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Real Estate Prices in Mumbai
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.
The authors would like to thank Sirus Libeiro for providing geographical information system support and excellent research assistance, and Vidyadhar Deshpande and Rajiv Jalota for their support. The authors would also like to thank Richard Arnott, Matthew Holian, Ramakrishna Nallathiga and Kala Sridhar for their comments. The usual caveat applies.
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