ANNOUNCEMENTS
Metro construction projects are undertaken in the cities that are densely populated and highly polluted. In future, the metro rail will certainly reduce the pollution and will encourage people to adopt these services in order to reduce pollution caused from large number of vehicles. But these metro rail projects lead to an increase in the noise and air pollution caused due to construction. There is a trade off involved in achieving the green economy in long run that is reducing pollution in long run. But on the other hand, there is a negative impact during in short run while the construction is taking place. An increase in noise pollution will lead to an increase in the health risk among the residents near the construction site. Not only the health risk but the monthly rental value near the construction site will also be affected. As they will be annoyed and will be facing large health problems due to increasing noise pollution. So, they will not be willing to live in these areas when the construction is taking place. The objectives of the study are to analyse the noise pollution caused due to the construction of metro rail in residential areas and to determine the adverse effect on the rental value as they are located in the area where the noise pollution is very high. It targets to answer: “What will be the change in the monthly rental value due to the increasing risk of noise pollution among the residents in the districts of Delhi?”
A Hedonic Property Price Model is used to analyse the data. The data was collected through in – person interview. The research reveals that households are facing large number of health diseases and symptoms when they are exposed to high noise pollution. It was also established that the monthly rental value is decreased due to the increasing noise pollution level in the area. There is an inverse relationship between the monthly rental value and the increasing noise pollution. The structural characteristics and some of the distance characteristics are significant with the monthly rental value when the Hedonic Property Price Model was run. The study is significant because noise pollution level is a major issue and maintaining noise level within the desirable limit will reduce health problems that are been caused due to noise pollution and will also minimize the changes in the monthly rental value.
Key Words: Construction, Hedonic Property Price Model, Monthly Rental Value, Health Impacts, Delhi.
