Abstract
Over time, the government of Pakistan introduced several strategies to deal with the issue of slums in its capital city, Islamabad. Contrary to the traditional strategies that primarily focus on the tenure security of occupants, the strategy of slum redevelopment is more composite. It involves the up-gradation of slums in their existing sites as well as the demolition of slums from the posh areas. The present study is first to empirically investigates the outcomes of the slums redevelopment policies on the value of adjacent residential properties. Using a rental valuation based hedonic price model, the study examined the spillover effects of an urban slum up-gradation and eviction projects on the nearby housing values. The results show that the redevelopment of slums reduces the adverse effects on residential value. It is essential for the urban planners to cautiously include the slum redevelopment projects spillover effects on the adjacent property value in different geographical locations, to maximize the net positive effects of improvements on the neighborhood.
Highlights
The fast-growing urbanization has consistently been a distinctive characteristic of the process of development and has almost been continuously accompanying by the fast growth of informal settlements, squatter settlements, slums, and other uncontrolled settlements (Asian Development Bank and Inter-American Development Bank, 2014; Malik et al, 2020)
Slums had always been considered an essential component of cities globally since the outgrowth of urbanization and cities of Pakistan is not an exceptional case; the slums are locally known as Katchi abadis
The outcomes of the study revealed that both quantity and geographic scope were significantly enhanced the surrounding property value
Summary
The fast-growing urbanization has consistently been a distinctive characteristic of the process of development and has almost been continuously accompanying by the fast growth of informal settlements, squatter settlements, slums, and other uncontrolled settlements (Asian Development Bank and Inter-American Development Bank, 2014; Malik et al, 2020). Slums had always been considered an essential component of cities globally since the outgrowth of urbanization and cities of Pakistan is not an exceptional case; the slums are locally known as Katchi abadis. Governments around the world have recognized the issue of slums as many economic, social, and environmental problems are linked with the creation of slums (Nijman, 2008). In Pakistan, the government has taken several steps to resolve the issue of slums. In Islamabad, there are almost 34 slums out of which the government owns only ten slums as authorized and takes responsibility for the development of infrastructure (Hussain et al, 2019). The government rehabilitated the slums using the three concepts application of Urban Renewal, which includes slums Up-gradation at the present site in existing form, Slums
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