Refining principles of compensation in land acquisition for urban renewal
- Pacific Rim Real Estate Society
- Publication Type:
- Conference Proceeding
- Proceedings from the PRRES Conference, 2014, pp. 1 - 13
- Issue Date:
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This paper examines the expanding purposes for which land is compulsorily acquired in Australia, and the evolving complexities in providing parity of value to the dispossessed party. Surveys are used and cases are examined in exploring the various purposes for land is acquired as well as the types of acquisitions which encompass partial versus total acquisitions. This provides a basis for establishing a framework which better supports the option for reinstatement and asks whether expanding items of disturbance and solatium paves the way for improving options for reinstatement. The paper makes it primary contribution through the development of a framework which expands options for reinstatement and articulates factors to be included under the heads of disturbance and solatium as distinct from market value. It further builds a case for a share in the uplift in value resulting from the acquisition of land in the case of economic development being the rationale for the acquisition.
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