Posted in Finance, Accounting and Economics Terms, Total Reads: 600
Definition: Planned Urban Development – PUD
A Planned Urban Development (PUD) is a type of classification of zones within a community land at the level of a neighbourhood or a municipality or a city or a metropolitan agglomeration. It is generally located on a large single portion of land and helps in integrated development and developed according to a master plan under a unified control. The PUD can have various uses for the land which all complement each other such as housing, recreation, grounds, parks, gardens, commercial centers, industrial zones etc. Such a mix allows for the overall development of the society along with supporting the economy and providing employment for the labour force.
These areas are attractive and derive considerable attention from new house seekers as well as industries as they are properly planned and provide economic access to raw materials as well as human capital. PUD’s provide more flexibility in planning than a traditional zoning method. Under the traditional zoning situation, the whole land is divided into equivalent size lots with each of them meeting minimum zoning lot size requirement. On the other hand, if we consider a PUD, it is characterized by smaller lots where development is undertaken cluster wise on many portions of the site. The remaining site is left open and undeveloped. Thus such a method of clustering allows to provide a buffer zone and protect the environmentally sensitive zones and preserves the open land for recreational purposes or any other purpose in future.
Most often the local municipalities etc. provide incentives to PUD’s that leave a significant open land as it helps in maintaining ecological balance and contributes to the well-being of the society in the long run when used to develop gardens, parks etc.