A month after the official launch, the second Chennai metro phase is fast becoming a huge boon for citizens in terms of overall convenience and lowering commuting times. The second phase covers a stretch of 7 kilometres in all. The first underground metro network in the city has lowered traveling time by a handsome margin and it has also spurred a possible real estate boom in the city.
The real estate sector in Chennai has been going through a sluggish period like other metro cities. This is also a major reason why many feel that physical and social infrastructure development in Chennai is slightly below par in comparison to other big Indian cities and this has not kept pace with the rapid expansion of city limits. After the launch of the first metro line in the year 2015, the launch of the second line took place after a sizeable delay. Ever since the second line was opened for the public, the 7.4 km stretch has helped in connecting important areas of Chennai including the Airport, Government bus depot, South Chennai and the Central Business District.
The newly launched metro network has gone a long way towards decongesting roads and has also enhanced overall land value. The rental markets along these zones have been boosted hugely as well. According to experts, Chennai may see a whopping 45% appreciation in prices along the Guindy-Alandur belt by the year 2020. With the metro network running at full strength, these zones are turning out to be coveted options for prospective real estate investors and end users alike on account of affordable property prices till now.
The real estate developers in Chennai have spotted the opportunity quickly after the second metro line was announced. Reputed companies like Casa Grande, Ramaniyam and Appaswamy have already started building huge integrated townships right along the metro corridor. Even developers such as Srinivasan Gopalan from the Ozone Group feel that properties are selling in huge numbers and this has started right from the time when the second metro line was announced. He added that sales have increased 33% due to the metro network. Feeder services to the metro, however, have to be quite extensive in order to help people get maximum benefits.
The metro railway network’s extension to Anna Salai and North Chennai has also come as a welcome development for the real estate developers in the city. The metro line will also create more jobs in North Chennai along with boosting overall industrialization. However, industry experts are putting their money on Anna Salai when it comes to becoming a future junction for both residential and commercial/office developments.
