System of selling development rights as a land value capture instrument, and its possibilities to finance infrastructure

The goal of this research was to study one of the land value capture instruments called “Selling the Development Rights” in capital city of Georgia - Tbilisi. Objective was to identify if the instrument is capable to increase the revenue source for local government and help them finance infrastructure. In order to answer this question, three perspectives were identified and examined in study’s sub questions: (1) legal, (2) market and (3) administrative.