Land use planning activities in developing world including sub-Saharan countries has been criticized as being outdated models and practices of physical planning. The existing land use regulations and urban planning codes have precipitated procedural rigidity on builders and property developers and have resulted in haphazard development, slum and urban sprawl. The aim of this paper is to examine the application of relational indicatorset model in planning of Lagos mainland local government area. Estate surveyors and valuers, town planners and property developers in Lagos metropolis were randomly selected and questionnaire was administered to them. 85% of the questionnaire was returned. The analysis of the questionnaire was carried out using frequency, mean, variance, Pearson correlation, relative index and multiple regressions. Some of the objectives suggested for the study area include promoting redevelopment of older and obsolete residential area, maximizing benefit derived from investment in community facilities and infrastructure and to ensure that the area is served by attractive commercial areas in appropriate locations to meet the needs of residents and visitors. In addition, the analysis revealed that there is a significant interrelationship among the indicators and that the objectives of planning are determinant of enhanced property values. Hence, land use plan should be scrutinized, monitored, evaluated using indicators that are sufficiently flexible to accommodate periodic modifications to fulfill its objectives.