, collector has to take order
from the appropriate government weather state or central for the
acquisition of land under section 7. The next step in the process of
acquisition is that collector has to cause land to be marked out, measured
and appropriate plan to be made accurately, unless it is already done.
Requirement of this section deals only with approximation and does not

2
5
require exact measurement. An important process that takes place under
this section is demarcation which consists of marking out boundaries of
land to be acquired, either by cutting trenches or fixing marks as posts.
Object is to facilitate measurement and preparation of acquisition plan,
but also let the private persons know what land is being taken. It is to be
done by requiring body that is the government department or company
whichever be the case. Obstruction under Section 8 and Section 4 are
offence punishable with an imprisonment not exceeding one year and with
fine not exceeding fifty rupees.
Section 9 requires the collector to cause a public notice at
convenient places expressing government’s intention to take possession of
the land and requiring all persons interested in the land to appear before
him personally and make claims for compensation before him. In affect
this section requires collector to issue two notices one to the locality of
acquisition and other to occupants or people interested in lands to be
acquired, and it is a mandatory requirement.
Next step in the process of acquisition requires a person to deliver
names or information regarding any other person possessing interest in
the land to be acquired and the profits out of the land for the last 3 years.
It also binds the person by requiring him to deliver such information to the
collector my making him liable under sections 175 and 176 of the Indian
Penal Code. The object of this step is to enable the collector to ascertain
the compensation by giving him a vague idea.
The Final set of collector’s proceedings involve an enquiry by the
collector into the objections made by the interested persons regarding the
proceedings under section 8 and 9 and making an award to persons
claiming compensation as to the value of land on the date of notification
under section 4. The enquiry involves hearing parties who appear with
respect to the notices, investigate their claims, consider the objections and
take all the information necessary for ascertain the value of the land, and
such an enquiry can be adjourned from time to time as the collector thinks
fit and award is to be made at the end of the enquiry. The award made
must be under the following three heads:
 Correct area of land
 Amount of compensation he thinks should be given
 Apportionment of compensation
Section 11 makes it obligatory on the part of the collector to safeguard the
interests of all persons interested, even though they might not have
appeared before him. In awarding compensation the Land Acquisition
Collector should look into estimate value of land, give due considerations
to the other specific factors. Value of the property in the neighbourhood
can be used as criteria. The award should be made within 2 years.

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References
1) The Constitution of India
2) List of Statutes
a) THE LAND ACQUISITION ACT, 1894
3) List of Cases Referred
1. Somnawati v. State of Punjab AIR 1963 SC 151.
2. Ratni Devi v. Chief Commissioner Delhi AIR 1975 SC 1699.
3. Bali Malimambu v. State of Gujrat AIR 1978 SC 515.
4. Babu Barkya Thakur v. State of Bombay [1961] 1 SCR 128.
5. Balwant Ramachandran v. Secretary of State ILR 29 Bom 480.
6. Hamabai Framjee v. Secretary of State AIR 1914 PC 20.
7. Amulya Chandra Banerjee v. Corpn of Calcutta AIR 1922 PC 333.
8. Clark v. Nash (1905) Law Co. 1085.
9. Mathurbhai Hirajibhai Patel v. State of Gujrat AIR 1973 Guj 261.
10. Valjibhai Muljibhai Soneji v. State of Bombay AIR 1963 SC 1890.
11. V Doraiswami Pillai and Ors v. Government of Tamil Nadu AIR 1990 Mad
321.
12. Gajamand v. State of Madhya Pradesh AIR 2000 MP 2.
13. Valliammal v. State of Madras AIR 1967 Mad 332.
14. Pran Jivan Jaitha v. State of West Bengal AIR 1974 Cal 210.
15. Jayaram Reddy and Ors. v. The Land Acquisition Officer (1997) 2 MLJ
85.
16. Vellagapudi Kanaka Durga v. District Collector AIR 1971 AP.
17. Dossabhai v. Special Officer, Salsette ILR 36 Bom 599.
18. Revenue Division Officer, Trichinopoly v. Varadachai AIR 1944 Mad 271.
19. Ambyan Menon and Ors. V. State of Kerala AIR 1966 Ker 187.
20. Khub Chand and Ors. v. State of Rajasthan AIR 1907 SC 1074.
21. Narendrajit Singh and Anor. V. State of UP (1970) 1 SCC 125.
22. Raghunath Das v. District Collector of Deccan 11 CLJ 612.
23. Luchmeswar Singh v. Darbhanga Municipality ILR 18 Cal 99.
24. Ponnaira v. Secretary of State AIR 1926 Mad 1099.
25. Luitang v. Deputy Commissioner AIR 1961 Mani 31.
26. Ram Charan v. State of U.P. AIR 1952 ALL 752.
27. Hamabai Famjee v. Secretary of State ILR 39 Bom 279.
28. Province of Bombay v. Khushal Das AIR 1950 SC 222.

2
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3. BUILDING ECONOMICS
3.1 Architectural aspects of building economics
3.2 Rent control and other building acts
3.3 Economics of high rise buildings
3.1 ARCHITECTURAL ASPECTS OF BUILDING ECONOMICS:
3.1.a Increasing building efficiency through proper space
organization:
Manage space efficiency to decrease occupancy costs and optimize
utilization through accurate chargeback.

2
5
Adding space to an existing organizational footprint is not always a readily
available option. The Space Management application helps users improve
space efficiency and evaluate the true costs associated with space usage.
The reports resulting from a space management analysis will reveal how
each square foot or meter of space is being allocated, which can enable a
highly granular chargeback process. This can, in turn, improve
reimbursement rates from third parties who require accurate and
defensible space allocation and occupancy reports. With Space
Management, organizations can easily satisfy these needs and better plan
for current and future space needs across the enterprise.
Benefits
• Facilitates improved space efficiency to lower overall occupancy costs
• Automates space charge backs to accommodate specific billing and
reporting requirements
• Ensures space planning information is always accurate and defensible
by linking drawings with facilities and infrastructure data
• Allocates space usage and reports charge backs accurately to minimize
disputes
• Generates building performance reports based on IFMA ratios
Increase Space Efficiency to Lower Costs:
Efficient space usage can lower your occupancy cost per square foot or
meter, thereby increasing your organization’s profitability. Develop and
integrate intelligent databases and drawings to track the use of space in
your buildings. Flexible methods for collecting and organizing space
information support your specific reporting requirements. Further optimize
space with the optional ARCHIBUS Reservations and Hoteling applications,
which allow you to schedule the use of shared rooms or transient space
based on availability, chargeback rates, amenities, and seating capacity.
• Analyze space inventory information by department
• Generate space inventories with gross area, rooms, service areas,
vertical penetrations, and more
• Create trial layouts to compare space efficiencies of relocation or layout
scenarios.
Satisfy Reporting Requirements
Easy access to accurate square footage/square meter and usage
information makes it simple to satisfy external reporting requirements. If
your organization relies on third-party funding or reimbursement, the
difference between estimated and actual information can translate into
recovery of millions of dollars. Plus, the application’s easy to implement

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