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Trends in Transport Engineering and Applications Original Research

Impact of Transit System on Housing Property Value in Order to Assess Transit-induced Gentrification

  1. Prashanth Shekar Lokku LEA Associates South Asia Pvt Ltd, Mathura Road, New Delhi, India
  2. Yaramala Swetha Department of Civil Engineering Government Polytechnic Pendurthi, Visakhapatnam, India
  3. Prasad CSRK Department of Civil Engineering NIT Warangal, India

Abstract

Today, the rapid transport system (RTS) stands as an indispensable solution to meet the travel demands of urban agglomerations worldwide. Ongoing research in this field underscores its significance. The implementation of RTS not only alleviates city traffic congestion but also contributes to achieving sustainability goals. Furthermore, assessing economic benefits with precision emerges as a crucial parameter for examination and analysis. In this context, a study was conducted to examine the impact of RTS in Hyderabad city, where the Hyderabad Metro Rail (HMR) operates on three lines, witnessing a steady rise in ridership. Focusing on two stations, Kukatpally and Ameerpet, the study utilized a hedonic model to gauge the impact on residential property values. Factors considered included proximity to metro stations, building area, train frequency, and distance to nearby amenities like schools, parks, and hospitals. The findings revealed a positive impact at Kukatpally metro station, indicating a decrease in property value with increasing distance from the station. Conversely, Ameerpet metro station exhibited a negative impact attributed to factors such as market potential, ridership, and inadequate land use management. The analysis may be useful in understanding of transit-induced gentrification as well. In addition to this, land use analysis was conducted to evaluate the mix of land uses before and after metro construction, employing the entropy index. The analysis demonstrated an improvement in mixed land use, with the entropy index shifting from 0.77 to 0.65.

Keywords

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