Transit oriented development: Game changer in real estate:
|Transit-oriented development (TOD)|
Transit-oriented development is a fairly new model of community development.
Essentially, it involves developing residential and commercial spaces as well as retail, healthcare and entertainment facilities in a manner that puts all of them within easy reach of the inhabitants.
The standard equation that is applied in transit-oriented development is that all developments must be within half a mile of good quality public transportation, or within a walkable distance.
Transit-oriented development brings many benefits with it:
Inhabitants of transit-oriented development areas can reach their places of work easily and with minimal transit, and likewise get back home faster.
This allows for more time spent with the family, which incrementally boosts well-being.
With significantly reduced commuting in transit-oriented developments as opposed to normal urban areas, pollution within the neighbourhood reduces drastically, leading to better health of the inhabitants.
Reduced traveling leads to increased household savings, and therefore better economic well-being.
In fact, people can choose to dispense with maintaining cars and two-wheelers altogether and rely solely on public transportation.
As a combined result of the above, both housing and commercial spaces in transit-oriented developments command a much higher demand than in normal urban areas - and therefore superior investment potential. Click to Read More