Chennai is one of the four major IT cities in south India, along with Bangalore, Hyderabad, and Coimbatore. Being a major player, the city sees an influx of white and blue-collared workers every day who seek residence in the metropolis.
As is with any city, the infrastructural development is directly proportional to the growth in its real estate. The expansion of Chennai, with a number of commercial, industrial, educational, and healthcare projects, has made it one of the fastest growing cities in India. The introduction of the metro rail will result in a real estate boom, escalating property prices. In keeping with this developmental boom, Chennai has a promising investment portfolio for real estate developers and homebuyers.
Metro Rail Will Facilitate Better Transportation
In recent years, the job market in Chennai has steadily increased, which has in turn brought about a drastic shift in traffic and daily commute. Many people still prefer to travel in their own vehicles to and from work. This not only leads to congestion and bottlenecks that stifle the general population, but also causes drastic environmental consequences.
Being a relatively large city, a metro rail in Chennai will not only connect important localities but also reduce the use of private vehicles. Plus, a well-connected and well-maintained metro will lead to better travel options for workers.
Development of Porur Metro Corridor
Porur is a fast-growing suburb in Chennai with a number of chemical industries, residential colonies, and manufacturing plants. It is well connected to neighbouring areas of Nungambakkam, Guindy, and Poonamallee through a veritable road system.
Porur Corridor is part of the Chennai Metro Rail Project and is slated to become operational from Porur to Kamarajar Salai. This will play a major role in reducing traffic congestion and improving property prices in Porur and around the corridor.
Impact of the Metro on Porur’s Real Estate
Rent for houses and apartments located close to metro stations are set to increase significantly. This mobility will push property prices by up to 15%. The resale value of a property will also pick up and cause a major shift in the town’s real estate market. Practically, any residence that is comfortably closer to public transportation and commercial centers will demand an increase in rent or lease.
Residences and commercial complexes will also see a boost in rentals. The rent will almost double after the construction of the metro rail. The price of land will also escalate. The metro will also usher better sewage treatment, wider roads, and lesser traffic grievances. It will impact the overall infrastructure of the area by introducing numerous commercial hubs and new businesses that will further attract buyers and investors.
Rise in Property Prices in Porur
Progress is already evident in the shift in property prices that were INR 4230 – INR 5390 per sq. ft. to INR 4410 – INR 5790 per sq. ft. in just one quarter. The nearest metro station to Porur is Arumbakkam, situated 8 km via Arcot Road. Once the Porur metro phase is fully operational, prices are expected to shoot up even more.
Property prices have risen by almost 10% in areas neighbouring the Chennai International Airport since the introduction of the metro rail. Price appreciation has also been steadily increasing every quarter. This impact will be replicated in Porur that connects many important towns and industrial areas.
The slow, but progressive metro project has launched a substantial improvement in the infrastructure and development of Porur. Current owners of residences and commercial stalls will await the gradual shift in prices, whereas new buyers will be able to invest in upcoming properties. Also, the availability of well-equipped civic amenities makes the area more desirable. The metro line is currently underway, which will change the outlook of Porur and make it a competitive real estate hub.
Is Delhi-NCR real estate moving sluggish
If the recent trends in real estate market in Delhi are to be believed, there is a significant dip in the units sold in the capital and NCR in the last 18 months. The sluggish trend has been whistled by lack of incentives from the administration which is focussing on clearing infrastructure road blocks rather than giving green signal to new projects. With paper works in the backlog, new projects in Delhi are at pause, at least for the rest of the year 2015.
Tips for new residents in Panvel to understand their locale better
Panvel has seen a major transformation from a sleepy suburb to a satellite town and finally to a full-fledged city. The growing population willing to reside in the Mumbai MMR region, the shortage of adequate real estate destinations in Mumbai region has made investors and buyers look at Panvel as their best option. Panvel was famous from its lush green surroundings and farm houses. With changing times and inflow of population there are abundant new projects available in Panvel for investors and buyers alike.
Looking for a green living space in Zirkapur Here are options
Zirakpur located near Chandigarh and part of the tri city comprising of Chandigarh, and Mohali is one of the most popular real estate destinations. While Mohali and Chandigarh investors have had the luxury of investing in properties located closer to nature with lush green belts and parks, Zirakpur residents often faced concrete jungles.
