On joint railway and housing development: Housing-led versus railway-led schemes

•Examined housing and railway development phasing in a Transit Oriented Development (TOD).•Developed a time-dependent framework to analyze the benefits of three stakeholders, a joint housing and railway developer, residents and government.•Derived conditions for railway-led versus housing-led development schemes based on initial conditions and stakeholders perspectives.•Joint profit maximization will encourage early housing development in an undeveloped area; railway will be implemented only after substantial housing development.•Consumer surplus maximization prefers early housing development; early railway development will not benefit consumers.