Posted by Mahagun India on September 29, 2015
“To meet the challenge of a rising population, our effort is not just restricted to provide a home, but it extends to provide the right environment to live life to the fullest.”
As quoted by the prime minister, the advent of smart cities and transit oriented development has set in with urbanization viewed as an opportunity and urban cities viewed as growth engines. With Indian cities urbanizing at an unprecedented scale and urban transport infrastructure being over capacitated, coupled with increasing pollution, traffic fatalities, congestion and sprawl; transit oriented development seems the perfect solution to integrated development.
Transit Oriented Development is essentially any development, macro or micro that is focused around a transit node, and facilitates complete ease of access to the transit facility thereby inducing people to prefer to walk and use public transportation over personal modes of transport. It is basically a planning technique that integrates land use and transportation to embolden people to live near transit and use it. Combined with different planning strategies, the TOD is expected to reduce the use of individual cars and encourage the use of transit. The design, configuration and mix of uses emphasize a pedestrian oriented environment with attractive street conditions and re -enforce the use of public transportation, without ignoring the role of automobiles. TOD’s mix residential, retail office, open space and public uses within comfortable walking distance, making it convenient for residents and employees to travel by transit, bicycle or foot, as well as by car.
Though, some of the elements of TOD might overlap with smart growth characteristics, the TOD has an additional goal to advocate people to use transit. The move is likely to boost investors’ sentiments, prodding them to invest in the region. Promoting mixed land use, the realty sector is bound to get more avenues to grow with development opportunities available both in the commercial as well as residential sector. The move will also facilitate and create a price check, opening up the supply of housing and office stock, which will moderate prices in the capital. A complementary mix-land use zone, blend of activities, and services located in proximity to each other will allow residents to travel to work, run errands, recreate and meet basic needs without the requirement of a personal conveyance. Experts believe that TOD can function well with the PPP development mode as government can provide all possible civic and transit facilities to one region and let the private players’ erect residential and commercial developments.
The TOD will definitely help redefine the fortunes of the Indian real estate sector. However, it is crucial that it has a comprehensive approach towards its goal. It needs to be flexible to adapt to different situations, look beyond creating compact physical form and should measure success rate at regional level. Moreover, proper regulatory mechanism is a primer to make the implementation of TOD a success.