ENCLOSURE 7
Construction of a lend index (Index
Introduction
For the purpose of determining a land index to
reflect the average land value in the urban development
areas in the New Territories, it will be necessary to
take into account the values of land available for
disposal in accordance with the type of development
permitted thereon; appropriately weighted in accordance
with an agreed formula.
2.
The average land value in the urban development
areas in the New Territories as of the date of the
introduction of the new rate of compensation will be
assigned the base index 100.
Average Land Value
3.
The New Territories Administration publishes
at six-monthly intervals current market values of the
different categories of land within the major urban
development areas in the form of the Chart W (Enclosure 2
to Enclosure 1). For the purpose of calculating the
average land value it is proposed to take into account
three broad categories of land, namely -
(a) commercial/residential and residential
(b)
zone 1;
residential zones 2, 3 and 4; and
(c) industrial;
/in the
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