Given the sluggishness of the real estate market, increased metro connectivity will act as a boost.
What’s being said? A 2022 Housing.com report showed real estate launches and sales in Chennai were only higher than in Kolkata among Indian metropolitan cities. At the recent Construction World Design Build (CWDB) Conclave and Awards, experts suggested that increased metro rail connectivity will help the sector.
- The 118.9-km phase 2 of the Metro will connect more areas in the coming years and have a positive impact on the real estate sector. The cost of office spaces and housing will increase as it did in Thirumangalam, which saw a 15-35% increase in land values.
- Among the areas poised for growth are Mount Poonamallee Road and the GST corridor. The pandemic has accelerated the demand for residential spaces thanks to the popularity of remote work.
Some concerns: The retail space in the city is taking a hit. Organised retail in the city’s real estate has reached saturation with 6 million square feet. There’s still some interest in South and West Chennai, according to Ramkumar K of the Association of Professional Property Consultants of Chennai.