How is Chennai Metro boosting the real estate market?
The Chennai Metro has profoundly impacted real estate plots in the city of Chennai. The rapid expansion of public transport infrastructure has seen an increase in demand for residential plots near metro stations and along their routes. It is due to the convenience afforded by having efficient, affordable public transportation at their doorstep. Residents can now travel to any part of the city quickly and easily, reducing commute times and increasing mobility options.
|Fact: According to the JLL reports, after the successful implementation of the Phase I Chennai metro, the areas around experienced a 15 – 33% hike in land prices.|
PS: Phase – II is under construction. It is profitable to directly invest in areas near the upcoming metro station phase II.
The increased demand for residential plots near or along the Chennai Metro route has also seen a steady rise in prices for such properties. Developers have cashed in on this opportunity by constructing high-end residential apartments close to these stations – which was not feasible before when relying solely on other modes of transport.
Growth aspects due to Metro in Chennai
The Chennai Metro Rail project has had a noticeable impact on the residential plots in Chennai. The upsurge of Chennai metro rail has improved connectivity, thereby making it easier for people to commute within and across Chennai. This increased accessibility has made Chennai an attractive city for investment and development, thus significantly increasing the value of Chennai’s residential real estate market. Developers have been enthusiastic about buying plots around areas with Chennai metro stations, as this provides convenient access to transport for their customers.
- Reduced commuting time
- Increased accessibility
- Economic development
- Boost to tourism
- Reduced traffic congestion
- Reduced transportation cost
- Property value appreciation
- Redevelopment opportunities
|According to Umakanth Y – Director, Advisory Services, Colliers India, Chennai is witnessing stable real estate growth and sale performances despite the pandemic. The primary cause of this is the upcoming metro stations corridor Phase II and Phase III(in progress today). The south Chennai and West Chennai micro markets have recently gained much attention.|
Furthermore, the Chennai metro has improved the overall appeal of Chennai as an urban center by providing greater convenience and comfort to its citizens. With the presence of the Chennai metro rail, users no longer need to worry about long travel as the overall city is now well-connected through metro rails.
How does the Chennai metro impact the real estate growth in Chennai?
Chennai Metro has made it easier for people to get around the city and access new areas, which makes it attractive for property developers. As a result, many residential plots have been created near metro stations, and prices are rising due to increased demand.
The citywide expansion of the metro means that more residential plots will be available in those neighborhoods close to metro stops, making them attractive. It benefits residents who can reach their destinations faster and businesses located at or near Chennai Metro lines.
Here are a few ways in which the metro may contribute to real estate growth in Chennai:
Property value appreciation
The introduction of metro stations in an area can lead to an increase in property values, as the accessibility and convenience provided by the metro can make an area more desirable for buyers and renters. It can result in higher prices for both residential and commercial properties.
|According to stakeholders, the residential rentals have returned to the pre-covid level, and there has been no dip since September 2020.|
2. Development opportunities
The metro construction can also lead to the redevelopment of certain areas, such as areas around metro stations. It can include mixed-use development with residential, commercial, and retail spaces, leading to an increase in available properties, varieties, and demand.
3. The attraction of new businesses and investments
The metro can attract new businesses and investment to the areas along its route, which can lead to the growth of commercial properties and job creation, which can increase the demand for real estate development in areas around the metro stations.
4. Remote accessibility
The availability of the metro can reduce transportation costs, making considered remote areas more accessible, which can lead to increased demand for properties in those areas.
Reduced air pollution
The metro can reduce the number of cars on the road, reducing air pollution and making areas more desirable to live in, which can lead to increased demand for properties in those areas.
Trending localities due to the availability of metro transportation
There are various gated community projects by well-known developers in various localities that have metro connectivity like
Some of these locations are undergoing Phase II and Phase III metro station construction. Investing in these areas now could be your most profitable financial investment. G Square is one of several developers offering luxurious gated communities for those looking to invest in these areas at a low cost.
We have projects in cities such as
We have assisted several people in purchasing their dream homes and launching their businesses. We can also assist you! For more information on various investment opportunities, contact us via our website.
Metro trains are causing a much faster revolution in the real estate market growth; according to the information provided, the localities’ appreciation value has increased by 10x in a short period due to metro projects in nearby localities. Today is the ideal time to invest in the metro area for a healthy profit as an ROI in the near future.
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