Metro corridor to boost realty business on periphery

According to an official, the tenders for the extension of Phase 1 of the CMRL network has been floated and works have started i.e. from Washermanpet to Wimco Nagar. Once these extensions are completed, the connectivity to Chennai will be improved significantly. Phase 2 which has about 110 km will comprise 3 corridors – Madhavaram To Siruseri (and Sipcot) – 46 km; another section from CMBT- Lighthouse will be 16 to 17 km; one more corridor (46 km) planned is Madhavaram to Sholinganallur (via Porur, Alandur and Medavakkam). The outlay will be Rs 85,000 cr. These corridors are expected to drive growth in the peripheral areas of the city.  

Ajit Kumar Chordia, MD, Olympia Group, tells us, “The Phase 2 Metro going up to Wimco Nagar and Siruseri is certainly bound to give new life to these areas. Today, the OMR has barely 500 metres of development on either side. Once the Metro Corridor comes, areas to the west of this region should also see ample development. Even the CBD of Anna Salai should be rejuvenated once the DMS Metro lines get ready.”  According to Manoj Namburu, Chairman & MD, Alliance Group, “OMR and Sriperumbudur are emerging as some of the hotspots and the new micro-markets where the non-IT crowd is also interested in taking up homes.”