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Article
Publication date: 19 April 2024

Sumant Sharma, Deepak Bajaj and Raghu Dharmapuri Tirumala

Land value in urban areas in India is influenced by regulations, bylaws and the amenities associated with them. Planning interventions play a significant role in enhancing the…

Abstract

Purpose

Land value in urban areas in India is influenced by regulations, bylaws and the amenities associated with them. Planning interventions play a significant role in enhancing the quality of the neighbourhood, thereby resulting in a change in its value. Land is a distinct commodity due to its fixed location, and planning interventions are also specific to certain locations. Consequently, the factors influencing land value will vary across different areas. While recent literature has explored some determinants of land value individually, conducting a comprehensive study specific to each location would be more beneficial for making informed policy decisions. Therefore, this article aims to examine and identify the critical factors that impact the value of residential land in the National Capital Territory of Delhi, India.

Design/methodology/approach

The study employed a combination of semi-structured and structured interview methods to construct a Relative Importance Index (RII) and ascertain the critical determinants affecting residential land value. A sample of 36 experts, comprising property valuers, urban planners and real estate professionals operating within the National Capital Territory of Delhi, India, were selected using snowball sampling techniques. Subsequently, rank correlation and ANOVA methods were employed to evaluate the obtained results.

Findings

Location and stage of urban development are the most critical determinants in determining residential land values in the National Capital Territory of Delhi, India. The study identifies a total of 13 critical determinants.

Practical implications

A scenario planning approach can be developed to achieve an equitable distribution of values and land use entropy. A land value assessment model can also be developed to assist professional valuers.

Originality/value

There has been a lack of emphasis on assessing the impact of planning interventions and territorial regulation on land values in the context of Delhi. This study will contribute to policy decision-making by developing a rank list of planning-based determinants of land value.

Details

Property Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 8 December 2022

B.V. Binoy, M.A. Naseer and P.P. Anil Kumar

Land value varies at a micro level depending on the location’s economic, geographical and political determinants. The purpose of this study is to present a comprehensive…

Abstract

Purpose

Land value varies at a micro level depending on the location’s economic, geographical and political determinants. The purpose of this study is to present a comprehensive assessment of the determinants affecting land value in the Indian city of Thiruvananthapuram in the state of Kerala.

Design/methodology/approach

The global influence of the identified 20 explanatory variables on land value is measured using the traditional hedonic price modeling approach. The localized spatial variations of the influencing parameters are examined using the non-parametric regression method, geographically weighted regression. This study used advertised land value prices collected from Web sources and screened through field surveys.

Findings

Global regression results indicate that access to transportation facilities, commercial establishments, crime sources, wetland classification and disaster history has the strongest influence on land value in the study area. Local regression results demonstrate that the factors influencing land value are not stationary in the study area. Most variables have a different influence in Kazhakootam and the residential areas than in the central business district region.

Originality/value

This study confirms findings from previous studies and provides additional evidence in the spatial dynamics of land value creation. It is to be noted that advanced modeling approaches used in the research have not received much attention in Indian property valuation studies. The outcomes of this study have important implications for the property value fixation of urban Kerala. The regional variation of land value within an urban agglomeration shows the need for a localized method for land value calculation.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 15 April 2024

Seyed Abbas Rajaei, Afshin Mottaghi, Hussein Elhaei Sahar and Behnaz Bahadori

This study aims to investigate the spatial distribution of housing prices and identify the affecting factors (independent variable) on the cost of residential units (dependent…

Abstract

Purpose

This study aims to investigate the spatial distribution of housing prices and identify the affecting factors (independent variable) on the cost of residential units (dependent variable).

Design/methodology/approach

The method of the present study is descriptive-analytical and has an applied purpose. The used statistical population in this study is the residential units’ price in Tehran in 2021. For this purpose, the average per square meter of residential units in the city neighborhoods was entered in the geographical information system. Two techniques of ordinary least squares regression and geographically weighted regression have been used to analyze housing prices and modeling. Then, the results of the ordinary least squares regression and geographically weighted regression models were compared by using the housing price interpolation map predicted in each model and the accurate housing price interpolation map.

Findings

Based on the results, the ordinary least squares regression model has poorly modeled housing prices in the study area. The results of the geographically weighted regression model show that the variables (access rate to sports fields, distance from gas station and water station) have a direct and significant effect. Still, the variable (distance from fault) has a non-significant impact on increasing housing prices at a city level. In addition, to identify the affecting variables of housing prices, the results confirm the desirability of the geographically weighted regression technique in terms of accuracy compared to the ordinary least squares regression technique in explaining housing prices. The results of this study indicate that the housing prices in Tehran are affected by the access level to urban services and facilities.

Originality/value

Identifying factors affecting housing prices helps create sustainable housing in Tehran. Building sustainable housing represents spending less energy during the construction process together with the utilization phase, which ultimately provides housing at an acceptable price for all income deciles. In housing construction, the more you consider the sustainable housing principles, the more sustainable housing you provide and you take a step toward sustainable development. Therefore, sustainable housing is an important planning factor for local authorities and developers. As a result, it is necessary to institutionalize an integrated vision based on the concepts of sustainable development in the field of housing in the Tehran metropolis.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 7 December 2022

Peyman Jafary, Davood Shojaei, Abbas Rajabifard and Tuan Ngo

Building information modeling (BIM) is a striking development in the architecture, engineering and construction (AEC) industry, which provides in-depth information on different…

Abstract

Purpose

Building information modeling (BIM) is a striking development in the architecture, engineering and construction (AEC) industry, which provides in-depth information on different stages of the building lifecycle. Real estate valuation, as a fully interconnected field with the AEC industry, can benefit from 3D technical achievements in BIM technologies. Some studies have attempted to use BIM for real estate valuation procedures. However, there is still a limited understanding of appropriate mechanisms to utilize BIM for valuation purposes and the consequent impact that BIM can have on decreasing the existing uncertainties in the valuation methods. Therefore, the paper aims to analyze the literature on BIM for real estate valuation practices.

Design/methodology/approach

This paper presents a systematic review to analyze existing utilizations of BIM for real estate valuation practices, discovers the challenges, limitations and gaps of the current applications and presents potential domains for future investigations. Research was conducted on the Web of Science, Scopus and Google Scholar databases to find relevant references that could contribute to the study. A total of 52 publications including journal papers, conference papers and proceedings, book chapters and PhD and master's theses were identified and thoroughly reviewed. There was no limitation on the starting date of research, but the end date was May 2022.

Findings

Four domains of application have been identified: (1) developing machine learning-based valuation models using the variables that could directly be captured through BIM and industry foundation classes (IFC) data instances of building objects and their attributes; (2) evaluating the capacity of 3D factors extractable from BIM and 3D GIS in increasing the accuracy of existing valuation models; (3) employing BIM for accurate estimation of components of cost approach-based valuation practices; and (4) extraction of useful visual features for real estate valuation from BIM representations instead of 2D images through deep learning and computer vision.

Originality/value

This paper contributes to research efforts on utilization of 3D modeling in real estate valuation practices. In this regard, this paper presents a broad overview of the current applications of BIM for valuation procedures and provides potential ways forward for future investigations.

Details

Engineering, Construction and Architectural Management, vol. 31 no. 4
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 8 August 2023

Changro Lee

Unstructured data such as images have defied usage in property valuation for a long time. Instead, structured data in tabular format are commonly employed to estimate property…

Abstract

Purpose

Unstructured data such as images have defied usage in property valuation for a long time. Instead, structured data in tabular format are commonly employed to estimate property prices. This study attempts to quantify the shape of land lots and uses the resultant output as an input variable for subsequent land valuation models.

Design/methodology/approach

Imagery data containing land lot shapes are fed into a convolutional neural network, and the shape of land lots is classified into two categories, regular and irregular-shaped. Then, the intermediate output (regularity score) is utilized in four downstream models to estimate land prices: random forest, gradient boosting, support vector machine and regression models.

Findings

Quantification of the land lot shapes and their exploitation in valuation led to an improvement in the predictive accuracy for all subsequent models.

Originality/value

The study findings are expected to promote the adoption of elusive price determinants such as the shape of a land lot, appearance of a house and the landscape of a neighborhood in property appraisal practices.

Details

Data Technologies and Applications, vol. 58 no. 2
Type: Research Article
ISSN: 2514-9288

Keywords

Article
Publication date: 12 March 2024

Shuowen Yan, Pu Xue, Long Liu and M.S. Zahran

This study aims to investigate the design and optimization of landing gear buffers to improve the landing-phase comfort of civil aircraft.

Abstract

Purpose

This study aims to investigate the design and optimization of landing gear buffers to improve the landing-phase comfort of civil aircraft.

Design/methodology/approach

The vibration comfort during the landing and taxiing phases is calculated and evaluated based on the flight-testing data for a type of civil aircraft. The calculation and evaluation are under the guidance of the vibration comfort standard of GB/T13441.1-2007 and related files. The authors establish here a rigid-flexible coupled multibody dynamics finite element model of one full-size aircraft. Furthermore, the authors also implement a dynamic simulation for the landing and taxiing processes. Also, an analysis of how the main parameters of the buffers affect the vibration comfort is presented. Finally, the optimization of the single-chamber and double-chamber buffers in the landing gear is performed considering vibration comfort.

Findings

The double-chamber buffer with optimized parameters in landing gear can improve the vibration comfort of the aircraft during the landing and taxiing phases. Moreover, the comfort index can be increased by 25.6% more than that of a single-chamber type.

Originality/value

To the best of the authors’ knowledge, this study first investigates the evaluation methods and evaluation indexes on the aircraft vibration comfort, then further conducts the optimization of the parameters of landing gear buffer with different structures, so as to improve the comfort of aircraft passengers during landing process. Most of the current studies on aircraft landing gear have focused on the strength and safety of the landing gear, with very limited research on cabin vibration comfort during landing and subsequent taxiing because of the coupling of runway surface unevenness and airframe vibration.

Details

Aircraft Engineering and Aerospace Technology, vol. 96 no. 3
Type: Research Article
ISSN: 1748-8842

Keywords

Article
Publication date: 14 December 2022

Cassandra Caitlin Moore

This paper aims to explore the relationship between market pricing and design quality within the development industry. Currently, there is a lack of research that examines real…

Abstract

Purpose

This paper aims to explore the relationship between market pricing and design quality within the development industry. Currently, there is a lack of research that examines real estate at the property level. Development quality is widely believed to have diminished over the past decades, while many investors seem uninterested in the design process. The study aims to address these issues through a pricing model that integrates design attributes. It is hoped that empirical findings will invite broader stakeholder interest in the design process.

Design/methodology/approach

The research establishes a framework for assessing spatial compliance across residential developments within London. Compliance is assessed across ten boroughs, with technical space guidelines used as a proxy for design quality. Transaction prices and spatial assessments are aligned within a hedonic pricing model. Empirical findings are used to establish whether undermining spatial standards presents a significant development risk.

Findings

Findings suggest a relationship between sale time and unit size, with “compliant” units typically transacting earlier than “non-compliant” units. Almost half of the 1,600 apartments surveyed appear to undermine technical guidelines.

Research limitations/implications

It is suggested that an array of design attributes be explored that extend beyond unit size. Additionally, future studies may consider the long-term implications of design quality via secondary transaction prices.

Practical implications

Practical implications include the development of a more scientific approach to design valuation. This may enhance the position of product design management within the development industry and architectural services.

Social implications

Social implications may include improvement in residential design.

Originality/value

An innovative approach combines a thorough understanding of both design and economic principles.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 18 April 2024

Anton Salov

The purpose of this study is to reveal the dynamics of house prices and sales in spatial and temporal dimensions across British regions.

Abstract

Purpose

The purpose of this study is to reveal the dynamics of house prices and sales in spatial and temporal dimensions across British regions.

Design/methodology/approach

This paper incorporates two empirical approaches to describe the behaviour of property prices across British regions. The models are applied to two different data sets. The first empirical approach is to apply the price diffusion model proposed by Holly et al. (2011) to the UK house price index data set. The second empirical approach is to apply a bivariate global vector autoregression model without a time trend to house prices and transaction volumes retrieved from the nationwide building society.

Findings

Identifying shocks to London house prices in the GVAR model, based on the generalized impulse response functions framework, I find some heterogeneity in responses to house price changes; for example, South East England responds stronger than the remaining provincial regions. The main pattern detected in responses and characteristic for each region is the fairly rapid fading of the shock. The spatial-temporal diffusion model demonstrates the presence of a ripple effect: a shock emanating from London is dispersed contemporaneously and spatially to other regions, affecting prices in nondominant regions with a delay.

Originality/value

The main contribution of this work is the betterment in understanding how house price changes move across regions and time within a UK context.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 10 January 2023

Yaxin Ma, Fauziah Md Taib and Nusirat Ojuolape Gold

This study aims to merge the world’s proven ways of housing finance, including musharakah mutanaqisah, housing cooperatives and real estate crowdfunding, to present an alternative…

Abstract

Purpose

This study aims to merge the world’s proven ways of housing finance, including musharakah mutanaqisah, housing cooperatives and real estate crowdfunding, to present an alternative housing unaffordability solution based on the Islamic finance principle. It is intended to reduce the burden of funding for both sides (consumers and developers) and create win–win chances for all stakeholders, including intermediaries. By moving away from debt financing and merging the features of crowdfunding and cooperative, it is hopeful that the burden of home ownership will no longer be the case.

Design/methodology/approach

This paper presents the opinions of potential Chinese homebuyers (minority Muslims and most non-Muslims) and a few industry experts toward the proposed model via a mixed research method.

Findings

According to the findings, the majority of respondents agreed with the proposed paradigm. Just concerned that China’s lack of community culture and trust could pose a major threat to implementation. However, this paper argues that Chinese local governments may perform pilot testing in places where Islamic culture is prevalent. Their unique community culture and fundamental understanding of Shariah law may affect the viability of the proposed model.

Originality/value

The proposed model would increase the applicability of Islamic finance as a way of protecting the social order of communities in the spirit of upholding justice and fairness. A new type of housing loan based on musharakah mutanaqisah may squeeze out the real estate bubble and provide stakeholders with a multidimensional investment channel. In particular, the study identifies the impact of Chinese Islamic financing on government and cultural needs. It presents possible challenges for implementing the proposed model in reality and helps bridge the gap between theory and practice.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Abstract

Details

A Neoliberal Framework for Urban Housing Development in the Global South
Type: Book
ISBN: 978-1-83797-034-6

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