Examine how land values change with distance from the central business

district - A study on a 9 km transect line of a section of the Delhi-Gurgaon

expressway, with respect to William Alonso’s Bid Rent Function Theory.

Extended Essay

May 2017

Geography

Word Count: 3563

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Abstract: (285 words)

This investigation involved examining how land values change with distance

from the central business district - A study on a 9 km transect line of a section of the

Delhi-Gurgaon expressway, with respect to William Alonso’s Bid Rent Function

Theory. A 9 kilometre transect line along a section of the Delhi-Gurgaon expressway

was taken and 7 different areas were marked on the line that were 1.5 kilometres

apart. The transect line was located in Gurgaon (Gurugram), a satellite town that

neighbours the capital city, New Delhi. In each location of the transect line, a

questionnaire was used to find out information about the cost and size of 5

residential properties and 5 commercial properties. The aim of the investigation was

to examine the effect of distance from central Delhi on the value of land. Moreover,

another objective was to determine whether William Alonso’s Bid Rent Function

theory was applicable in this scenario. My results matched my hypotheses as land

value decreased with distance from central Delhi and the value of commercial

property was more expensive than residential property nearer to central Delhi. Thus,

Alonso’s theory worked in this situation. However, Alonso’s theory made too many

assumptions, which in actuality was not the case. Furthermore, Alonso’s theory

could not explain certain situations, like why some big companies choose to locate

their outlets further away from city centres. Therefore, I concluded that the theory is

outdated and cannot perfectly fit a real life situation. When looking at the validity of

my investigation, I determined that even though the results supported my

hypotheses, many components of it may have caused inaccuracy. These

components include the unreliability of the questionnaire and the lack of scope of the

transect line.
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Table of Contents:

Page 1 Abstract

Page 2 Table of Contents

Page 3 - 9 Introduction & RQ

Page 10 - 11 Hypotheses & Methods of Investigation

Page 12 - 19 Analysis

Page 19 - 21 Conclusion & Evaluation

Page 22 - 23 Bibliography

Page 24 - 27 Appendices
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Introduction (913 words):

The Delhi-Gurgaon expressway connects New Delhi, the capital city of India,

to Gurgaon, a neighbouring satellite town. The expressway is 27.7 km long and was

fully completed in 2008. This road was used as a toll road, and travellers commuting

between Delhi and Gurgaon were taxed an amount of 20 Rupees when the project

was under the control of National Highways Authority of India (NHAI) and DSC

Limited. However, the toll gate on this expressway was dismantled in 2014 after the

project was taken over by IDFC Limited. Experiencing over 200,000 commuters

daily, this road is a 6 to 8-lane expressway that is a part of NH-48, which connects

New Delhi to the financial capital, Mumbai (Balachandran).

Map 1: Maps of India, New Delhi & Gurgaon

Source: Self-Made
 4

Gurgaon is located 30 kilometres south of the national capital, New Delhi, and

10 kilometres away from Indira Gandhi International Airport. Gurgaon is one of

Delhi's four major satellite towns and is a part of the National Capital Region with

coordinates of 28° N, 77° E (Haryana Government).

The area has been experiencing rapid development and construction ever

since it was a farming village 25 years ago. With a population of over 2 million,

Gurgaon is a commercial and financial hub for the state of Haryana as the area

houses a multitude of apartment towers, luxury shopping malls, golf courses and

offices for a large number of important and profitable multinational corporations

(Yardley).

Table 1: Table Showing Per Capita Income for Delhi NCR & India

Year 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10

Per Capita 38,758 42,431 47,672 50,819 54,945 59,264

Income of Delhi

NCR (₹)

Per Capita 24,143 26,015 28,067 30,332 31,754 33,901

Income of India

(₹)

Source: Government of India

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The table above shows how GDP per capita has been steadily increasing in

both Delhi NCR as well as India. However, per capita income of Delhi NCR is higher

and has been increasing at a more rapid rate than that of India. Delhi NCR has the

3rd highest per capita income in India, after Chandigarh and Mumbai. Thus, these

regions contribute significantly in the growth of India’s powerful and growing

economy.

The increase of economic activity in Gurgaon has also enabled the growth of

the real estate sector in this area. Heavy investment from companies, such as DLF,

has resulted in improvements in infrastructure and connectivity. With economic

growth comes an increase in employment. Thus, a higher number of workers in

Gurgaon has increased the demand for housing, resulting in an upwards trend of

land prices (Sinha).

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The aim of this study is to investigate how the price of real estate on a 9 km

transect of a section of the Delhi-Gurgaon expressway is affected with distance from

the central business district of Delhi, which is Connaught Place (Press Trust of

India). I also intend to investigate if there is a difference in the value of real estate

depending on whether it is being utilised for commercial or residential purposes.

Moreover, I aim to identify and explain whether or not Alonso’s Bid Rent Theory

applies to this situation. For these aims, my research question is to ​examine how

land values change with distance from the central business district - A study

on a 9 km transect line of a section of the Delhi-Gurgaon expressway, with

respect to William Alonso’s Bid Rent Function Theory.

Being a resident of Gurgaon and having to travel on the Delhi-Gurgaon

Expressway everyday to reach my school in Delhi, this topic personally carries a lot

of relevance as well as interest for me. Additionally, I believe that the topic of land

value is of global importance in general as in densely populated and growing areas,

such as Gurgaon and New Delhi, the price of land is always changing, which affects

its inhabitants as well as the economy.

Alonso’s theory is one that was built on Von T​hünen’s​ agricultural model of

land use, which involved a single market surrounded by farmland. The assumptions

of this model are that farmers surrounding the market will produce crops with the

highest value (highest rent), which will result in them receiving the highest net profit,

and that transportation costs are lower when rent is high. Both theories use the
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concept of concentric circles. This shows that there are multiple theories that exist

which attempt to explain land use (​Editors of Encyclopædia Britannica)​.

William Alonso was an American economist and his work and research is

credited to have created the study of urban economics. Alonso published a book

based on his dissertation, named Location and Land Use, in 1964, which contains

his take on the Bid Rent Function Theory. This theory states that the value and

demand of land will decrease as you move further away from the city centre.

Moreover, the price and demand for residential, industrial and commercial land will

decrease with distance from the central business district (CBD) at different rates

(Watkins).

Figure 1: Simplified Bid Rent Curve

Source: Self-Made
 8

Similarly to Von T​hünen’s model, rent gradients exist in Alonso’s theory.

Desiring a central location that is accessible to consumers in order to maximise

sales, retail outlets will prefer to be located nearer the CBD of a city. Therefore, they

are willing to pay the most for areas closer to the city centre. Industries also desire a

central location in order to reduce the cost of transportation of their finished good into

markets, however they also require large spaces of land to set up factories, which

can be found further away from the city centre. All households will attempt to occupy

as much land as possible while staying within their accessibility requirements.

Wealthier households that do not require accessibility to the centre may purchase

larger houses on the fringe of a city, whereas poorer households may locate nearer

to the CBD in order to maximise accessibility (Codrington 531 - 532).

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Hypotheses (49 words):

1. The further away the area on the transect line is from central Delhi, the price

of real estate in that area will generally be cheaper.

2. Land that is used for commercial purposes will generally be more expensive

than residential areas nearer to the city centre on the transect line.

Methods of Investigation (176 words):

The 9 kilometre transect line that I have chosen on the Delhi-Gurgaon

expressway passes through 7 areas at 1.5 kilometre intervals, which have been

identified on the map below. Out of the 7 areas on the transect line, Ambience Island

is the closest to Connaught Place, whereas Institutional Area is the furthest. I used a

questionnaire to find out information regarding the size and cost of land about 5

houses/flats and 5 shops in each area. When picking the house or shop, I chose

random samples. I ensured that all the houses/flats and shops were between 2000

and 5000 square feet. The benefits of using a questionnaire are that it offers a quick

and simple way to gain relevant qualitative and quantitative data. Moreover, it is

cost-effective and practical. ​The strengths of using a transect line are its simplicity,

inexpensive nature and its ability to cover a great distance of land in a linear fashion.

Additionally, a transect line allows one to easily visualise the changes that are

occurring along a linear pattern.

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Map 2: Transect Line From Institutional Area to Ambience Island along the

Delhi-Gurgaon Expressway

Source: Self-Made
 11

Graph 1: Graph Showing House/Shop Rent Per Month

Source: Self-Made

Analysis (1701 words):

According to Alonso’s theory, individuals are described to be only concerned

with maximising their own level of satisfaction, resulting in them only consuming the

goods and services which they desire. An individual will utilise his/her income in the

following ways; spending on goods and services (including savings), expenditure on

payments for land and the costs of commuting.

Residing closer to the city is desirable to many individuals as it allows them to

gain access to services in the city centre as well as cut the costs, difficulty and time

of commuting to work. The high demand for these areas will result in more expensive

land prices. This explains why the average rent prices for houses and flats in areas
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such as Ambience Island and DLF Cyber City are much higher than outlying areas,

like in LIG Colony according to my primary data (see tables in appendix).

On the other hand, residing closer to the city centre may cut commuting costs

but may increase the costs of rent, thus reducing the leftover income available to

spend on goods and services. In addition, conditions may be more crowded in areas

nearer the city centre. Therefore, individuals may choose to reside further away from

the city in order to increase their living space and reduce the amount of income they

pay for rent, which will enable them to increase their expenditure on goods and

services.

This situation involves individuals searching for a location in which there is a

balance between the opposing forces. They desire a location that is accessible to the

city centre but do not want to pay the high rent that housing in central areas entail

(1964 Alonso 18 - 21).

Wealthier individuals may choose to reside closer to the city as they can

afford to do so. This may explain why there is the development of luxury and

expensive housing nearer to the city centre, like the Caitriona complex in Ambience

island, which entails an average rent of ₹332,000 (see appendix). Furthermore,

these areas offer quick and easy access to Delhi via the Delhi-Gurgaon expressway.

Since a rational individual would also prefer to live in ample living space rather

than crowded conditions​ (1964 Alonso 26), they may also purchase a greater

quantity of cheaper land further away from the city centre rather than lesser land
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nearer to the CBD. This explains why richer individuals reside in these outlying

areas, where they can purchase a greater amount of land at a cheaper price, instead

of within the city. The process of counterurbanisation may be occurring, which may

explain why an individual living in a house in Institutional area pays ₹55,000 of rent

per month, which is a higher amount than some areas in LIG Colony, despite the fact

that it is further away from the CBD (see appendix). Moreover, I observed that the

housing in LIG Colony was generally more spacious than in Ambience Island or DLF

Cyber City.

The Bid Rent Theory states that land prices fall with distance from the

CBD, where all employment is available.​ According to the data I collected, the

average price of housing generally declined with distance from central Delhi. For

example, the average rent in DLF Cyber City was ₹248,000, whereas the average

rent for housing in Institutional Area, an area located further from the CBD, was

₹29,800 (see appendix). Therefore, my data supports my first hypothesis as real

estate does decrease in value with distance from the city centre. However, rapid

growth and economic activity in Gurgaon has led to an increase in the availability of

jobs in this satellite town. Gurgaon, being a financial and commercial hub, offers

many white-collar employment opportunities, which is why a number of Fortune 500

firms have chosen to locate in this area, along with its proximity to the national

capital. Therefore, the theory fails to take into account the fact that development

allows individuals to work outside the city centre or from their houses, due to

improved technology. Employment opportunities in Gurgaon have allowed

individuals to reside here, thus increasing the demand for real estate in this area.
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Companies, such as DLF, have invested heavily in the residential sector in this area

in order to meet increases in demand. Although these areas are further away from

the centre of Delhi, they are still experiencing a rise in value above areas that are

closer to it, thus contradicting Alonso’s theory (Sinha).

Poorer individuals in Delhi would rather reside in places nearer to the CBD

despite higher land prices instead of living in cheaper areas further away. This is not

because they have the purchasing power to afford expensive land, but rather

because ​poorer earners would want to increase their accessibility to

employment opportunities​. In order to increase the proportion of income a poorer

individual can spend on goods and services and to decrease the costs of

commuting, he/she would reside in a smaller and crowded area nearer the centre of

the city (1960 Alonso 156). Contrarily, the data from transect line shows that higher

rent is paid in areas closer to the city for luxury housing, like in Ambience Island,

indicating that higher income earners reside here. However, this may be due to the

fact that the transect line is located at a distance from the city centre. Economically

disadvantaged neighbourhoods exist within the city centre in real life, for example,

the Vivekananda squatter settlement in Chanakyapuri (Melancon). Moreover,

Alonso’s theory does not take into account other factors that can affect locational

decisions, like where an individual’s family lives.

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Figure 2: Costs & Revenue of the Firm According to Location

Source: 1964 Alonso 47

The graph of figure 7 displays how the revenue and costs of a firm are

affected with distance from the city centre, which is represented by the letter t.

Revenue decreases as a firm locates itself further away from the centre of a city as

the products of the business becomes less accessible to consumers. Therefore, the

number of sales they make reduces. Rent will also decrease as a firm moves further

away from a city centre as land becomes cheaper. Contrarily, the operating costs

that a firm incurs will increase with distance from the CBD. This is because being

located further away will result in higher transportation costs due to an increased

distance from warehouses and transportation terminals, which are assumed to be

centrally located.
 16

A rational businessman aims to maximise the profits of the firm by

increasing revenue and cutting costs. (1964 Alonso 46).​ Being located nearer to

the city centre will enable the business to increase sales and cut some of its

operating costs, which makes businessmen more willing to pay higher rent. In this

way, the profit margin of the business is increased.

Shops that are located closer to the city generally pay more rent than those

located further away. Shops in Ambience Island pay above ₹500,000 a month,

whereas shops in Institutional Area do not pay above ₹20,000. This supports my first

hypothesis as the value of real estate decreases with distance from the city centre.

The data I collected also supports my second hypothesis as commercial property is

generally more expensive than residential property in the same area. For example,

the average rent for housing in Sarhol is ₹142,000, whereas the average rent for

shops in Sarhol is ₹264,000 (see appendix). Additionally, the steeper gradient of the

curve showing average shop rent in Graph 1 also supports this hypothesis.

The type of shop also varies depending on the distance from the centre of

Delhi. For example, shops such as Samsung and Krispy Kreme are found at DLF

Cyber City, which is closer to the CBD. In Saini Khera Village, shops such as Food

Hut are present. This is because multinational companies, like Samsung, can afford

to locate their retail outlets in expensive locations, whereas local and small business

do not have the monetary means to do so. Moreover, Samsung has a larger sphere

of influence than local firms, like Shree Ram Power Tools. Thus, customers are more
 17

willing to travel a greater distance in order to purchase goods or services from this

company.

The Bid Rent Theory operates under the assumption that all business is

conducted at the centre of a city (1964 Alonso 18), which is the most accessible and

is where firms desire to be located. However, Alonso’s theory fails to take into

consideration the fact that business districts may exist outside of the centre of the

city. For example, a shopping centre exists in Sarhol that offers a range of goods

and services as well as employment. Moreover, Alonso’s theory neglects the fact

that local and small businesses may not desire to be located centrally as the majority

of their customer base resides on the outskirts of the city and would not be willing to

travel to the centre of the city to purchase goods from the firm. Furthermore, Big

Bazaar, being a large company, is more likely to locate its retail outlets further away

from the centre of the city. This is because these hypermarkets have a smaller

sphere of influence and thus should be located nearer to customers. This contradicts

Alonso’s theory as the firm does not prioritise a central location even though it can

afford to do so. In addition, other factors exist that may influence the demand of

businesses for specific locations. For example, firms may make locational decisions

based on the behaviour of their rivals rather than the distance from the city centre.

Additionally, the role of government intervention and taxation, which Alonso omits,

can also manipulate locational decisions of a business.

The distance decay model is another theory that has significance in this

investigation. It states that as the distance between two entities increases, the
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interaction between these them will decrease, thus showing a negative relationship.

This model can be applied to my investigation as my findings show how increased

distance from the CBD, land prices are falling, also presenting a negative

relationship (Codrington 531). On the other hand, the distance decay model also has

similar flaws to Alonso’s theory. For example, the distance decay model does not

consider the effect of business districts out of the city centre on the value of land.

Conclusion (197 words):

The data I collected supports my hypotheses as a negative correlation exists

between the rental values for houses and shops and the distance from the CBD of

Delhi. Moreover, the rental value for shops was higher than that for houses in areas

nearer the city on the transect line. The differences in the rate of decrease for the

value of commercial and residential areas is displayed by the differences in the

gradients in Graph 1. The gradient of the line that represents the average rent for

shops is much steeper than the line that represents the average rent for houses.

Although the data supports my hypotheses, my findings also contradicted

parts of Alonso’s Bid Rent Theory. For example, Alonso’s theory assumes that all

employment, goods and services are only accessible at the city centre. The

presence of commercial hubs, like DLF Cyber City, in areas away from the centre of

Delhi contradict this. Moreover, the theory does not explain why some retail outlets

choose to locate further away from the CBD, even if they can afford to locate within

it. Therefore, I can conclude that Alonso’s theory can be considered outdated and

inapplicable to a modern city.

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Evaluation (527 words):

Although my method of data collection produced results that support my

hypotheses, there are various components that may have caused inaccuracy in this

investigation.

One of the main issues regarding the method of the investigation was the use

of the questionnaire and its reliability and accuracy. Members of a household might

have been reluctant to release information regarding the amount of rent they pay per

month as this is a personal piece of information. Therefore, they may have given

untruthful answers by giving a higher or lower amount than the figure that they

actually pay. This issue may reduce the accuracy of the investigation and thus

impact the validity of the results. In order to help alleviate the effects of this problem,

I could have taken information from more houses and shops in each area than only

5. In addition, house/shop owners may have also given untruthful answers about the

size of the land as the house/shop may not have been between 2000 and 5000

square feet. In order to make my results more valid, I could have made quick

measurements in the house/shop in order to gain a more accurate idea about its

dimensions.

The questionnaire only consisted of 2 brief questions about how much rent

the person pays and whether the size of the house/shop is between 2000 and 5000

square feet. Therefore, an insignificant amount of quantitative and qualitative data

was collected and I could have added more relevant questions to it in order to gain a

better insight into the price of the accommodation. For example, possible questions
 20

that I could have added include whether the rental agreement is formal or not, how

many people live in the house, whether all members of the household contribute to

monthly payments and whether the individual pays for utilities or if they are payed for

by the landlord. Furthermore, I could have reduced the range I used with the size of

the house/shop.

Another issue involved with the experiment was the use of the transect line.

The transect line only covered 9 kilometres of land. In order to increase the reliability

of the investigation, I could have increased the length of the transect line in such a

way that it extends to areas in Delhi or used more transect lines in different areas.

Moreover, I could have decreased the length of the interval from 1.5 kilometre to 1

kilometre in order to increase the number of areas of study. One other issue was that

the area of study did not contain a significant amount of agricultural or industrial land

and therefore could not be included in the investigation, despite the fact that these

two land uses are an important part of Alonso’s theory. In order to solve this issue, I

could have chosen a different transect line that passes through land that is used for

residential, commercial, agricultural and industrial purposes.

Writing this extended essay has enhanced my own understanding of Alonso’s

theory and complex urban processes. Most importantly, it has developed my ability

to independently carry out an investigation and seek answers to a question regarding

a local area.
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Bibliography:

Alonso, William. ​A Theory of the Urban Land Market (Papers in Regional Science).
United States of America: Wiley-Blackwell, 1960. Print.

Alonso, William. ​Location and Land Use: Toward a General Theory of Land Rent.
United States of America: Harvard University Press, 1964. Print.

Balachandran, Manu, “Delhi HC approves IDFC takeover of Delhi Gurgaon

expressway.” ​Business Standard. Business Standard, 19 February 2014. Web. 2
June 2016.
<http://www.business-standard.com/article/companies/delhi-hc-approves-idfc-takeov
er-of-delhi-gurgaon-expressway-114021900979_1.html>

Codrington, Stephen. ​Planet Geography. Australia: Solid Star Press, 2013. Print.

Haryana Government, “District Gurgaon.” ​District Gurugram. District Gurugram.

Web. 5 June 2016. <http://gurgaon.gov.in/>

Melancon, Nicole, “In the Background: Life in a Delhi Slum.” ​The Huffington Post.
The Huffington Post, 29 May 2013. Web. 15 July 2016.
<http://www.huffingtonpost.in/entry/in-the-background-life-in-delhi-slum_b_3343823>

Government of India, “Economic Profile of NCR.” ​National Capital Region Planning

Board (Ministry of Urban Development). Apex Cluster Development Services Pvt.
Ltd, 2015. Web. 6 June 2016.
<http://ncrpb.nic.in/pdf_files/Final%20Report%20of%20study%20of%20economic%2
0profile_17122015.pdf>
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Press Trust of India, “Connaught Place World's 7th Costliest Office Destination.”
NDTV. NDTV, 15 June 2016. Web. 16 June 2016.
<http://www.ndtv.com/delhi-news/connaught-place-worlds-7th-costliest-office-destina
tion-1419336>

Sinha, Prabhakar, “Gurgaon registering the fastest growth in realty in the country.”
The Economic Times. The Economic Times, 15 August 2012. Web. 3 June 2016.
<http://articles.economictimes.indiatimes.com/2012-08-15/news/33216701_1_three-
new-commercial-sectors-residential-sectors-and-three-new-gurgaon>

The Editors of ​Encyclopæd​ia Britannica, “Location Theory.” ​The Encyclopædia

Britannica. ​Encyclopæd​ia Britannica. Web. 4 July 2016.
<https://www.britannica.com/topic/location-theory#ref137335>

Watkins, Thayer, “Alonso’s Bid Rent Function Theory.” ​San José State University.
Economics Department. Web. 5 July 2016.
<http://www.sjsu.edu/faculty/watkins/alonso.htm>

Yardley, Jim, “The Gurgaon story: A mirror to India's growth.” ​NDTV. NDTV, 9 June
2011. Web. 3 June 2016.
<http://www.ndtv.com/gurgaon-news/the-gurgaon-story-a-mirror-to-indias-growth-45
8043>
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Appendix 1: Data from Questionnaire about House/Shop Rent Per Month

Institutional House/Shop Number Rent Per Month Average Rent

Area (₹) (₹)

Houses 1 14,000 29,800

2 20,000

3 28,000

4 55,000

5 32,000

Shops 1 (Nikon) 15,000 16,500

2 (Costa Coffee) 20,000

3 (General Motors) 20,000

4 (Big Bazaar) 15,000

5 (LivMore) 12,500

LIG Colony House/Shop Number Rent Per Month Average Rent

(₹) (₹)

Houses 1 40,000 60,800

2 37,000

3 62,000

4 55,000

5 110,000

Shops 1 (Om Sweets) 15,000 22,500

2 (Reliance Fresh) 20,000

3 (Cafe Coffee Day) 30,000

4 (Subway) 25,000

5 (Capital Restaurant) 22,500

 24

Saini Khera House/Shop Number Rent Per Month Average Rent

Village (₹) (₹)

Houses 1 70,000 91,000

2 95,000

3 90,000

4 115,000

5 85,000

Shops 1 (Barista Lavazza) 50,000 35,400

2 (Food Hut) 20,000

3 (Kwality Walls) 45,000

4 (Signature Food 32,000

Point)

5 (Shree Ram Power 30,000

Tools)

Sector 29 House/Shop Number Rent Per Month Average Rent

(₹) (₹)

Houses 1 140,000 113,000

2 125,000

3 130,000

4 100,000

5 70,000

Shops 1 (Vapour Bar 110,000 122,000

Exchange)

2 (21 Gun Salute) 150,000

3 (Downtown Diners & 130,000

Fresh Beer Cafe)

4 (Machan) 120,000

5 (Roots) 100,000
 25

Sarhol House/Shop Number Rent Per Month Average Rent

(₹) (₹)

Houses 1 80,000 142,000

2 150,000

3 170,000

4 165,000

5 145,000

Shops 1 (Nike) 300,000 264,000

2 (Bata) 250,000

3 (Speedo) 220,000

4 (Marks & Spencers) 350,000

5 (Kapoor Watches) 200,000

DLF Cyber House/Shop Number Rent Per Month Average Rent

City (₹) (₹)

Houses 1 250,000 248,000

2 300,000

3 220,000

4 270,000

5 200,000

Shops 1 (Samsung) 400,000 500,000

2 (Krispy Kreme) 350,000

3 (Hard Rock Cafe) 650,000

4 (The Wine Company) 500,000

5 (Farzi Cafe) 600,000

 26

Ambience House/Shop Number Rent Per Month Average Rent

Island (₹) (₹)

Houses 1 350,000 332,000

2 320,000

3 340,000

4 300,000

5 350,000

Shops 1 (Gant) 600,000 580,000

2 (Aldo) 650,000

3 (Claire’s) 500,000

4 (Mango) 700,000

5 (The Body Shop) 450,000