What Will Be The Impact Of Metro On Chennai's Real Estate Market
The Chennai Metro has been growing its wings in the city rapidly. After Prime Minister Narendra Modi, on February 10, inaugurated two stretches of the Chennai Metro — Washermanpet to Chennai Central and Chennai Central to AG-DMS — the first phase of the city's mass transit system became fully operational.
Now, the plans are to build the second phase in next 10 years. Here are the details about the complete Chennai Metro network.
Length: The corridor or the Blue Line of the Chennai Metro network now span a total length of 54 km that connects the Chennai International Airport to Wimco Nagar.
Stations: The corridor comprises 25 stations, of which 11 are underground. The stations on the 45-km Phase-1 Corridor are Chennai International Airport, Meenambakkam, Nanganallur Road, Alandur, Guindy, Little Mount, Saidapet, Nandanam, Teynampet, AG-DMS, Thousand Lights, LIC, Government Estate, Chennai Central, High Court, Mannadi and Washermanpet. The stations on the Phase 1 extension are Sir Theagaraya College, Korukkupet, Tondiarpet, Toll Gate, Thangal, Gowri Ashram, Tiruvottiyur and Wimco Nagar. An elevated maintenance at Wimco Nagar will also be built.
According to the detailed project report, the Phase-II of the Chennai Metro will cover a distance of 118.9 and will have 124 stations. This phase will have three corridors -- 3, 4 and 5. The new routes will provide connectivity to the city's suburbs.
The corridor 3 and 5 together will be 52 km in length and will run between Madhavram Milk Colony and Sholinganallur and Madhavaram Milk Colony and CMBT, respectively. Being the priority corridors, the work on these will start this year. The corridor 4, which will be 10-km long, will link Lighthouse to Vadapalani.
There will be as many as 16 interchange stations in this phase, making commute between different lines easy. While corridor 3 and 5 will have seven interchange stations each, the corridor 4 will have three interchange stations.
Connectivity with the Phase-I route will be provided at St Thomas Mount, Alandur and CMBT stations.
The new phase will also have modern amenities for commuters, including pathways, skywalks, foot-over bridges and subways.
How will the new corridor impact real estate developments?
The Phase-I corridor runs from the northeast to the southwest corner of the city through some of the important destinations such as Alandur, Teynampet, Saidapet, Nanganallur Road and Guindy, all of which have emerged as a sought-after residential hub. The line also serves the popular locality, Chennai Central which is the main business hub of Tamil Nadu and offers employment options for the locals.
North Chennai is known for housing many thickly populated localities dotted with several commercial hubs and buildings of historical importance. The upcoming Metro link comes as an effective solution to deal with road congestion and ensure a better commuting experience for the citizens. Presence of an upcoming infrastructure project such as a Metro link will augment the real estate demand and prices which will be witnessed in some of these coveted neighbourhoods of Chennai, too.