Insecure property rights and the housing market: Explaining India’s housing vacancy paradox

Gandhi, Sahil; Green, Richard K.; Patranabis, Shaonlee

doi:10.1016/j.jue.2022.103490

Cited by 8 publications

(5 citation statements)

References 50 publications

(67 reference statements)

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“…According to real estate portals and online media, the average annual growth in housing prices in Delhi was nearly 14% and reached an all-time high in October–December 2012. Moreover, the unsold housing stock in Delhi declined by 11% compared to the previous fiscal year, indicating a continued upward trend in demand (Gandhi et al , 2022). However, the most significant surge in housing prices was observed in the outskirts of the National Capital Region-Delhi, such as Ghaziabad and Noida, due to rising employment opportunities and in-migration from other parts of the city.…”

Section: Study Areamentioning

confidence: 99%

Housing market shifts favouring transit-oriented development in emerging economies: the link between metro rails and housing price dynamics in Delhi

Agnihotri

Paul

2023

IJHMA

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Purpose This paper aims to understand the spatiotemporal influence of metro rail connectivity on housing prices in surrounding areas. The study assesses the average annual price shift for apartments around metro stations in Delhi during the previous decade, specifically from 2010 to 2019. The authors examine the spatiotemporal extents to which housing prices are determined by the prominence of metro stations and spatial development around metro stations. Design/methodology/approach The authors perform the cross-tabulation analysis to calculate chi-square values to test the hypotheses concerning the responsiveness of the housing market in Delhi to the number of locational variables in the areas connected with the mass public transportation system. Findings The empirical findings verify the existence of a housing market overvaluation in Delhi around metro stations until 2013, which was eventually re-adjusted after 2014. The key findings of the study suggest the role of location variables concerning metro rails in the shooting up of the housing prices in the city. In addition, the research establishes the association of annual housing price shifts to the metro rails in the short-term, mid-term and long-term in conjunction with the distance from the metro station. Originality/value In the market, the prices are often overvalued by real estate agents due to better connectivity to the metro stations. The overvaluation eventually causes massive downfalls in housing markets and rollouts as a risk for the investors. However, the effect of mass transportation on housing prices is mixed in nature, limited to a certain extent only and not as influential as frequently portrayed by the market forces. This effect loses colour with time.

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Section: Study Areamentioning

confidence: 99%

Housing market shifts favouring transit-oriented development in emerging economies: the link between metro rails and housing price dynamics in Delhi

Agnihotri

Paul

2023

IJHMA

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“…Another important consideration is ensuring that affordable housing is located in areas with access to public transportation, employment opportunities, and community services such as schools, healthcare facilities, and recreational spaces. This can help reduce transportation costs and improve quality of life for residents [4].…”

Section: Introductionmentioning

confidence: 99%

Planning of Affordable Housing for Slum Rehabilitation – A Review Approach

Saini¹,

Bairwa²,

Sharma³

et al. 2023

IJRASET

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This has been mainly attributed to shortage of public funds. However, some urban areas in these countries exhibit vibrant real estate markets that may hold the potential to bear the costs of regenerating slums. This paper sheds light on an innovative hypothesis to achieve slum regeneration by using waste products or affordable materials. The study seeks to answer the question “How can urban public policy facilitate slum regeneration, increase affordable housing”.

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“…Additionally, there was a shortage of 18.87 million dwelling units over the period 2012-2017. Despite this shortage, the vacant housing inventory increased by 73% between 2001 and 2011 (Gandhi et al, 2022). These vacant housings are government-provided and privately owned, with different reasons for being underutilized.…”

Section: Introductionmentioning

confidence: 99%

“…Additionally, there was a shortage of 18.87 million dwelling units over the period 2012–2017. Despite this shortage, the vacant housing inventory increased by 73% between 2001 and 2011 (Gandhi et al. , 2022).…”

Section: Introductionmentioning

confidence: 99%

Factors influencing residential location choice: learnings from the Indian context

Saini,

Pandit

2023

OHI

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PurposeThe purpose of the present study is to explore the factors that influence the residential location choice of households in the Indian context.Design/methodology/approachTwo sub-urban towns of Kolkata, i.e. Biddhanagar Municipal Corporation and Rajarhat Newtown, are taken as case studies. In total, 34 variables are considered related to the household's socioeconomic background (10), dwelling (3), travel (2) and level of importance of neighborhood characteristics (19). A revealed preference household survey is conducted, which resulted in the collection of 390 samples. Firstly, 19 level of importance variables are deduced to 3 latent factors using exploratory and confirmatory factor analysis. After that, a utility function is estimated using a multinomial logit regression to identify significant factors.FindingsThe results indicate the significance of car ownership, work travel time, work mode, monthly income, proximity to work, proximity to family/relative/friends, proximity to quality schools, quality of physical infrastructure such as water availability, power availability and housing typology among others in the residential location choice of households.Research limitations/implicationsKolkata, a major metropolitan area in eastern India, has been experiencing space constraints to cater to the housing demand of the ever-increasing population. Although satellite towns are being developed, the infrastructure landscape in such towns is uneven, resulting in more housing demand in one area than another. The study furnishes significant findings to develop more informed policies to attract households in low-demand areas and manage high-demand areas to achieve sustainable planning.Originality/valueConsidering the importance of geographical context, it is the first study on residential location choice, providing a perspective of household behavior from eastern India. It also shows the importance of physical infrastructure attributes in residential location choice for developing countries, which is seldom employed in the current practice. Moreover, previous studies (although few) done in India consider the objective value of location characteristics. The present study focuses on subjective value or the level of importance perceived by respondents.

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Insecure property rights and the housing market: Explaining India’s housing vacancy paradox

Cited by 8 publications

References 50 publications

Housing market shifts favouring transit-oriented development in emerging economies: the link between metro rails and housing price dynamics in Delhi

Housing market shifts favouring transit-oriented development in emerging economies: the link between metro rails and housing price dynamics in Delhi

Planning of Affordable Housing for Slum Rehabilitation – A Review Approach

Factors influencing residential location choice: learnings from the Indian context

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