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Assessing Impact of Freshwater Lake Ecosystem on Residential Property Prices using Hedonic Property Pricing approach: Evidence from Vellayanilake of Kerala

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Indian Journal of Economics and Development
Volume 16 No. 1, 2020, 125-130
DOI: https://doi.org/10.35716/ijed/20002
Indexed in Clarivate Analytics (ESCI) of WoS
NAAS Score: 4.82
UGC Approved: UGC Care List Group II

Aswathy Vijayan1*and Elsamma Job2
1Assistant Professor, and 2Professor (Retired), Department of Agricultural Economics
College of Agriculture, Kerala Agricultural University, Vellayani, Thiruvananthapuram-695 522 (Kerala)
*Corresponding author’s email: aswathysuresh15@gmail.com

ABSTRACT

The ecosystem services provided by wetlands can be direct or indirect. The direct services can be mostly valued through market prices, but the indirect service like aesthetic beauty and its impact on property prices surrounding the natural resource cannot be directly measured. To single out the economic effect of particular amenity which influenced the land property prices, the advanced valuation technique Hedonic property pricing was most popularly used. In this study, it was attempted to assess using the hedonic property pricing technique, the impact of the presence of the freshwater body, the Vellayani Lake on land property prices surrounding it. The results revealed that the marginal implicit price of getting one cent of land with lake view evaluated at mean property price of Rs. 2,44250 was Rs.79171. The total aesthetic value of land with the scenic beauty of the lake was Rs. 275.92 crores.

Keywords
Ecosystem services, Hedonic property pricing, marginal implicit price.
JEL Codes C82, Q51.

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