Case Study
Teaching Note
Urban nature consisting of water bodies like lakes, wetlands, rivers and green spaces like parks/gardens, boulevards carry number of intangible benefits. Environmental conscious governments spend public money for the betterment of these assets in order to produce quality ecosystem services like recreational and aesthetics from them. Good water quality urban lakes, wetlands and reasonably maintained green spaces have significant amenity values that include provision of leisure and aesthetic enjoyment for the residents of the city. However, due to lack of proper quantification of the aesthetic and recreational benefits arising out of these assets, especially in developing countries, local municipalities fail to realize the real worth of such assets.
In a case study undertaken in Chandigarh city, proximity to Sukhna lake and Leisure valley chain of green spaces raised housing prices by about 10 % and 2 % respectively. Air quality showed significant improvement near green spaces. Science based evidence has shown that people were willing to pay for better environmental amenities through higher housing prices. This analysis can help in formulating a proper and justified residential collector rate deciding policy. This case study may also help in formulating optimum urban land use policy, integrated development of green spaces and water bodies besides taking care in proper upkeep of these assets by local authorities for better revenue realization on one hand and making city attractive from tourism angle on the other.
| Pub Date: | January 19, 2021 |
| Discipline: | Forestry |
| Subjects: | Developing a valuation policy for urban residential property based on proximity to environmental infrastructure |
| Source: | To get this case please email to elc@iifm.ac.in |
| Product #: | CS-01-ECO-20-PDF |
| Industry: | Forestry |
| Geography: | Chandigarh |
| Length: | 15 page(s) |
| Teaching Note: | Yes |