Land Readjustment for Transit-oriented Suburbanization and Land Value Capture

Land Readjustment for Transit-oriented Suburbanization and Land Value Capture

Tsukuba Express is the latest large-scale suburban rail extension in the Tokyo Metropolitan Area that integrates private housing development and public infrastructure investment. The 58.3-km line with 20 stations came into operation in 2005 to offer fast travel between central Tokyo (Akihabara) and the nation’s largest research hub (Tsukuba Science City). When the development plan of Tsukuba Express was proposed, the demand for housing in Tokyo was rapidly swelling and the existing commuting line around the northeast area of Tokyo was seriously congested as there were no alternative modes and routes in the area. To meet the surging demand for both suburban housing and transportation capacity, the national government enacted the Housing-Railway Development Law of 1989, introducing a “special” land readjustment approach that aims to supply a large volume of new housing lots into the high-demand market together with fast rail infrastructure and services to and from central Tokyo.