This paper explores changing land values in the process of rapid urbanization in Dhaka, Bangladesh and its implications for urban land management and administration in the megacity. The study reveals that substantial increase in land values have resulted in land speculation among real estate and individual developers. Land values have increased by an average of 22.26% per year between 1990 and 2000, while the period spanning from 2000 to 2010 saw about 74% of yearly increase in Dhaka. The study revealed that due to increasing land values, prospective real estate developers are tempted to build housing in restricted areas defined by Dhaka metropolitan development plan such as flood zones, lakes, canals, ditch and drainage channels etc. The paper proposes a re-look at the causes of increase in land values and land speculations and the resulting environmental damage pointed out in this study as part of a broad urban land and environmental management strategy in rapidly growing megacities.
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