NOISE AND PROPERTY VALUATION
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.