Impact of new metro line upon property in chennai pdf

Impact of New Metro Line upon Property in Chennai

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There are some great things happening at Chennai which are likely to have a significant impact upon property in Chennai. As the city gets up to speed with the others in the rest of the country, Chennai too has an upcoming metro project, one that will certainly make travel within the city easier, more efficient and raise the value of properties in Chennai which lay along its path. Already one stretch of the metro project is open to public use and as gradually other parts of the city come under the aegis of an operational metro system, transportation in the city is likely to be as greatly transformed as has been in the NCR. As has happened to property in other cities across the country, Chennai property which lies along the metro line is likely to be more sought after and will undergo a significant appreciation as the metro line is gradually completed.

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If we look at past examples in other parts of the country which already have a functioning metro line, not only will the residents of Chennai be able to travel from one part of the city to the other in comfort and ease but also the flats in Chennai which are owned by many of these residents shall too rise in value. Real estate in Chennai may experience a second renaissance, the first of which took place as a result of liberalization and which over the next few decades set prices for property in the city soaring to unheard of heights, the new metro in the city will likely have an impact on property in Chennai which is more subdued than that brought about by liberalization at the end part of the last century but its effect may be felt for just as long.

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The dynamics of commercial spaces between the various parts of the city too are likely to change as multinational and large Indian conglomerates seek out property in Chennai which is well connected to residential projects in Chennai. Such great connectivity with a modern and efficient transport system will have far reaching implications for many such employers and enable them to save on current expenses they are required to pay employees for their daily commute to work. The trend which began with the BPO sector, namely providing cabs to employees, has since been adapted by many companies across the country who now provide transport facilities such as cabs or buses to employees to ensure greater comfort as well as a greater sense of wellbeing in their employees in addition to ensuring workers are less troubled by their commute and more efficient at work. With a metro such additional costs incurred by employers in the city may be lessened.

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The anticipated project is expected to be completed within 4 years within which time property rates in Chennai may gradually appreciate along the route where the metro line is expected to be built. Governments across the country, it would seem, strongly favor a modern transport system such as a metro to successfully transition into a modern world where companies which pride themselves on efficiently also expect the public sector to pull its weight.

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