The Synergic Effect of Walkability and Metro Ridership on Housing Prices of Transit-Designed Neighborhoods in Delhi

Abstract

Urban regeneration, especially in dense cities of emerging economies, requires mass public transportation supported by improved walkability, which reduces traffic and promotes health. A pedestrian-friendly environment and public transit ridership change urban life, including housing markets. In markets, convenient public transit can affect housing prices and demand. Due to their convenience and affordability, neighbourhoods near public transportation nodes are more expensive and in demand. Transit-designed communities usually have better walkability, which raises housing prices. However, these parameters can overvalue housing assets, risking local housing markets. The study examines how walkability and public transportation ridership affect Delhi's housing markets. The housing market changes in the Delhi metro catchment areas from 2010 to 2019 were reviewed. A total of 1039 sample apartments were studied, and the catchments of metro stations were assessed based on average walking speed, fetched using Google's time-distance matrix API. It was observed that, in general, in station catchments, the housing was overvalued until 2013. The findings suggest that Delhi's housing market was regenerating, and housing investment returns were lower than expected, but demand was consistent. After this, the housing market appears to have readjusted to actual valuation. The synergic effects of walkability and metro ridership growth on housing prices were assessed using Binary Logistic Regression. The study found that walkability and annual ridership growth moderately synergistically affected housing prices. However, the synthesis of walkability with other complementary variables can accelerate the escalation of housing market dynamics more tangibly and rapidly.