Extended Metro services to spur real estate

T Chitty Babu, Chairman and CEO of Akshaya Pvt Ltd, a construction company, pointed out that apart from furthering urban connectivity, Metro Rail’s extension would also change the profile of Chennai’s urban infrastructure, a key determinant in an area’s housing potential. “Apart from transforming the commuting experience and easing out congestion, it is bound to encourage the influx of home buyers from the city to look for residential projects in these suburbs as Metro Rail will assure greater proximity to their workplaces and other key areas in the city,” he said. He said that this would hold out better promise to bold and smart investors. 

“Taking the cue, many builders have already zoomed in on this belt by tapping into its potential to cater to a large section of home buyers,” Chitty Babu added. According to the realtor, while investments in these areas have gathered pace, the government’s interest in urban and infrastructure planning had also projected a positive outlook on capital gains, making a strong case for the city’s real estate potential. 

Sanjay Chugh, founder of Skylines Property Consultants, said that physical infrastructure, like roads, public transport and civic amenities stimulated development in a location. “Metro Rail’s connectivity to the airport and the recently launched expansion to North Chennai is bound to have a positive impact on the real estate demand in residential localities, such as Nanganallur, Meenabakkam, Pallavaram and Chrompet on the southern side. On the northern side, Washermanpet, Tondiarpet and Thiruvottiyur will witness an uptick in demand,” he added. 

Chugh pointed out that the acquisition cost of real estate in these areas was much lower than at the city centre. Other advantages of real estate investments in the Metro Rail corridor included, lower population density and convenient and rapid public transport system which would reduce pressure on the physical infrastructure within the city. “The success of Delhi’s Metro Rail system is a classic case of propelling growth in the primary (1-2 kms) and secondary (2-3 kms) residential areas connected through an efficient public transportation network,” he noted.