Behavior of Housing Prices Within the “Equi-influence” Zone of Metro Corridor in Mumbai, India: A Fuzzy Logic Approach
Effects of metro corridors in developing nations might have variable effects on the housing pricing in cities like Mumbai. Initially a speculative market affects the pricing patterns, but travel behavior and economic affluence of the users affect the demand of housing category. Considering the upsurge of prices in housing market in Mumbai in the last decade, this study attempts to analyze the effects of addition of metro corridor in the northern suburbs of Mumbai. Studies show that a metro-corridor has equal influence within a one-kilometer buffer zone. Hence, to analyze the effects, authors selected units on sale within one-kilometer buffer of the metro corridor; and further, estimated three different models using a fuzzy inference system. These models are (i) for one room kitchen and one bedroom hall and kitchen, (ii) for two-bedroom hall and kitchen and (iii) for three-bedroom hall kitchen. Housing prices (per square feet) were predicted by means of adaptive neuro fuzzy inference system, using exogenous parameters, such as, property characteristics (e.g. age of property, and built-up area), accessibility or connectivity (e.g. distance to metro station) & amenities (e.g. distance to different facilities and amenities). Results show that (i) the functions determined pricing as a whole, and (ii) pricing, though affected by metro corridor, effects of other parameters differed significantly with the user group, probably due to the differences in affordability, vehicle ownership, family structure and lifestyle factors.
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Supplemental Notes:
- This paper was sponsored by TRB committee ADB40 Standing Committee on Transportation Demand Forecasting. Alternate title: Behavior of Housing Prices Within the “Equi-influence” Zone of Metro Corridor in Mumbai, India: Fuzzy Logic Approach.
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Corporate Authors:
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Authors:
- Sangoi, Saumya
- Jain, Ashwini
- Jana, Arnab
- Bardhan, Ronita
- Velaga, Nagendra
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Conference:
- Transportation Research Board 95th Annual Meeting
- Location: Washington DC, United States
- Date: 2016-1-10 to 2016-1-14
- Date: 2016
Language
- English
Media Info
- Media Type: Digital/other
- Features: Figures; References; Tables;
- Pagination: 16p
- Monograph Title: TRB 95th Annual Meeting Compendium of Papers
Subject/Index Terms
- TRT Terms: Fuzzy logic; Housing; Prices; Rail transit; Real property; Transportation corridors
- Geographic Terms: Mumbai (India)
- Subject Areas: Economics; Planning and Forecasting; Public Transportation; Society;
Filing Info
- Accession Number: 01595648
- Record Type: Publication
- Report/Paper Numbers: 16-6894
- Files: TRIS, TRB, ATRI
- Created Date: Apr 1 2016 4:48PM