Impact of green open spaces on housing price: a case study of Greater Noida

Abstract

Green open spaces are essential for sustainable urban development, contributing to environmental, social, and economic well-being. They enhance environmental quality, promote health and safety, and foster social cohesion while boosting property values. In India, particularly Greater Noida, the development of green open spaces has gained momentum, aligning with the Master Plan regulations that mandate 10-15% of urban areas be dedicated to accessible green spaces. These spaces significantly shape the housing market, influencing property values based on proximity to parks, schools, roads, and commercial hubs. In Greater Noida, the availability of green open spaces, improved infrastructure, and amenities creates positive externalities, which play a crucial role in real estate dynamics. Although these attributes are often reflected in premium location charges in tier 1 and tier 2 cities, many areas still lack systematic integration of such factors. While the positive correlation between green amenities and property values is acknowledged, the specific factors influencing this "green view premium" remain under-quantified, especially in the context of high-rise urban settings. This research estimates the impact of green open spaces on property values in Greater Noida using analysis of variance. By analysing the relationship between green space availability and housing prices, the study aims to guide urban planning policies and investment strategies for future green infrastructure in the region. The quantified green view premium provides a data-backed framework for developers to justify preferential location charges, informs local governments in formulating urban policies and potential park view taxes, and empowers homebuyers with clearer insights into the economic value of environmental amenities. Key words: Housing Price, Green View, Green open space, Proximity