Development Rights refers to an approval granted for a real estate property for a use different from the current approval within the terms and conditions of the approval. In business valuation, Development Rights are classified as intangible assets because they are identifiable and the potential economic benefits can be accurately measured separately from tangible assets. A Development Right which permits a farmland to be converted into skyscrapers can command significant intangible value. Intangible assets are a class of assets without physical form (such as a building) yet generate economic benefits to the owners. To estimate the fair market value of development rights, business valuation analysts apply techniques under the market, asset and income valuation methods.