The valuation of ecosystem services has been extensively studied and there are established methodological frameworks from the environmental economics discipline. However, social, and retrospective contextual land valuation have not been incorporated in these methodologies. Secondly, the case studies available for ecosystem service valuation in India are limited and have not been operationalized in ecological, economical, and physical dimensions of the ecosystem to be valued. The valuation of lakes helps capture the value that can be monetized for development and maintenance of lakes. We intend to develop a methodology which incorporates the existing gaps in valuing ecosystem services with respect to urban lakes. The methodology would be demonstrated on a chosen site in Ahmedabad. The output of the study would be valuation of the lake under different dimensions. These outputs can be used for evaluation of the lake development models adopted so far in the context of Ahmedabad.
