Recording and storing land information in the form of images or videos is one of the major tasks for variety of applications such as mapping terrains, survey programs or monitoring environmental conditions etc. Land data recording is done through remote sensing with the help of satellites or aircrafts. With the increasing demand of storing and sending land images results in lack of sufficient memory spaces and transmission bandwidth. Thus, there is a need of compression technique for efficiently utilizing the storage space and network bandwidth resources. There exist many compression schemes categorized into Lossy and Lossless depending upon the fact of losing some information from reconstructed image or not. Lossy schemes are preferable to those applications that can tolerate some loss and requires higher compression ratios whereas lossless schemes are used for applications that cannot afford a minor loss of information. Over the past few years, lossy compression schemes are under intensive interest because of achieving higher compression ratios. Hence in this work, we have focused on lossy compression schemes.