Metro rail transport has emerged as the Mass Rapid Transport System (MRTS) in Indian cities, especially after the adoption of National Metro Policy 2016. While most of the metro rail transport projects have their technical and socio-economic feasibility established beforehand, the impact of such projects (either ex ante or ex post) is not much studied in existing literature. The current research attempts to fill the gap by focusing on the impact of Mumbai metro rail project on real estate/property markets and travel behaviour through a primary survey of resident households along the - Versova-Andheri–Ghatkopar (VAG) - corridor. The study finds that metro rail development has led to an upward rise in property prices/rents as well as transactions along Mumbai metro VAG corridor; there has been a travel behavior change in terms of modal shift, with a move towards metro rail. The travelers also reportedly experienced a reduction in travel time as well as traffic congestion after the operation of metro. The findings have two major implications: first, that metro rail can be promoted in cities as efficient and effective mode of public transport; second, there is scope for the city government to recoup some of the gains in real estate value/rents through value capture levies on properties along metro corridor.
The Impact of Metro Rail on Real Estate/Property Markets and Travel Behaviour: A Study of Mumbai Metro Corridor
Lecture Notes in Civil Engineering
International Conference on Construction, Real Estate, Infrastructure & Project Management ; 2023 ; Pune, India August 11, 2023 - August 12, 2023
30.03.2025
18 pages
Aufsatz/Kapitel (Buch)
Elektronische Ressource
Englisch
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