Realty to race ahead with Metro Rail in Chennai

Chennai Metro Rail is bound to transform the commuting experience of citizens and have a significant impact on the realty sector.

A bird’s eye view of the Chennai Metro Rail project is simply breathtaking. The elevated tracks snake through densely populated areas of the city — all the way from the north to the south and passing through its central business district and along its principal corridors of Anna Salai, Poonamallee High Road and Inner Ring Road.

The biggest and most ambitious infrastructure project in the city till date, Metro Rail is bound to transform the commuting experience of citizens and have a significant impact on the realty sector. Market observers and leading players in the construction industry are optimistic that the project will primarily help people living in the suburbs and employed in offices in the Central Business District (CBD).

Secondly, it will encourage people to look for residential projects in the suburbs as the Metro promises a comfortable and a quick journey very close to their offices. The project will also help find buyers for unsold office and retail space. “The Metro project will bring stability and have a positive impact on the construction industry. Social infrastructure – basic amenities in the suburbs that are linked after the metro – will improve,” says A.S. Sivaramakrishan, Head, India Residential, CBRE.

“People living in the city will prefer to move out of the city to escape from the congestion and it will be a big boon to areas waiting for improved connectivity to boost their housing potential,” observes Dinesh Ethiraj, Director, Green Tree Homes. The project is also expected to change the profile of Anna Salai and result in the stretch regaining its ‘lost glory’ in retail and shopping space.

“Till about a decade ago, ‘high street shopping’ was an integral part of Anna Salai, but it later moved to interior areas, apart from south Chennai and offices also moved elsewhere. The Metro Rail will help bring about a turnaround in the case of Anna Salai,” points out Sanjay Chugh, Head, Residential Services, Chennai, Jones Lang LaSalle.

“Metro planners must look at a way to serve new suburbs by connecting Sriperumbudur and Kundrathur among other areas. Plans to link the Metro with MRTS, suburban services, the proposed Monorail, MTC and small bus services bus will address the traffic woes of commuters and extend longer connectivity,” notes Sundarji Nandagopal, Creative Editor, Clear Estate.

Keywords: Chennai Metro Rail project, Chennai Metro, Chennai real estate prices
Source: The Hindu ‪#‎Chennai‬