Market and Policy Paper:
An Evaluation of the Impact of
Density Regulation on Land Markets in Mumbai
Authors: Ramakrishna
Nallathiga
Start Page:
132
End Page: 152
Volume: 9
Issue Number: 1
Year: 2006
Publication: International Real Estate Review
Abstract: The economic
justification for regulation of land markets through land use controls and
other policy instruments is a well-studied subject in developed countries.
However, in the recent years, there has been an increasing realisation that
the regulation of urban land use and its development has been resulting in
some undesirable impacts, in particularly, on the operation of land or
property markets, which result in increases in land prices and a reduction
in the welfare of people. This paper presents an empirical evaluation of the
density regulation impact on land prices in Mumbai city. The study finds
that the impact of density regulation is highest on the already highly
demanded space in the CBD; also, the impact is significant in the suburbs.
The study results, however, need to be interpreted more carefully in the
light of other land use and housing regulations already in operation.
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