This video showcases the beauty and pace of development of the upcoming Hiranandani Palace Gardens project at Panvel, Navi Mumbai!
- Direct economic benefits: Travel Time savings, vehicle cost savings, transit option value, environmental benefits
- increase in property values
- land use changes,
- benefits of improved access to jobs & critical locations, benefits to employment wage & productivity
- Impacts in the following cases: Tyne & Wear Metro, Newcastle, U.K, Manchester Metro link, London Docklands Light Railway, Helsinki Metro, Finland, Vienna S-Bahn, Austria,Nantes, France
- House prices increased 2% within 200 meters of metro stations.
- Retail activity or office developments in proximity to stations does not appear to be directly linked to LRT.
- Development of 20 500 sq.m of offices and services in City centre.
- 50% of capital cost was recaptured through overall office development and job creation.
- In the best locations, dwelling prices raised by 11%.
- Price of property located within walking distance of the nearest railway or metro station increased 7,5% over other locations.
- Impact was most significant at a distance of 500-750 m., as opposed to adjacent locations, where values dropped. (Finland)
- Districts located along S-Bahn corridor have witnessed increases in number of new housing units of 18, 7% over 10 yr. period, as opposed to 4% and 10% in more remote locations.
- Distance from Metro: Hedonic Analysis – The variables which are having a significant impact on land value are-Distance of land from Metro Line, Distance of land from CP, Location of area, Income group.
- Among the variables ‘distance from the metro’ alone explains the 22% of the variation in the land value. Thus, the availability and proximity to metro, plays a major role in determining the impact of Metro on real estate prices.
- Properties within 500m of the metro line have experienced a higher land value change as compared to properties beyond 500m. Land value decreases as one moves away from the metro line.
- Within 500 mtrs of Metro Line, change in land value is higher and is more or less same for both the residential and commercial properties.
- Between 500m 1km change in land value is more for 15 to 1km, commercial properties
- Land use Effect
- The impact of metro on residential land value is less as compared to the commercial properties.
- For Residential area, on an average land value within 500m of metro line increased by11.3%. For Commercial area, on an average land value within 500m of metro line increased by 18.1%.
- Threshold limit for the residential properties is approximately up to 500m from metro line, whereas limit increases up to approximately 800m for commercial properties.
- Increase in land value is highly dependent on the income of the people occupying the area / These are also the areas which are planned
- Number of years of Operation of Metro
- Land Value changes are more consistent and higher after the operation of metro as compared to the construction and planning stage. (land value increases by 2- 4% every year.)
- Impacts on urban structure is significant. Integrated landuse transport planning M t – Metro contribution to land value rise is about 22%. A part value is captured in property taxes. Re-appropriation is difficult as they are 2 different agencies.
- Value capture is possible only if linked to additional FSI/TDR
- To reap benefits of better accessibility, redevelopment schemes for nonplanned/slum areas
- Right time to capture value – First Create Value and then Capture
You could soon take a fast train from CST to Navi Mumbai. The Central Railway’s proposed fast-train corridor on the harbour line will run almost parallel to the new Eastern Freeway.
While the railway line will go all the way to Panvel, the freeway will end at Ghatkopar to join the highway.
There is also a tentative plan to link the corridor with the under construction Nhava-Sheva sea link and connect it till Uran.
The freeway, being built by Mumbai Metropolitan Region Development Authority (MMRDA), consists of an elevated road from P D’Mello Road parallel to Chhatrapati Shivaji Terminus (CST) right up till Anik to connect with the Eastern Express Highway.
The 60-km rail link, partially elevated, will start from Carnac Bunder and will end at Panvel.
While the Central Railway has submitted the proposal to the state government for its approval because land acquisition will be required, the state is said to have sought funding from the World Bank to get the project completed in time for the new Panvel airport.
Railway officials said chief minister Prithviraj Chavan, who holds the transport portfolio, and Central Railway’s general manager Kul Bhushan, who also holds a powerful position in New Delhi, have shown a keen interest in the project and it would soon see the light of the day.
Discussions are on the practicalities of implementing the project. “There is no space along the existing corridor as it passes through dense localities. A new line towards the east side was the only practical idea. Earlier, trains used to run all the way till Ballard Pier and this is a revival of the same old corridor,” said an official.
“The new corridor will have a new set of trains, either air-conditioned or like the existing ones, and a new bridge over the creek. But all this will require a separate budget and probably a separate budget head or an independent body to get it implemented,” he added.
“These things could be a part of the third phase of the Mumbai Urban Transport Project that is still at the planning stage,” he added.
By Rajendra Aklekar | Place: Mumbai | Agency: DNA