The Impact of Urban Greening on Residential Real Estate Development in Bhubaneswar, Odisha, India

Abstract

This study explores the impact of urban greening on residential real estate development in Bhubaneswar, Odisha, India, utilizing both primary and secondary data from 2010 to 2023. Primary data was collected through a survey of 100 residents, focusing on property values, housing affordability, and socio-economic dynamics in both greened and non-greened areas. Secondary data includes real estate market records, municipal reports, and information from greening initiatives. The statistical analysis reveals a strong correlation between proximity to green spaces and rising property values, with properties near green spaces seeing a 25% increase in value. Additionally, housing density increased by 40% in greened areas, particularly in suburban regions, compared to a 17% rise in non-greened areas. However, the study also highlights significant affordability challenges, as 75% of lower-income residents in greened areas reported difficulty affording housing. Displacement emerged as a key issue, with 50% of residents in greened areas observing the displacement of long-term residents due to rising rents and property taxes. The study identifies the phenomenon of "green gentrification," where urban greening leads to the displacement of economically vulnerable populations. Policy recommendations include inclusionary zoning, property tax relief, and the development of affordable housing near green spaces to prevent further displacement and ensure equitable access to urban greening benefits. These measures are essential for balancing the environmental and economic gains of urban greening with social equity.