Transit Oriented Development a New Concept

In recent times the realty sector has had reasons to be upbeat and optimistic, that they are, however they cautious, as the sector is trying to recover from the slump towards recovery and the announcement of transit oriented development (TOD) could change the rules of the game, experts feel.

TOD, allows developers to maximize the floor ratio area in areas that are congested and in areas where there is a transport corridor, like a railway line, Metro line, Bus depot or bus transit going through, this could actually make the concept of housing for all come true.

This is a great plan as it increases the use of transit corridor, transit oriented development streamlines the floor space index which in turn creates revenue generating opportunity for the government. Market experts feel that this move will create a price check and it will open up the supply of housing and office inventories which will help in bringing the prices down, this will also encourage mixed use development projects that will benefit both developers and consumers.

The salient features of Transit oriented development (TOD) are very nice, for example transit oriented development will allow complete use of the floor space, what that also means is that setbacks have been taken care of and done away with which is a good thing especially for women as the area around wall nearby a rail line or bus corridor is not every time safe.

However as it is the case always in any announcement, there are challenges here too, for example transit oriented development talks about a single window clearance which is not always the case, however if the government can ensure a single window clearance than there will be a large number of developers who will line up to develop such projects(factuve), plus the success of such projects will also depend on the kind of locations the government selects and how serious the government is to see these projects through.

Careful and detailed planning and creating an effective strategy is required to manage traffic in these areas, the return on investment has be good for transit oriented (TOD) for this to be successful. The government can also look to attract Foreign Direct Investment (FDI) for these projects. We can see various project in urban city area which is developing using these concept. Mona City Flats, a real estate project is one of the example of this concept .