scholarly journals Analyzing the Influence of Metro Stations on Commercial Property Values in Delhi: A Hedonic Approach

2021 ◽  
Vol 29 (4) ◽  
pp. 10-22
Author(s):  
Shaleen Singhal ◽  
Yogesh Tyagi
Keyword(s):  
Property Values ◽  
Commercial Real Estate ◽  
Hedonic Price ◽  
Transit System ◽  
Commercial Property ◽  
Hedonic Price Analysis ◽  
Before And After ◽  
Blue Line ◽  
Planning And Construction ◽  
The Impact

Abstract The effect of proximity to a transit system on property values has become a key issue of debate regarding public infrastructure and economic development. This article aims to examine the impact of selected stations along the Blue line of Delhi Mass Rapid Transit System (MRTS) on commercial property prices. The research analyzed 1,413 commercial property parcels sold before and after the commissioning of Blue line in 2005. Hedonic Price Analysis (HPA) was used to estimate the effects of proximity to the metro rail on commercial property values. The method was applied to two time periods, i.e., from 2000-2004 and 2005-2008, coinciding with planning and construction (pre-commissioning phase and the operation phase (post-commissioning phase) of metro rail using actual sale prices of commercial units. The results indicate that a station node shows a negative trend during the planning and construction period. However, the operation period has produced a significant price premium associated with commercial properties, connected with improved accessibility. The coefficients indicate that MRTS has induced an increase in prices from INR 732.80 to INR 246.19, and its radius of impact covers an area of approximately 1/2 km from the stations. The methodology and results provide insight with a specific focus on commercial real estate values in other metropolitan cities developing and expanding MRTSs.

scholarly journals The impact of Hurricanes on the value of commercial real estate

2021 ◽  
Author(s):  
Jeffrey D. Fisher ◽  
Sara R. Rutledge
Keyword(s):  
Real Estate ◽  
Property Values ◽  
Commercial Real Estate ◽  
National Council ◽  
Investment Performance ◽  
Individual Property ◽  
Property Type ◽  
Weather Events ◽  
Property Data ◽  
The Impact

AbstractCommercial real estate investors prefer coastal, gateway, markets for liquidity, demand density, and durable returns. Yet, these areas are more vulnerable to the effects of climate change from more intense and frequent weather events such as hurricanes and typhoons as well as to gradual changes such as sea-level rise. Recognition is growing of the risks that these events pose to investment performance, but little is known about how this risk has impacted property values and returns when an event such as a hurricane occurs. This is the first study to analyze the impact on property values and returns from hurricanes causing the most significant damage by value over the past 30-plus years throughout the nation. Using individual property data from the National Council of Real Estate Investment Fiduciaries database, we find a significant impact on the value and rates of return, after accounting for any additional capital expenditures for repairs, for properties that are in areas impacted by a hurricane, relative to areas that were not impacted by a hurricane. These impacts vary by property type and can last for several years after the hurricane hit land in the area.

scholarly journals The Relationship Between Road Infrastructure Budgetary Expenditures and Commercial Property Investment Returns. Case Study of Fadikpe Area Minna, Nigeria

2020 ◽  
Vol 8 (1) ◽  
pp. 187-196
Author(s):  
Suleiman Yakubu ◽  
Ajayi Adeyemi ◽  
Abass Sule ◽  
Rukaiyyat Ogunbajo
Keyword(s):  
Capital Investment ◽  
Public Capital ◽  
Road Transportation ◽  
Alternative Source ◽  
Road Infrastructure ◽  
Commercial Property ◽  
Before And After ◽  
Investment Returns ◽  
The Impact ◽  
The Relationship

Abstract The paper examines the relationship existing between commercial property investment returns and public capital investment (budgetary expenditures) on road infrastructure in Fadikpe area, Minna (Nigeria) with the aim of determining the degree of impact of public capital investment on commercial property investment returns. The paper addresses a pertinent policy and practice question on the impact of government’s budgetary expenditures on real estate sector of the economy. Government increasingly faces funding challenges in providing new infrastructure or improvement of existing ones, thus, keen to know the areas of greater impact of its expenditures and the extent to which the benefits from the impact may go in augmenting or providing funds (through tax) for new road infrastructure provision or repair of existing ones. The research uses the before-and-after case method to identify an increase in property values (rental and sales) as measured by the trend of property investment returns before-and-after budgetary expenditures. The results show that commercial property investment returns in the area increased after budgetary expenditure (road construction) took place. The results form the basis upon which the government should consider more budgetary allocations and expenditures related to road transportation infrastructure in its budgetary allocation decisions. The results also quantify the proposed alternative source of funding (property tax) that can be harnessed via capturing the increase in property investment returns.

scholarly journals Planning Bus Transit Unit in Sprawling Townships; Khurdha Road Junction, Odisha; India

2020 ◽  
pp. 95-109
Author(s):  
Siba Prasad Mishra ◽  
Chandan Kumar ◽  
Kumar Ch. Sethi ◽  
Mohammad Siddique
Keyword(s):  
Small Towns ◽  
Transit System ◽  
Traffic Jam ◽  
Bus Transit ◽  
Novel Approach ◽  
New Public ◽  
Planning And Construction ◽  
The Impact ◽  
Road Junction

The customized buses (CBs) is a novel approach of community transportations at present and have become popular mode of expanded municipal conveyance, modernized, gorgeous and traffic services. The CB is planned by combining long term demand and passenger’s comforts and necessities. Based on analysis of the passengers travel data from inland and abroad at a focused point, the development of the CB is to be planned and proposed in a small town like Khurdha Road Junction (Jatni) in Odisha.. Present study points out the glitches linked with the operation and maintenance, expansion of CBs depending upon increase in numbers of travelers and other factors like stop assortment, line plan, schedules, and the impact of the proposed new public bus transit system. Traffic excellence factors, like average speed, delays, traffic jamming, travel time, and cost were considered while planning for the new transit bus terminal. The small towns around the smart city Bhubaneswar is gazing at a grave commuting conundrum. The planning and construction of the bus transit at Khurdha Road junction (Jatni) is developed to cope with the sprawling township and save the roads from severe traffic jam. Economic analysis with environmental Impact assessment of the project is done.

The Impact of Shuttered Golf Courses on Property Values

2019 ◽  
Vol 11 (1) ◽  
pp. 2-15 ◽  
Author(s):  
Stephanie R. Yates ◽  
Lary B. Cowart
Keyword(s):  
Property Values ◽  
Golf Course ◽  
Golf Courses ◽  
Home Prices ◽  
Before And After ◽  
Shelby County ◽  
Specific Factors ◽  
The Difference ◽  
Home Values ◽  
The Impact

We measure the impact of a golf course as a residential amenity on surrounding home values in several communities in Shelby County, Alabama. We compare the values of homes in golf course communities (GCCs) and non-golf course communities, as well as the values of homes within these communities before and after the golf course closes. Using a methodology similar to Bond, Seiler, and Seiler (2002), we examine the sales prices of homes within GCCs both before and after a golf course closure to see how the closure affects the sales prices of homes and test for the significance of that difference. We calculate the difference in value for homes in GCCs before and after the golf course is closed and test for the significance of that difference. We estimate the degree to which specific factors explain the variance in home prices in these communities before and after the golf course closed. We find that homes in GCCs sell at a 9% premium compared to homes in non-GCCs. We also find that home prices in GCCs decrease by 17% after the related golf course closes; home prices for properties adjacent to a golf course diminish as well.

Impact of Urban Rail Transit on Residential Property Values in Hangzhou

2014 ◽  
Vol 580-583 ◽  
pp. 1306-1310
Author(s):  
Lian Fa Ruan ◽  
Jing Ping Yin
Keyword(s):  
Property Values ◽  
Positive Influence ◽  
Hedonic Pricing ◽  
Urban Rail Transit ◽  
Residential Property ◽  
Rail Transit ◽  
Transit System ◽  
Urban Rail ◽  
Residential Property Values ◽  
The Impact

This research investigates the impact of the first metro line (Line 1) in Hangzhou on its station-area residential property values. A hedonic pricing model shows that Line 1 had a statistically significant and positive effect on residential prices in its operation period. Compared with its construction phase, the impact did not change significantly, indicating that metro rail transit had a long-term positive influence on the station-area property values. These findings suggest that such capitalization is likely to lead to high-density and transportation-oriented development. While planning the urban rail transit system, such impact should be fully considered.

IMPACT OF WILDFIRES AND FLOODS ON PROPERTY VALUES: A BEFORE AND AFTER ANALYSIS

2016 ◽  
Vol 61 (01) ◽  
pp. 1640002 ◽  
Author(s):  
WASANTHA ATHUKORALA ◽  
WADE MARTIN ◽  
PRASAD NEELAWALA ◽  
DARSHANA RAJAPAKSA ◽  
CLEVO WILSON
Keyword(s):  
Natural Disasters ◽  
Natural Disaster ◽  
House Prices ◽  
Property Values ◽  
Policy Decision ◽  
Control Site ◽  
Property Market ◽  
Park Avenue ◽  
Before And After ◽  
The Impact

One of the most evident casualties of a natural disaster is the property market. The private and social costs from such events run into millions of dollars. In this paper, we use a unique dataset to examine the impact on residential house prices affected by natural disasters using a hedonic property (HP) values approach. For this purpose, we use data before and after a wildfire and floods from Rockhampton in central Queensland, Australia. The data is unique because one suburb was affected by wildfires and another was affected by floods. For the analysis, three suburbs namely Frenchville, Park Avenue and Norman Gardens are used. Frenchville was significantly affected by wildfires in the latter part of 2009 and to a lesser extent in 2012, while Park Avenue was affected by floods at the end of 2010, January 2011–2013. Norman Gardens, which was relatively unaffected, is used as a control site. This enables us to examine the before and after effects on property values in the three suburbs. The results confirm that soon after a natural disaster property prices in affected areas decrease even though the large majority of individual houses remain unaffected. Furthermore, the results indicate that the largely unaffected suburb may gain immediately after a natural disaster but this gain may disappear if natural disasters continue to occur in the area/region due to the stigma created. The results have several important policy decision and welfare implications which are briefly discussed in the paper.

scholarly journals On Estimating Household Demand for Outdoor Recreation from Property Values: An Exploration

1989 ◽  
Vol 18 (2) ◽  
pp. 140-148 ◽  
Author(s):  
Steven F. Edwards
Keyword(s):  
Outdoor Recreation ◽  
Property Values ◽  
Hedonic Price ◽  
Travel Costs ◽  
Hedonic Price Analysis ◽  
Total Surplus ◽  
Recreational Area ◽  
Price Analysis ◽  
The Cost ◽  
Property Markets

This paper explores how hedonic price analysis might be used to estimate the surplus benefits of local outdoor recreation when distance to the recreational site is captured in property values. The model is characterized by the endogenous choice of distance to a local recreational area by households in coastal property markets and by the capitalization of proximity in property values. Equilibrium occurs when the reduction in the cost of a property due to a marginal increase in distance to the recreational area equals the associated loss in recreational surplus resulting from increased travel costs. The theoretical model is applied in an exploratory analysis of the “demand” for distance to the nearest public beach from which total surplus benefits are estimated.

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