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Union Budget 2024-25 proposed to formulate Transit Oriented Development (TOD) plans and strategies for 14 large cities with populations over 30 Lakhs.
- TOD is an innovative urban paradigm that leverages existing and upcoming public transit infrastructure and associated users, to ensure sustainable mobility and optimise land use through compact mixed-use development.
Significance of TOD
- Economic: Increase in real estate value due to their proximity to mass transit, higher labor productivity due to reduced transit time, improved economic competitiveness of cities, etc.
- Environmental: Reduced carbon footprint and air pollution from urban transport, promotion and protection of urban greens, etc.
- Social: Walkable cities encourage physical activity and can lead to improved public health outcomes; efficient land-use can reduce urban sprawl, etc.
Three Values (3V) Framework for guiding TOD (World Bank)
- Node value: Importance of a station in public transit network based on passenger traffic, connections with other transport modes, etc.
- Place value: Quality and attractiveness of the area including diversity of land use, availability of essential services such as healthcare, etc.
- Market potential value: Unrealized market value measured by demand (such as current and future number of jobs in the vicinity) and supply (such as market vibrancy).
Steps taken for TOD in India
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