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Title: Real estate prices in Mumbai: Does the metro rail have an impact?
Authors: Gandhi, Sahil
Tandel, Vaidehi
Pethe, Abhay
Phatak, Vidyadhar
Risbud, Sushrut
Keywords: Informality
Issue Date: 2014
Publisher: SCOPUS
Economic and Political Weekly
Economic and Political Weekly
Series/Report no.: 49(9)
Abstract: The paper estimates the impact of various neighbourhood, spatial, and externality factors on residential prices in Mumbai. We find that distance from the central business district, proximity to the west coast, presence of slums, proportion of residential and commercial built-up areas, and proximity to the railway station have a significant impact on residential prices. Amenities and open spaces do not have any significant impact on prices. Further, we model the impact of the upcoming metro line on the residential prices. We find that the upcoming metro has no significant effect on prices. These findings have strong implications for policy decisions regarding introduction of land-based fiscal tools such as betterment levies for capturing land value appreciation that is expected to arise from new infrastructure.
Description: Gandhi, Sahil, Department of Economics, University of Mumbai, India; Tandel, Vaidehi, Department of Economics, University of Mumbai, India; Pethe, Abhay, Department of Economics, University of Mumbai, India; Phatak, Vidyadhar, Department of Economics, University of Mumbai, India; Risbud, Sushrut, Indian Institute of Management Calcutta, Kolkata, India
ISSN/ISBN - 00129976
Appears in Collections:Economics

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