Effect On Real Estate Market Economics Essay

Fixed assets consisting of land and edifice is termed as Real Estate. Real Estate can be defined as the belongings consisting of land, edifices including the infinite above it and the land below it. In the urban colonies, the monetary value tendencies in existent estate and the belongings rating plays an of import function in determining the economic growing of the metropolis and henceforth of the state.

The potency for developments of a few growing centres ( townships ) between Sabarmati and Gandhinagar has been examined for portion support of Metro Project and extra ridership on Metro system.

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The development of growing centres can besides assist in portion support of the tube system. The potency of development and possible funding of the undertaking through this development is discussed.

The treatments centered on handiness of land, to the extent it is possible to allow the land for belongings development along metro line, the likely acquisition monetary value and manner of acquisition, the growing scenario etc. With aid of GUDA and AUDA, it has been possible to allow the countries which can be acquired for belongings development intent in all three classs of institutional, commercial and residential.

The development of high velocity mass rapid theodolite system in the locality of the metropolis will pull people for buying the land in the nearby countries, thereby hiting up the land values in these countries ensuing in speedier development of the country. With the roar in existent estate development due to such conveyance system will profit the builders, developers and besides the bing land proprietors.

Aims

For value gaining control from belongings developments following three aims have been specifically analyzed:

( a ) Property Development ( Commercial, Institutional and Residential ) along Metro Corridor in GUDA country.

( B ) Selected pockets of belongings development along and near Metro Corridor in AUDA country.

( degree Celsius ) Value captures from increased FSI / FAR and levy of improvement charges along metro corridor ( up to 1 Km breadth ) on both sides of alliance.

Scope of the survey

The survey is confined to urban substructure undertakings like mass rapid theodolite system and its impact on the assets along the corridor in Ahmedabad City.

Choice of stretches is ahmedabad – gandhinagar and the sampling is carried out consequently nearby tube rail corridor.

The consequence on existent estate monetary values are expected to be concentrated at distances up to 1000m from the developing country of metro rail.

LITERATURE REVIEW

Introduction: –

Many metropoliss are facing jobs brought approximately by rapid population growing, such as traffic congestion, air pollution, and sprawling development forms. Growth causes these jobs because of the heavy trust on the car as the primary transit manner for the journey to work. To cut down this trust and thereby extenuate the unwanted side effects of population growing, the building or extension of a mass rapid theodolite system is frequently prescribed. One possible benefit of mass theodolite systems is population and employment compaction in the locality of developing countries ensuing from the entree advantage provided by these countries. Compaction is considered socially good because it increases transit backing, curbs urban conurbation, generates higher revenue enhancement grosss for in fiscal matters stressed cardinal metropoliss, and expands the employment chances of people who are transit dependant.

TYPES OF LAND USE PATTERNS: –

The street systems are classified as under: –

1. Rectangular Zone Model

2. Concentric Zone Model

3. Sector Zone Model

Form OF Transportation system: –

Transportation is of premier importance in the urban countries because of the complexnesss that are involved such as the manners, the battalion of beginnings and finishs and the sum and assortment of traffic. The chief intent of transit is to function the riders in order to avoid congestion and besides to supply installations for production, ingestion and distribution. Proper means of public conveyance would be a blessing for the low income occupants who are more likely to trust on public theodolite.

The assorted manners of transit are: –

Metro System: –

These systems run on fixed paths and is capable of transporting multiple riders at a clip i.e. around 60-80. These systems are frequently synchronized with assorted other systems, chiefly tube and theodolite rail where they serve as feeders. A modified version is the Metro Rapid Transit System ( BRTS ) , which has dedicated right of manner and can travel briskly inspite of heavy congestion.

Transit Rail System: –

The theodolite system comes in two classs, the first one being the ropeway rail system, which is composed of street autos runing in cardinal countries. The 2nd is the commuter rail system, where rider trains are developed to serve peripheral/suburban countries through a heavy or light rail system.

Metro System: –

Metro system is a heavy rail system with fixed paths, services and Stationss. The frequence of services tends to be unvarying throughout the twenty-four hours. Other feeder services are linked to the tube at several Stationss. The Metrolink Express for Gandhinagar and Ahmedabad ( MEGA ) is meant for an estimated 17 lakh commuters daily.

INTEGRATED APPROACH

Roumboutsos et al. , ( 2008 ) emphasised on the conveyance policy tendencies to strike a balance between the modernization of public services, with the debut of new eco-friendly conveyance manners, and the rational usage of the auto, through the debut of an increased figure of options to commuter, which would supply flexibleness while cut downing the environmental impact of urban conveyance.

The metropoliss are acquiring over crowded due to changeless migration of people from little towns in hunt of employment and to fulfill their basic demands. But the inefficiency of suiting such big Numberss has resulted in an urban conurbation. The worst hit country because of such uncontrolled turning population is the public conveyance service.

However, whilst improved integrating between the public conveyance manners helps people to travel about more easy and reduces the costs and incommodiousnesss of travel for the single commuter, it does non vouch improved pay-offs to the single conveyance operator. In order to procure societal public assistance, modulating public governments are required to step in enforcing or puting in steps by which integrating will be achieved and, later, modulating an otherwise deregulated urban public conveyance market. The metropoliss are spread outing in the outward way and the agencies of conveyance are merely non plenty to provide the demands of the people. The urban local organic structures have to function the turning suburbs with their bing fleet of metroes and with low ridership degrees and increase dependance on private vehicles have made most of the conveyance governments into loss devising ventures.

There is an immediate demand to incorporate the metropolis ‘s physical development with the transit services to hold a sustainable transit system in the long tally. This integrating would assist in work outing a bulk of jobs that the tube metropoliss face today such as air pollution, congestion and addition in accidents which are outgrowths of the barbarous rhythm of urbanisation.

FACTOR AFFECTING LAND VALUE

Wingo ( 1963 ) foremost tried to consistently analyse the relationship between the distance map of location and the urban land value by patterning the value of ingestion in conveyance. Distantial fading is a important characteristic of the location. Since every urban land usage activity should see the best location to get the most public-service corporations. He developed his celebrated location equilibrium theory which declared that transit costs can be substituted by the infinite costs or land values.

Alonso ( 1964 ) pointed out that land values are by and large determined in the urban country, more specifically talking, the value ( or the public-service corporation ) of the urban land should worsen with the increasing the distance to the CBD. In the metropolis centre, closeness to the chief route is of most importance, while the influence of neighbouring environment is ever less cared about. When the distance from the CBD is bit by bit increasing, the importance of immediate influence of the chief route cut down fast with the importance of neighbouring land uses increasing. After that range ( territory III ) it reaches the fringe of the metropolis where the distribution of commercialism

becomes rare and the environment of residential vicinity is much better, and they are no longer sensitive as in the metropolis centre.

METHODS OF VALUATION FOR OPEN LANDS

The unfastened lands can loosely be divided into two classs, viz. , urban lands and farm lands. The urban unfastened lands are classified in different ways such as residential, industrial, etc. S.C. Rangwala ( 2009 ) in his book of Valuation of Real Properties proposed the undermentioned three

methods adopted for the rating of urban unfastened lands:

1. Comparative Method

2. Abstractive Method

3. Belting Method

Comparative Method:

In this method, the assorted minutess of land are decently studied and so a just rate of land under consideration is decided. Therefore, the comparative method will be utile merely in instance of an active market where there are big Numberss of statistics available for comparing. The component of clip plays a critical function in this method. In instance of volatile markets, it is found that within a really short interval of clip, the grounds of sale chosen for comparing becomes undependable. land values in an urban country are determined by the corporate demands of existent belongings, both present and future. Hence, finally, the land values will be dependent on the factors which govern the monetary values of the developed existent belongingss.

Following factors are to be taken into history while doing analysis of sale cases:

1. Situation

2. Size

3. Shape

4. Frontage and deepness

5. Return frontage

6. Degree

7. Nature of Dirt

8. Land-locked land

9. Restrictions on development

If the urban unfastened land is leased out or is bring forthing net incomes, it is clear that the comparative method will non be utile. In that instance, the net one-year return from the land is worked out and it is capitalized at appropriate rate of involvement to get at the value of such land.

Abstractive Method

The abstractive method is utile when no information is available sing land dealing in the nearby country or in other words, the value of land where gross revenues are non happening often can be worked out by this method.

Following three distinguishable stairss are involved in this method:

I. A nearby belongings bringing rent is considered and its capitalized value is worked out by multiplying its net income by twelvemonth ‘s purchase. Let us state this to be C.

two. The estimated cost of the replacing of the above edifice is worked out and so, after doing due allowance for the depreciation, a figure stand foring the cost of the edifice entirely at present is obtained. Name this as

three. The difference C-S gives the value of the land and if A is the country of land, the cost per unit is equal to ( C-S ) /A. This unit cost of land is so used to happen out the value of unfastened secret plan under consideration. In this method, the more close the selected land resembles the land under consideration, the more the right value of the land will be obtained.

Belt outing Method

This method is used for the rating of large size secret plan with less frontage and more deepness. It is due to the rule that the value of land in general lessenings as the deepness of the secret plan additions or in other words, that the front land on the route side is more valuable than the rear land off from the route.

In this method, alternatively of gauging an mean rate of land, the secret plan of land under consideration is divided into different subdivisions or zones as shown in the figure on following page and different rates of land are estimated for each subdivision or zone. Normally the secret plan of land is divided into three belts.

The deepness of first belt near the route is appropriately adjusted. The deepness of 2nd belt is unbroken 50 % more than that of first belt and 3rd belt is unbroken 50 % more than that of 2nd belt.

Sing the size, form, location and assorted other factors impacting rate of land, a suited rate of land is estimated and taken for the first belt. For 2nd belt, two-third of rate of first belt is taken and for 3rd belt, one-half of rates of first belt are taken.

Impact OF TRANSIT INFRASTRUCTURE ON LAND VALUES

Bowes And Ihlanfeldt ( 2001 ) studied the consequence of tube on the belongings monetary values by taking into history both the positive and negative factors. A sum of four factors were identified, among which two were responsible for higher belongings values and two for lower belongings values in station countries. One of the positive factors is the entree advantage provided by rail Stationss in footings of reduced commutation clip or less touchable benefits such as a less nerve-racking commute, so commuters should be willing to pay for these benefits by offering more for belongingss near to inveigh Stationss.

The 2nd factor that may do higher belongings values in station countries is that Neighborhood commercial services, such as retail constitutions, may be attracted to these countries. Though chiefly meant to function clients coming through the theodolite station, these extra services may besides profit nearby occupants, irrespective of whether or non they ride the train. One factor that may counter these positive impacts is negative effects emitted by the station, such as noise, pollution, and the unsightliness of the station particularly if it includes a parking batch. The other negative factor is that offense may be higher in station countries, because of the improved entree to the vicinity provided to foreigners.

In the basic theoretical account, belongingss within a one-fourth of a stat mi from a rail station are found to sell for 19 % less than belongingss beyond three stat mis from a station. However, belongingss that are between one and three stat mis from a station have a significantly higher value compared to those farther off. These consequences suggest that houses that are really near to Stationss are affected by negative outwardnesss, but those at an intermediate distance are beyond the outwardness effects and benefit from the transit entree provided by the Stationss. The interactions between station propinquity and the belongings ‘s distance to the CBD centre show that householders are willing to pay more for a house within a stat mi of a rail station further from The centre in comparing to closer in.

This is expected because the cost nest eggs provided by theodolite are experienced on the line haul part of the trip, which is evidently greater for longer commutes. Finally, the interactions between house distance from a station and whether the station has a parking batch have negative coefficients in four of the five instances, but merely for houses from one-half to one stat mi is the coefficient statistically important. However, houses beyond three stat mis from a station sell on norm for 4.7 % more if the nearest station has a parking batch. This consequence suggests that householders who must drive to the nearest station in comparing to those who are able to walk, bicycle, or do a short tube trip are willing to pay for the convenience of parking at the station.

Bollinger and Ihlanfeldt ( 1997 ) formulated an econometric theoretical account in employment nearby the station countries. He found that the entire population has non increased but it has altered the composing of employment in the countries of public sector. His findings revealed that the employment in public sector additions with high degrees of commercial activity. The societal cost benefits for Atlanta ‘s Rapid Transit resulted to be higher than San Francisco ‘s BART services.

Impact OF DELHI METRO ON REAL ESTATE.

TRANSPORTATION INVESTMENT Impact:

Harmonizing to Prof. H.M.Shivanand Swamy

Direct economic benefits

– Travel Time nest eggs, vehicle cost nest eggs, theodolite option value, environmental

benefits

Indirect

– addition in belongings values

– land usage alterations,

– benefits of improved entree to occupations & A ; critical locations, benefits to

Employment pay & A ; productiveness

IMPACTS – OTHER Case:

– House monetary values increased 2 % within 200 metres of tube Stationss.

– Retail activity or office developments in propinquity to Stationss do non

look to be straight 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 creative activity.

– In the best locations, brooding monetary values raised by 11 % .

– Monetary value of belongings located within walking distance of the nearest railroad or

Metro station increased 7,5 % over other locations.

– Impact was most important at a distance of 500-750 m. , as opposed to

Adjacent locations, where values dropped. ( Finland )

– Districts located along S-Bahn corridor have witnessed additions in

figure of new lodging units of 18, 7 % over 10 yr. period, as opposed to 4 % and

10 % in more distant locations.

Land VALUES AS A FUNCTION OF DISTANCE FROM CBD:

Prof. H.M.Shivanand Swamy compares land value With Metro going operational

– The curve is going flatter

– Land values in fringe is increasing

– Changing Urban Structure – Alternate CBDs

– The consequence of improved entree! !

Land VALUES AND DISTANCE FROM METRO:

Prof. H.M.Shivanand Swamy compared Land value alterations analyzed in belts along metro line:

A & lt ; 500m

B 500m-1000m

C & gt ; 1000m

– Zone A shows impregnation in residential countries as there is no consequence of distance on land values.

– In the peripheral zones ‘E ‘ , ‘H ‘ and ‘K ‘ which are in developing phase ; impact is high and clearly seeable.

– There is an mean lessening of 8-10 % and 15-18 % in values as we move from belt ‘a ‘ to belt ‘b ‘ and ‘c ‘ severally

INTRA-ZONAL Analysis:

Land value analysis by subzones for zones E, G, H & A ; K

– Variation by clip ( before and after project completion )

– Variation by land usage

– Variation by distance from tube

Most belongingss in all zones lie between 10,000/- to 20,000/- per sqm

Besides the Metro installation, there are other factors which affect the land value

To measure grade of impact of on land values amore tube values, a more elaborate arrested development

analysis done utilizing other factors like:

i‚· location, dist from metro line, year of tube operation, substructure handiness, nature of development

Summary

1. Distance FROM Metro

Hedonic Analysis: The variables which are holding a important impact on land value are:

o Distance of land from Metro Line

o Distance of land from CP.

o Location of country.

o Income group.

i‚· Among the variables ‘distance from the tube ‘ alone explains the 22 % of the fluctuation in the land value. Therefore, the handiness and propinquity to metro, plays a major function in finding the impact of Metro on existent estate monetary values.

i‚· Properties within 500m of the tube line have experienced a higher land value alteration as compared to belongingss beyond 500m. Land value decreases as one moves off from the tube line.

i‚· Within 500 mtrs of Metro Line, alteration in land value is higher and is more or less same for both the residential and commercial belongingss.

2. Land USE EFFECT

i‚· Prof. H.M.Shivanand Swamy suggest that The impact of tube on residential land value is less every bit compared to the commercial belongingss.

i‚· Besides Prof. H.M.Shivanand Swamy said that For Residential country, on an mean land value within 500m of metro line increased by11.3 % . For Commercial country, on an mean land value within 500m of metro line increased by 18.1 % .

i‚· Threshold bound for the residential belongingss is about up to 500m from metro line, whereas bound increases up to about 800m for commercial belongingss.

i‚· Increase in land value is extremely dependent on the income of the people busying the country / These are besides the countries which are planned.

NUMBER OF YEARS OF OPERATION OF METRO

i‚· Prof. H.M.Shivanand Swamy says that Land Value alterations are more consistent and higher after the operation of tube as compared to the building and planning phase. ( land value additions by 2- 4 % every twelvemonth. )

TO CONCLUDE:

i‚· Finally Prof. H.M.Shivanand Swamy conclude from consequence ion of existent estate in Delhi due to metro rail undertaking are:

i‚· Impacts on urban construction are important. Integrated landuse conveyance planning.

i‚· Metro part to set down value rise is about 22 % . A portion value is captured in belongings revenue enhancements. Re-appropriation is hard as they are 2 different bureaus.

i‚· Value gaining control is possible merely if linked to extra FSI/TDR

i‚· To harvest benefits of better handiness, renovation strategies for nonplanned/ slum countries

i‚· Right clip to capture value – First Create Value and so Capture.

Research Focus

Besides Prof. H.M.Shivanand Swamy focal point on peculiar highlighted points such as:

Analyze land value alterations

Over Time – Undertaking Phase

Undertaking Formulation phase ( twelvemonth 1990-1996 )

Construction phase ( 1996- 2000 ) and

station undertaking ( 2001-2006 )

Over infinite

City Level

Across different areas/localities

Within vicinities

Decompose land value increases to metro and non-metro consequence

Remark on Value Capture

DEVELOPMENTAL TRANSFORMATIONS IN AND AROUND METRO STATIONS

RESIDENTIAL LAND VALUE AFTER METRO RAIL PROJECT IN DELHI

COMMERCIAL LAND VALUE AFTER METRO RAIL PROJECT IN DELHI

DATA COLLECTION

Methodology: –

The primary aim of the survey is to estimate the impact on existent estate monetary values due to the development of the MRTS corridor. The countries influenced by the development of MRTS were identified and the alterations were analyzed. The base rates were determined from the jantri and the bing market rates were determined through direct contact with the people and existent estate agents.

STUDY FRAMEWORK

A survey model was prepared to hold a set way for the informations aggregation. It is shown as under.

Fig.2 Study model

PHASES OF MRTS CORRIDOR

In a historic move that will revolutionise inter-city travel, the Gujarat Government has finalized the Ahmedabad-Gandhinagar Metro Rail undertaking. With a path length of 76 kilometers, the entire cost of the undertaking is Rs. 15,000 crore. This undertaking is developed with an purpose to supply universe category, comfy, safe and speedy travel between Gujarat ‘s capital ( Gandhinagar ) and its largest metropolis ( Ahmedabad ) .A

Choosing THE SAMPLE AREAS FOR STUDY

The sample countries were selected across the Ahmedabad- gandhinagar City nearby the MRTS corridor. Different parts each one of different economic strata viz. : higher income group, in-between income group and low income group were studied. The selected topographic points for survey are as under:

Visat gasoline pump

IIT Gandhinagar

Tapovan circle

Koba circle

Koba small town

PDPU

Rayasan

Dholakuva

CH-0

CH-2

CH-3

Police bhavan

Sachivalay

Akshardham

Property RATE TREND ANALYSIS

The sample countries chosen in the earlier portion of the survey have been studied and their belongings monetary values were determined harmonizing to the jantri rates of 2006 and 2011 as published by Ahmedabad Municipal Corporation ( AMC ) . The comparative analysis in the ulterior portion of the survey is easy and right analyzed.

Degree centigrades: Usershardik patelDesktopmp-2809-inner.jpg

Fig. 3 Different stage of BRTS and MRTS corridor

( Beginning: Metro-link express for Gandhinagar and Ahmedabad ( MEGA ) Co.Ltd )

F.P AND T.P NUMBERS NEAR OR FAR FROM THE SELECTED ROUTE

I: quest2.jpg

Location

T.P.S NO

T.P. Name

F.P. NO ( Near to MRTS )

Jantri Rate ( per sq.m )

F.P. NO ( Far to MRTS )

Jantri Rate ( per sq.m )

Difference between Near and Far Rates ( Rs )

Visat gasoline pump

21

CHANDKHEDA

94/2, 95, 97

28000

72, 73,76

26000

2000

IIT Gandhinagar

22

CHANDKHEDA-

140,141,142

27500

106,111

27000

500

Tapovan circle

44

MOTERA

37/1,37/2,38,39

27750

153, 197/2

26500

1250

Koba circle

44

MOTERA-AMIYAPUR

136/1, 136/2, 137

26500

22,30,32,34,36

26000

500

Koba small town

47

MOTERA-AMIYAPUR

12/2,12/3,15,15

27000

18/1,18/3,36,39

26000

1000

PDPU

52

RAYASAN

178,177,180

28000

99/4, 99/5,99/6

27350

650

Rayasan

52

RAYASAN

112,141,151

26500

111/2, 150,

25000

1500

Dholakuva

60

DHOLKUVA

10,12,13

30000

41,39,37

28000

2000

CH-0

SEC-0

DHOLKUVA

25,26,28,29/A

27800

28,28/A,28/B

27000

800

CH-2

SEC-2

DHOLKUVA

17/1, 20, 21,23

27000

412,413,414

26000

1000

CH-3

SEC-3

DHOLKUVA

129,131,134,136

26200

102,130,114,115

25000

1200

Police bhavan

26

SACHIVALAY

10,12,14,15

27500

15/1, 17/1, 18/1

26000

1500

Sachivalay

13

SACHIVALAY

15,17,19,20

29000

12,16,17/1

28000

1000

Akshardham

37 Sec-III

SACHIVALAY

117,121/1,115/2,126

30000

118,119/1,114

28500

1500

TABLE-1

JANTRI RATES OF PROPERTIES NEAR MRTS CORRIDOR FROM VISAT PETROL PUMP- AKSHARDHAM ( 2011 )

Table 2

Location

T.P.S NO

T.P. Name

F.P. NO ( Near to MRTS )

Jantri Rate ( per sq.m )

F.P. NO ( Far to MRTS )

Jantri Rate ( per sq.m )

Difference between Near and Far Rates ( Rs )

Visat gasoline pump

21

CHANDKHEDA

94/2, 95, 97

20000

72, 73,76

18000

2000

IIT Gandhinagar

22

CHANDKHEDA-

140,141,142

21000

106,111

19500

1500

Tapovan circle

44

MOTERA

37/1,37/2,38,39

20350

153, 197/2

19500

850

Koba circle

44

MOTERA-AMIYAPUR

136/1, 136/2, 137

19000

22,30,32,34,36

18000

1000

Koba small town

47

MOTERA-AMIYAPUR

12/2,12/3,15,15

21500

18/1,18/3,36,39

20000

1500

PDPU

52

RAYASAN

178,177,180

20500

99/4, 99/5,99/6

19000

1500

Rayasan

52

RAYASAN

112,141,151

19000

111/2, 150,

18000

1000

Dholakuva

60

DHOLKUVA

10,12,13

18500

41,39,37

17500

1000

CH-0

SEC-0

DHOLKUVA

25,26,28,29/A

21750

28,28/A,28/B

21000

750

CH-2

SEC-2

DHOLKUVA

17/1, 20, 21,23

20000

412,413,414

19000

1000

CH-3

SEC-3

DHOLKUVA

129,131,134,136

20500

102,130,114,115

21750

1250

Police bhavan

26

SACHIVALAY

10,12,14,15

22000

15/1, 17/1, 18/1

21250

750

Sachivalay

13

SACHIVALAY

15,17,19,20

22000

12,16,17/1

21000

1000

Akshardham

37 Sec-III

SACHIVALAY

117,121/1,115/2,126

22000

118,119/1,114

21500

500

JANTRI RATES OF PROPERTIES NEAR MRTS CORRIDOR FROM VISAT PETROL PUMP- AKSHARDHAM ( 2006 )

Location

Jantri Rate ( per sq.m ) 2011

Jantri Rate ( per sq.m ) 2006

Visat gasoline pump

28000

20000

IIT Gandhinagar

27500

21000

Tapovan circle

27750

20350

Koba circle

26500

19000

Koba small town

27000

21500

PDPU

28000

20500

Rayasan

26500

19000

Dholakuva

30000

18500

CH-0

27800

21750

CH-2

27000

20000

CH-3

26200

20500

Police bhavan

27500

22000

Sachivalay

29000

22000

Akshardham

30000

22000

TABLE-3

COMPERISSION OF JANTRI RATES OF PROPERTIES NEAR MRTS CORRIDOR FROM VISAT PETROL PUMP- AKSHARDHAM ( 2011 & A ; 2006 )

Fig. 5 Property Ratess Trend Analysis

As per belongings rates tendency analysis, jantri rate of 2006 is less every bit compared to 2011.

As market grows up from 2006 to 2011, the monetary value of belongings will increase uniformly.

Major jantri fluctuation is observed nearby akshardham and sec-0 country.

Besides the current market monetary value of akshardham and sec-0 is higher as compared to other country on the selected path

Factors Affecting Property Monetary values

The assorted factors impacting the belongings monetary values were identified for the arrested development analysis. The information collected is put into the undermentioned equation for arrested development analysis. The equation and variables equated through statistical analysis tool and the information is generated which is farther analyzed.

P=a+B1DB + B2AB + B3DC + B4 AP

Where,

P=Property Price

DB= Distance from MRTS

AB= Age of the land ( when proprietor get )

DC= Distance from nearest CBD

AP= Area of Property

B1, B2, B3, B4 = Coefficient of Regression

a= Constant of arrested development

Questionnaire based survey findings

The questionnaire based survey was carried out in the selected parts of Ahmadabad taking into history the countries where MRTS will be working. The sample size of the questionnaire is about 30. The analysis based on this would be more of a theoretical one sing the people ‘s perceptual experience and mentality towards the belongings monetary value due to MRTS system. The first portion of the questionnaire discusses about the current monetary value of belongings. The 2nd subdivision is a elaborate about the hereafter market monetary value of the due to MRTS undertaking. The summarisation of the informations and questionnaire format is as following:

QUESTIONNAIRE Format:

Name:

Occupation:

Topographic point of land:

Age of land

Fill in the inside informations as under: –

What is the distance of your belongings from MRTS corridor ( approx ) : –

Entire size of secret plan: –

What is the current belongings monetary value of your secret plan: –

Which type of development is to be done: –

What is the age of the belongings: –

What will be your future monetary value, if MRTS passes nearby your secret plan:

What is the market monetary value nearby your country:

Answer the undermentioned in yes or no ( Click the box ) YES NO

Do you believe MRTS will impact the manner of transit in your country?

Do you believe the development of MRTS corridor will be impacting your belongings monetary value?

Would you like to purchase a belongings merely next to the MRTS Station?

Do you believe development of MRTS has increased value of your belongings?

Tick the appropriate replies

What is the use of your belongings?

Residential

Commercial

Retail

Other ( delight specify )

What is the edifice type?

Vacant Land

Low Rise

Tenement

Bungalow

Other ( delight specify )

Remark related to altering in belongings monetary value due to MRTS undertaking

Topographic point:

Date: mark

Findingss from Datas

Table 4: – Topographic points of Data Collection ( present market monetary value )

Area

NO. OF LAND OWNER ( FOR QUESTIONNAIRE SURVEY )

Visat gasoline pump

2

IIT Gandhinagar

2

Tapovan circle

1

Koba circle

2

Koba small town

2

PDPU

3

Rayasan

2

Dholakuva

2

CH-0

2

CH-2

2

CH-3

2

Police bhavan

2

Sachivalay

3

Akshardham

3

Sum

30

All the samples were collected from the country where the MRTS will be working.

Property Monetary values Details.

From the questionnaire study of 30 samples, bulk land are lies in the scope of 3 crore to 5 crore

Property Price Rs.

Numbers

1,00,00,000 – 2,00,00,000

3

3,00,00,000-5,00,00,000

10

5,00,00,000-7,00,00,000

7

7,00,00,000-9,00,00,000

6

Above 10,00,00,000

4

Table 5 – Property Monetary value

Fig. 7 Property Price

QUESTIONNAIR SURVEY FOR PRICE VARIATION FROM VISAT PETROL-PUMP TO AKSHARDHAM DUE TO METRO RAIL PROJECT.

SR NO

Name OF THE OWNER

T.P.S NO.

T.P. Name

F.P. No

JANTRI RATE in sq.mt

Current MARKET PRICE per sq.mt

AFTER MRTS PRICE per sq.mt

Size OF THE PROPERTY in sq.yd

Age OF THE PROPERTY

Distance FROM MRTS

1

vijay bhai

21

chandkheda

94/2

26000

32000

35000

800

20

0.5 kilometer

2

jaydeep bhai

21

chandkheda

95

28000

35000

40000

1200

30

0 kilometer

3

rajdeep substructure

22

chandkheda

140

27500

35000

38000

500

5

0 kilometer

4

sukanya 3

22

chandkheda

141

26500

30000

33000

3000

2

0.5 kilometer

5

suvarna village-1

44

motera

37/1

27750

35000

42000

2550

8

0 kilometer

6

suverna village-2

44

motera

37/2

26500

30000

33000

1000

5

1 kilometer

7

iscon floora

44

Motera-amiy

136/1

26500

29000

32000

1200

2

0 kilometer

8

sachdev infra.

47

motera-amiy

12/2.

27000

30000

35000

4000

5

0 kilometer

9

kamlesh bhai

47

motera-amiy

15

26000

28000

30000

350

4

1 kilometer

10

radhe building

52

rayasan

178

28000

30000

33000

750

12

0 kilometer

11

jigar bhai

52

rayasan

177

28000

30000

35000

400

2

0 kilometer

12

sandipbhai

52

rayasan

180

27350

29000

30000

2500

5

1.5 kilometer

13

vyog infra

52

rayasan

112

26500

29000

32000

750

22

0 kilometer

14

jyant bhai

52

rayasan

141

25000

28000

30000

500

5

0.5 kilometer

15

divya finance company

60

dholakuva

12

30000

35000

42000

1800

7

0 kilometer

16

somit Sur com.

60

dholakuva

13

28000

30000

35000

550

10

1 kilometer

17

sanghath-8

sec-0

dholakuva

28

27800

32000

38500

1375

3

0 kilometer

18

rambhai

sec-0

dholakuva

29/a

27000

30000

32000

1230

50

1 kilometer

19

shapath-5

sec-2

dholakuva

17/1.

27000

32000

38000

1175

5

0 kilometer

20

shapath-6

sec-2

dholakuva

20

26000

28500

30350

1000

20

1.5 kilometer

21

trupti soc.co.housing.ltd

sec-3

dholakuva

131

26200

30000

35000

1450

15

0 kilometer

22

sai bunglow

sec-3

dholakuva

136

25000

28000

30000

700

2

0 kilometer

23

constabularies one-fourth

26

sachivalay

15

27500

30000

33500

1300

15

0 kilometer

24

constabularies one-fourth

26

sachivalay

12

26000

29000

31000

780

5

0.5 kilometer

A 25

vishram gruh

13

sachivalay

19

29000

35000

44000

5650

30

0 kilometer

26

curate nivas

13

sachivalay

17

29000

34000

40000

2000

30

0.2 kilometer

27

curate nivas

13

sachivalay

20

28000

31000

37000

1800

22

0.7 kilometer

28

akshardham

37

sachivalay

115/2

30000

37000

41500

700

40

0 kilometer

29

akshardham

37

sachivalay

121/1

28500

32000

40000

1100

35

0.2 kilometer

30

akshardham

37

sachivalay

126

28300

31000

38000

500

32

0.3 kilometer

CURRENT AND FUTURE PRICE VARIATION AS PER THE AREA ON SELECTED ROUTE

Valuess

Row Labels

Sum of CURRENT MARKET PRICE per sq.mt

Sum of AFTER MRTS PRICE per sq.mt

Akshardham

100000

119500

CH-0

62000

70500

CH-2

60500

68350

CH-3

58000

65000

Dholakuva

65000

77000

IIT Gandhinagar

65000

71000

Koba circle

59000

65000

Koba small town

58000

65000

PDPU

89000

98000

Police bhavan

59000

64500

Rayasan

57000

62000

Sachivalay

100000

121000

Tapovan circle

35000

42000

Visat gasoline pump

67000

75000

Grand Total

934500

1063850

3.6.5 CURRENT AND FUTURE PRICE VARIATION AS PER THE DISTANCE FROM SELECTED ROUTE

Valuess

Row Labels

Sum of CURRENT MARKET PRICE per sq.mt

Sum of AFTER MRTS PRICE per sq.mt

0 kilometer

512000

589500

0.2 kilometer

66000

80000

0.3 kilometer

31000

38000

0.5 kilometer

119000

129000

0.7 kilometer

31000

37000

1 kilometer

118000

130000

1.5 kilometer

57500

60350

Grand Total

934500

1063850

LINEAR TREND ANALYSIS

Fig. 10 Property Value-Distance from MRTS

Beginning: Primary Data

The plotting of distance of belongings from the MRTS show a diminishing tendency in the belongings value which implies that as the distance from the MRTS additions there is a lessening in the belongings monetary value.

Fig.11 Property Value-Age of the Building

Beginning: Primary Data

The plotting of age of edifice show a diminishing tendency in the belongings value which implies that as the edifice gets older there is a lessening in the belongings monetary value.

Fig. 12 Property Value-Distance from CBD

Beginning: Primary Data

The plotting of distance of belongings from the CBD show a immense diminishing tendency in the belongings value which implies that as the distance from the CBD additions there is a lessening in the belongings monetary value.

Fig. 13 Property Value-Area of the Property

Beginning: Primary Data

The plotting of country of belongings against belongings monetary values show a increasing tendency in the belongings value which implies that as the country additions there is a addition in the belongings monetary value.

REGRESSION ANALYSIS AND FINDINGS

In the statistical analysis of the informations the arrested development analysis have been analyzed with the aid of SPSS 16.0 package. These will give us the statistical significance of the different variables and besides would bespeak whether the distance from the MRTS is necessary or non.

REGRESSION ANALYSIS OF ENTIRE DATA

Property rate multiple arrested development analysis carried on the full informations set with the aid of SPSS 16.0 package gives the undermentioned consequences. The equation hence formed with its coefficients is as below:

P= 7.318E6 – 165559.115DB – 117684.470AB – 466685.553DC + 134054.387AP

Where,

P=Property Price

DB= Distance from BRTS

AB= Age of the edifice

DC= Distance from nearest CBD

AP= Area of Property

Table-8 Coefficients and their significanc

Beginning: Primary Data

Table-9 Descriptive Statistics

Beginning: Primary Data

Table-10 Model Summary

Beginning: Primary Data

Table-11 ANOVA Table

Beginning: Primary Data

R square which in this instance is 0.688 is the coefficient of finding. It is more towards 1 which signifies the discrepancy of the variable i.e. the monetary value of the belongings is explained by the equation.

The significance in this instance is.000 shows that there are about nil mistakes in the equation and the dependant variable is explained rather good by the independent variables.

The equation analyzed above has given merely one positive value i.e. in the instance of country of the belongings whereas other parametric quantities showed negative value which implies that the belongings monetary value additions in instance of positive values and lessenings in instance of negative values.

The arrested development equation formed has proved as a important equation through the values of Rsquare, f value and significance.

The variable of distance of CBD and country of belongings has a significance of 0.035 and 0.003 severally which is good below the significance degree of 5 % and indicates that it is an of import function in explicating the monetary value of the belongings in the survey country.

Other variables below the significance degrees of 10 % like distance from MRTS, age of edifice has somewhat lower importance in explicating the monetary value of the belongings.

REGRESSION ANALYSIS OF JANTRI DATA NEAR TO MRTS

Table-12 Coefficients and their significance Near to MRTS Corridor

Beginning: Primary Data

All the variables harmonizing to the jantri informations near to the corridor has a significance degree of less than 5 % and indicates there is a considerable alteration in the monetary value of the belongings following to the MRTS corridor.

REGRESSION ANALYSIS OF JANTRI DATA FAR TO MRTS

Table-13 Coefficients and their significance Far to MRTS Corridor

Beginning: Primary Data

The variables like distance from CBD and country of belongings harmonizing to the jantri informations far to the corridor from 0.5km to 1km has a significance degree of less than 5 % and indicates that it has an of import function in explicating the monetary value of the belongings in the survey country while distance of MRTS and age of edifice has a somewhat less significance.

Decision

The survey shows that there is a important rise in the belongings monetary values from the twelvemonth 2006 till twelvemonth 2011 harmonizing to the Jantri rates which are published by the authorities of Gujarat. The belongingss near and far to the MRTS corridor have important alteration in some countries.

The present survey shows that the development of MRTS corridor has significantly improved the criterion of life of the people shacking in the nearby countries. Benefits like nest eggs in vehicle operating cost, travel clip nest eggs etc. have a important impact.

It was observed from the survey that the prevailing market rates are hiked to about 600-700 % on an norm on comparing with the bing jantri rates. Hence the developers are paying less sum on cast responsibility.

The analysis of the full survey was carried out with the aid of SPSS Software and MS-Excel and it was found that the belongingss near to the MRTS corridor have high sensitiveness towards all the factors like distance from MRTS corridor, distance from CBD, age of edifice and country of the belongings.

The additive tendency survey shows that belongings monetary value additions with a big sum as the country of the land addition and besides rise in the belongings monetary value by sing the other parametric quantities.

SCOPE FOR FUTURE RESEARCH

The bing survey can be used:

To promote PPP construct for substructure undertakings.

To edify the public governments to make up one’s mind the rating of assets in a more logical and rational mode.

To develop a feeder conveyance web in the metropolis which can assist in increased ridership degrees on the MRTS corridor.