Land in terms of economics does not refer to the surface of soil, whereas it counts all the natural resources associated to the soil. With the rapid progression, land for agriculture is getting limited and is constricting each day due to constructional development. The natural resources are not being utilized in the proportion to continue the soft flow of agricultural benefits. With the time, land needs to be saved for agriculture. Economy is linked to the agriculture sector keenly.
In economically terms, land expansion refers to the policy of landing a customer with a small contract, and then selling into the organization to expand your footprints to more space, additional departments or more products and services.
The reasons behind the need of the land expansion are as following:
- Poor use of land and insecure land texture
- Inappropriate land management practices
- Human activities
- Salinity and Water logging
- Soil erosion
For instance, Human activities are promoting pollution which ultimately adversely effects land. Impact of pollution and over population are causes improper utilization of land. And to over the problem, Land needs to be expanded. The natural resources are required to get utilized in the most useful ways keeping insight to future.
A study found that a country with strong property rights were associated with 5 percent of increase in the GDP growth. Moreover, average annual growth of per capita income by 6 to 14 % points.
With the passing time, land is being less utilized or is not fully utilized along with the natural resources. And the scarcity of land is casing increase in costs. Urban expansion will result in a 1.8% – 2.4% loss of global croplands by 2030 with substantial regional disparities. About 80% of global cropland loss from urban expansion will take place in Asia and Africa while much of the cropland that will be lost is more than twice as productive as national averages. Asia will experience the highest absolute loss in cropland, whereas African countries will experience the highest percentage loss of cropland. Globally, the croplands that are likely to be lost were responsible for 3–4% of worldwide crop production in 2000. Urban expansion is expected to take place on cropland that is 1.77 times more productive than the global average. The loss of cropland is likely to be accompanied by other sustainability risks and threatens livelihoods, with diverging characteristics for different regions.
With the increase in the significance and value of land, the price also boosts accordingly. The Land costs a huge sum where the soil is fertile and productive. There are plethora of reasons impacting real estate’s prices, availability and investment potential. In the past few decades, constructional works have been significantly increasing. Similarly, according to the fertility, productivity, location, natural site and with multiple possible ways of utilizing the land, the cost of land also increases. People buying land for construction consider the spot and the economic value of the plot or piece of that land.
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