Heritage has been a prominent part of human history and there has been an increasing attempt to preserve heritage sites across India. Red Fort, World Heritage Site, Delhi has been undergoing several changes during past few years in order to restore the archeological remains of the site. This study aims at ascertaining the cultural heritage value using Contingent Valuation Method without assessing the economic impact of cultural heritage site. It is an attempt to measure ‘culturality’ based on the opinion of people by asking them their Willingness to Pay (WTP) for the restoration of Cultural heritage site, Red Fort. The purpose of this study is to find the Total Economic Value (TEV) of Red Fort. In order to find the TEV, primary survey for 154 visitors at Red Fort was done. It was found that bid price, income and experience are the most significant factors influencing the WTP decision of visitors visiting the Red Fort. It was found that on average visitors are willing to pay INR 62 as entry fees at Red Fort.
Key Words – Heritage, Culture, Total Economic Value, Contingent Valuation Method, Logit Model, Non-Market Valuation