Imagine getting down at a metro station on your way back from the office and being able to do your grocery shopping. Or, even better, getting down at a metro station to watch a movie, which means no dependence on private vehicles! Well, this would soon be a reality in Chennai.
The Chennai Metro Rail Ltd (CMRL) has planned to convert five of its upcoming elevated metro stations in to commercial hubs. These include stations at Alandur, Ekkattuthangal, Arumbakkam, CMBT and Ashok Nagar.
With the trial runs over for the Koyambedu-Alandur elevated line, the plan is to construct two to nine floor buildings to be given on rent to set up malls, retail stores etc. Plans are also ripe to set up movie theatres at some stations.
An official from CMRL on request of anonymity informed, “These locations have been identified as key areas and have roads wide enough to accommodate these developments. A consultant has already been identified to carry out feasibility studies. Work may start very soon.”
While CMRL stands to gain monetarily if these work well, residential values are also expected to be impacted in these locations. “Without ancillary utilisation of real estate in metro stations, the Metro cannot generate profits. Thus, it is a good model to adopt and is quite common abroad. However, this would also have a positive impact on the residential localities in the vicinity. We have innumerable examples of localities witnessing a rise in values due to a new metro station. In this case, it will be a double bonus for the residents – ease of transportation as well as added shopping facility,” says Maneesh Gupta, director, advisory and valuation, Colliers International.
The liveability quotient of these locations would definitely go up, provided these stations are operated and maintained well. CMRL could probably learn from the operations of Vashi Station in Mumbai which is a successful model of a transport system and commercial hub operating simultaneously.
While it is too early to predict the rise in values, residents of Alandur, Ekkattuthangal, Arumbakkam, CMBT and Ashok Nagar are in for a gala time if CMRL delivers what it has promised!
Source: Times of India /Sruthi Kailas, Magicbricks.com Bureau