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An Overview of Key Indicators and Evaluation Tools for Assessing Economic Value of Heritage Towns: A Literature Review

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Abstract

Heritage towns not only have a significant concentration of heritage structures, but are also the centre of age-old local economic activities. It has been widely acknowledged that such historic cores have a unique identity accompanied by a distinct townscape that is worthy of preservation. In the urge to develop, heritage of such towns often takes a backseat allowing space for new development. The management of value and potential of cultural heritage can be significant for community development and economic prominence, thereby boosting the quality of life in this state of constant evolution. With cultural heritage as a catalyst, there are numerous possibilities to accomplish integrated and inclusive development in heritage towns. This study attempts to understand the role of heritage in urban development of heritage towns and identify the prime movers of heritage economy. In order to identify key indicators, evaluation tools and methods used to determine the economic value of heritage towns, systematic literature review method has been used. The review unfolds the emergence of aspects such as social, physical, economic and cultural importance along with the predominant heritage value that contribute towards the heritage economy. Factors such as business environment, infrastructure, funding, quality of environment etc. are found to have notable influence in the heritage ecosystem. Hence, the economic evaluation of heritage town needs to be comprehensive in nature to plan for further heritage-led urban economic development.

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  1. Department of Architecture and Planning, Birla Institute of Technology, Mesra, Jharkhand, India

    Varsha Vinod & Satyaki Sarkar

  2. Department of Management, Birla Institute of Technology, Mesra, Jharkhand, India

    Supriyo Roy

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Vinod, V., Sarkar, S. & Roy, S. An Overview of Key Indicators and Evaluation Tools for Assessing Economic Value of Heritage Towns: A Literature Review. J. Inst. Eng. India Ser. A (2024). https://doi.org/10.1007/s40030-024-00807-3

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