Real estate market led land development strategies for regional economic corridors - A tale of two mega projects

Mittal, Jay; Kashyap, Anil

Abstract

© 2015 Elsevier Ltd. The rapid population growth has outpaced the planning interventions in most large Indian cities resulting into unplanned, leapfrogged physical development and considerable transport challenges for intra-city and regional traffic. As an afterthought, these concerns have been addressed by formulation of spatial development strategies to guide rapid urban expansion creating planned real estate development opportunities, and to ease regional traffic movements. This paper is based on two unique case studies of regional transportation corridors developed in the fringe areas of rapidly growing mega cities - Kundli-Manesar-Palwal Global Corridor (KMPGC) in the national capital region of Delhi (16 million people and the largest city in India) and Sardar Patel Ring Road (SPRR) in the City of Ahmadabad, India (6 million people and the seventh largest city in India). Both the cases employed unique land development strategies to achieve the larger public purpose while creating planned land and real estate development opportunities. The KMPGC Delhi case employed compulsory purchase for reserving 325-foot wide right-of-way (ROW) and created multiple economic nodes as theme cities, strategically located along its 135km (84 miles) corridor. While, the case of SPRR Ahmadabad employed land readjustment (LR) technique for reserving 76km (47 miles) long and 200-foot wide ROW of a regional ring road. Using these two cases, this paper explains both types of land development processes and the financing models involved in these cases, and compares benefits and constraints of compulsory purchase and LR technique, especially in context of regional level real estate and economic development opportunities via new real estate markets as spatial corridors and economic nodes. The paper finally recommends a new hybrid model - a strategy for rapidly growing cities, where both models can be used in a hybrid form to achieve regional level public asset, create real estate market opportunities in fast growing fringe areas and achieve a planned development.

• Journal Article Type: Article
• Acceptance Date: Sep 1, 2014
• Online Publication Date: Feb 17, 2015
• Publication Date: Jun 1, 2015
• Deposit Date: Sep 8, 2017
• Journal: Habitat International
• Print ISSN: 0197-3975
• Publisher: Elsevier
• Peer Reviewed: Peer Reviewed
• Volume: 47
• Pages: 205-217
• DOI: https://doi.org/10.1016/j.habitatint.2015.01.026
• Keywords: land readjustment, land acquisition, regional transportation corridors, land value capture, real estate
• Public URL: https://uwe-repository.worktribe.com/output/832353
• Publisher URL: http://dx.doi.org/10.1016/j.habitatint.2015.01.026
• Contract Date: Sep 8, 2017