Published Paper Details:

Housing is one of the basic needs of society, the prices of which are affected even through a smallest variation in the surrounding. The variation is dependent on various factors. One of the major factor is the accessibility benefits available nearby the property, which is essential as one needs to commute almost every day for one�s own requirements. In the major cities of India, the most versatile option to commute is Metro Rail Transit System. Within the past few decades, Delhi NCR has faced rapid growth in urban development due to the improvement in road and highway systems as well as the introduction of new public transportation i.e. Metro Rail System. It has been almost 20 years till the commencement of Delhi metro but still a little research is available on its impact on real estate. So the study focuses on identifying the impact of metro rail transit system on the cost of residential properties located around the metro stretch. There are various attributes of properties located around metro stretch, which affects the cost of property either positively or negatively. So this paper focuses on to identify such attributes, rank them and then use it to create a model which can forecast the property price around a metro stretch using the selected attributes. Hedonic Regression is used to formulate three separate equations for Low Income Group, Middle Income Group and High Income Group properties, to forecast the property price around metro stretch. From the study it was concluded that the price of a property located around a metro stretch depends on various attributes which are listed and ranked in this paper. Secondly, that the metro has high impact in low income group areas and low impact in high income group areas. Further as the distance of property increases from the metro station, the value of property varies.