Analying the impact of intra-city public bus usage on residential property prices; a case of Nashik, Maharashtra

Abstract

This research explores the effect of intra-city public bus service on residential property prices in Nashik, Maharashtra, an urbanizing city. Using a mixed-methods strategy, the study explores how increased public transport accessibility affects property value. The Public Transport Accessibility Level (PTAL) model measures transit connectivity, while Footfall Heatmap analysis measures pedestrian activity near bus stops, indicative of transit usage intensity. The Difference-in-Differences (DID) regression approach identifies causal effects by examining property prices across neighborhoods with differing levels of bus service before and after transit upgrading. Results indicate that increased usage of buses and improved accessibility appreciably enhance surrounding property values, with prices being positively correlated with proximity to bus stops with high and medium levels of daily passenger footfall. The paper emphasizes the position of public transportation in influencing the urban housing markets, providing guidelines for policymakers and urban planners for maximizing transit-oriented development. In combining spatial and econometric modeling, this paper adds to understanding the intersection between public transport and real estate phenomena in mid-town Indian cities. Keywords: Public bus utilization, residential real estate prices, Nashik, PTAL, Footfall Heatmap, DID regression, transit accessibility, property valuation, urban planning.