Infrastructure Developments All Set To Boost Chennai’s Real Estate Market

In the past few years, the real estate market of Chennai has seen many improvements and changes because of various infrastructural developments. Maybe residential or commercial, the property market has recorded appreciation in prices as well as better profits on investment too.

With an aim to strengthen the market more, both the central and state government has planned many infrastructural projects that will add glory to Chennai’s realty market. These projects include the development of Pedestrian plaza, elevated corridors, and expressway, another airport, Metro expansion and BRTS corridor also.
Expansion of Chennai Metro Phase-1: The phase-1 of the Chennai metro starts its functioning from 2015. However, to provide easy connectivity, the government has planned to expand the phase-1 from Washermanpet to Wimco Nagar spreading over 9 km of area. Apart from this, the government has also given its consent 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 similar to New York’s Times Square. According to the proposed project details, this will be a 1.4 km long plaza alongside Thyagaraya Road which will further link Bashyam Road near Panagal Park to Anna Salai. The entry of cars and other vehicles will be blocked from entering this area. Also, it will have dedicated eatery joints, restaurants, Multi-Level Parking, green sitting space, etc. The development of the project will be done in three different phases.
Chennai- Bengaluru Expressway: One of the most aspiring projects that will connect the two southern cities of India, Chennai, and Bengaluru is also set to give a revamp to the suburban areas of Chennai from where it will pass through. The estimated 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 reduce the passenger traffic from the existing Chennai Airport, the civil aviation Minister Jayant Sinha has given its approval for the development of another airport in the city. It will lead to a revival in the property prices of the neighboring areas as well as advantageous for the commercial market too.
Other than all these, proposed BRTS Corridor of 120 km as well as elevated corridors at Tambaram-Chengalpattu, Poonamallee-Maduravoyal, and Chennai-Nellore will additionally improve the realty market of the city.