In recent years, the real estate market of Chennai has seen many revivals and changes due to various infrastructural developments. Maybe residential or commercial, the property market has registered appreciation in prices as well as better return on investment too. In order to strengthen the market more, both the central and state government has planned many infrastructural projects that will add feathers to Chennai’s realty market. These projects include the development of Pedestrian plaza, elevated corridors, and expressway, another airport, Metro expansion as well as BRTS corridor.
Expansion of Chennai Metro Phase-1: The phase-1 of the Chennai metro begins its operation from 2015. However, in order to provide smoother connectivity, the government has planned to expand the phase-1 from Washermanpet to Wimco Nagar covering over 9 km of area. Apart from this, the government has also given its approval for the construction of Metro Phase-2 between CMBT to Madhavaram and Madhavaram to Sholinganallur.
Pedestrian Plaza: To provide relief to traffic congestion, Chennai’s T Nagar will soon get a Pedestrian Plaza just like New York’s Times Square. As per the proposed project details, this will be a 1.4 km long plaza alongside Thyagaraya Road which will further connect Bashyam Road near Panagal Park to Anna Salai. The entry of cars and other vehicles will be barred from entering this zone. Also, it will have dedicated eatery joints, restaurants, green sitting space, Multi-Level Parking, etc. The development of the project will take place in three different phases.
Chennai- Bengaluru Expressway: One of the most ambitious projects that will connect the two southern cities of India, Chennai, and Bengaluru is also set to give a facelift to the suburban areas of Chennai from where it will pass through. The expected cost of the project is Rs 20,000 crore and the construction work on the project is going to start soon by the concerned authorities.
Second Airport at Siriperumbdur: To decrease the passenger traffic from the existing Chennai Airport, the civil aviation Minister Jayant Sinha has given its nod for the development of another airport in the city. It will lead to a revival in the property prices of the surrounding areas as well as give a boon to the commercial market too.
Apart from all these, proposed BRTS Corridor of 120 km as well as elevated corridors at Tambaram-Chengalpattu, Poonamallee-Maduravoyal, and Chennai-Nellore will further improve the realty market of the city.