Objectives: The objective of this paper is to provide an easy-to-understand definition of what Urban Land Market Assessment is, why they are useful, what the parameters involved in one are, what types of ULMA there are, and what improvements can be made to them. Methods: This study primarily uses the 2007 ULMA done on Chennai as a framework to identify and list the basic parameters used in a ULMA and explains what they denote and why they’re important. It also uses some other local ULMAs to understand the different types and uses of ULMAs as well as uses some miscellaneous studies on Land Use and Land Value to explain those concepts in detail, as they are especially important to a ULMA. Findings: This paper details how to practically and feasibly conduct a Comprehensive Urban Land Market Assessment in a region. It shows the detailed process of conducting a ULMA and the important parameters to measure. It also lists some inferences to be made and improvements to be done to the ULMA process to make it even more relevant and useful. Novelty: This study suggests the addition of more parameters to the ULMA process to make it even more useful, those being - Topography, Soil, Fertility, Water Availability, Natural Drainage, Transport Network, Developmental Possibilities, Job Accessibility, and Existing Legal Framework. It also provides some inferences on the ULMA process to provide more helpful details on the best way to conduct a ULMA and things to keep an eye on while conducting one. It also provides newer, more efficient ways of measuring land value (Discounted Cash Flow Method and Sales Comparison Method).