A property is located next to a planned shopping center... negative impact in the value... due to which of the following reasons?

Stigmatized property depreciation occurs when a property's value declines due to a negative perception or reputation, often linked to events like crime or environmental hazards. While adjacent developments can influence perceptions, the primary issue here is the external economic impact rather than stigma associated with the property itself.

Physical depreciation involves a decline in property value due to wear and tear or physical deterioration over time. This type of depreciation is unrelated to external factors such as nearby developments, making it an inaccurate choice for explaining the drop in value due to the shopping center.

Functional obsolescence refers to a loss in property value due to outdated features or inefficiencies within the property itself. While changes in the market may necessitate updates, the negative impact from a shopping center's proximity is more accurately described as economic obsolescence rather than an internal functional issue.