Innovative financing and marketing strategies for open spaces – A case of Pune City in India

Abstract

AbstractUrbanization in India has been on a rise, as can also be seen in emerging economies like Brazil, China, and Indonesia. India in 2011 was 31.2% urban with 377 million living in urban areas, which increased to 34% in 2017. The urban population is set to increase to 590 million by 2030 placing pressure on Indian infrastructure, which will necessitate the construction of 700 to 900 million square meters of commercial, residential, gardens, parks, and open spaces, in order to meet the demands of urban population. In the present study, gardens and parks in the city of Pune (Maharashtra State, India) and their revenue and expenditure heads (for year 2018–19) have been administered. The paper aims to study how public sector owned gardens and parks can be better utilized for advertising, co‐working spaces, physical fitness centers and be converted into revenue generating assets for the city, which are currently acting as liabilities. Explorative research methodology has been utilized and the study is based on secondary data collected majorly from the local Municipal Corporation office. Important findings of the paper suggest – as to how under‐utilized public gardens and parks can be converted into multifaced, revenue generating areas without hindering the core objective of open places and thereby helping the city level corporation in smoothly fulfilling its roles and responsibilities. The paper would thus play a positive role in aiding the local government to look at innovative sources of financing and thus, reduce its financial dependability on higher levels of government.