Economic Evaluation and Comparison of the Development of Different Residential Space Types in New Towns (Case study: Residential investment packages in Eyvanekey New Town)

Document Type : Original Research Article

Authors

1 Department of Regional & Urban Planning, School of Architecture & Environmental Design, Iran University of Science and Technology, Tehran, Iran

2 Assistant professor of Agricultural Economics, Department of Economics, Shahid Beheshti University, Tehran, Iran

Abstract

The attractiveness of cities, the concentration of industrial activities have resulted in rural-urban migrations or migrations from small cities to metropolitan areas, sometimes causing existing metropolises not to be unable to meet their citizens' needs. Therefore, it's necessary to develop some plans to satisfy Eyvanekey needs. One of the solutions is to develop new town development plans. Eyvanekey New Town, located in the eastern part of Tehran and near numerous industrial towns, has been planned and developed to accommodate the overspill of Tehran, and the workers of the industrial sector in this area, as well as a new settlement for the local people of Eyvanekey. Considering the high costs of construction and planning of urban projects including housing, it's required to conduct feasibility studies and related economic evaluations in different dimensions before any investment to ensure their efficiency and effectiveness. this study aims to economically evaluate and compare the development of different types of residential spaces in Eyvanekey NewTown. For this purpose, various economic indicator calculation methods are used in Excel software, and four types of residential space are considered, including 1-A moderate-density 50-unit residential complex project,2-A moderate-density 100-unit residential complex project with a mix of residential, commercial, and local services uses,3-A moderate-density particular residential project for special habitations in the form of a two-story 8-unit building, and finally,4-A low-density residential villa complex project. Examining Financial-economic indicators, including net present value, benefit-cost ratio, internal rate of return, payback period, and annual worth, indicate that these projects are financially feasible. Moreover, according to the variety of residential types, diversity of investment amounts, civil participation, and the employer's share of land worth, the land cost is also removed from the projects, resulting in the enhanced attractiveness of investments.

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Sustainable Earth Trends
Volume 3, Issue 1 - Serial Number 1
January 2023
Pages 28-43

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