NOISE AND PROP­ERTY VAL­U­A­TION

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE -

An apart­ment lo­cated close to a cricket sta­dium or a school will be val­ued less than prop­er­ties not af­fected by the noise em­a­nat­ing from these fa­cil­i­ties. What’s also in­ter­est­ing is that a ground floor house fac­ing golf greens in a project will com­mand a premium com­pared to a sim­i­lar unit lo­cated on the 22nd floor.

All of this is be­cause of lo­ca­tion (of the prop­erty) and noise and sound.

The val­u­a­tion of a prop­erty is dic­tated by its lo­ca­tion. If a sta­dium is lo­cated close to a hous­ing com­plex and the res­i­dents have ac­cess to its fa­cil­i­ties, it pro­vides a prom­i­nent ad­dress and, there­fore, may com­mand a premium price. But if there is too much noise adding to the nui­sance value, the im­pact on pric­ing will be neg­a­tive, say prop­erty val­uers.

Many devel­op­ers are now try­ing to cre­ate projects with an ‘ex­clu­sive’ tag by build­ing them close to foot­ball or cricket sta­di­ums for sports lov­ing buy­ers. The premium at­tached to a prop­erty de­pends on the na­ture of fa­cil­i­ties on of­fer. It de­pends on the view pro­vided for by the prop­erty. Ac­cess to a sports or a club fa­cil­ity may add value to the prop­erty, says Rami Kaushal, man­ag­ing di­rec­tor, CBRE Con­sult­ing In­dia.

Prop­er­ties close to a For­mula-One race track will def­i­nitely be val­ued much more than oth­ers in the area.

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