#99acresInsite: Chennai metro expansion to propel realty demand


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In a bid to decongest the high traffic areas in Chennai and ensure smooth connectivity, the State government mulls to extend the Phase II metro link from Valasaravakkam to Poonamallee. Encompassing 10 stations, the development would benefit not only the daily commuters but also the micro-markets in the West Chennai.

The extension of the Phase II metro project from Valasaravakkam to Poonamallee, if developed, is anticipated to benefit thousands of people in the western part of Chennai. The 13 km stretch would run parallel to 10 key areas of the city including Karambakkam, Sri Ramachandra Hospital, Porur Junction, Iyyapanthangal Bus Depot, Kumananchavadi, Kaatupakkam, Mullai Thottam, Karayanchavadi, Poonamallee Bus Terminus and Poonamallee Bypass. Overall, the cost of developing the project is estimated at Rs 3,850 crore.

Presently, the Phase II metro project has three corridors including Madhavaram-Siruseri, Lighthouse-Chennai Mofussil Bus Terminal and Madhavaram- Shollinganallur. As per the new plan, the Lighthouse in the second corridor, instead of connecting to its original destination will be detoured to Poonamallee via Valasaravakkam.

Technical details pertinent to the development of the project are under contemplation, however, if proposed, it is anticipated to have a positive influence on the neighbouring micro-markets. The link will not only reduce the traffic congestion on roads and improve overall connectivity but would also trigger realty sentiment in the localities along the development.

Soaring traffic at key locations

Currently, important areas of the city such as Porur, Poonamallee Road, and Iyyapanthangal Bus Depot witness high traffic during peak hours.

Raja Sekar, Proprietor, Vigneshwara Builders, Chennai, shares about the rising traffic situation in the city. “When Porur flyover was inaugurated, daily commuters were expecting smooth and congestion free travel through Porur, however, it failed to keep up with the expectations. Sluggish traffic at the intersection and pothole-laden roads left travelers disappointed. Poonamallee Bypass also reflects a similar situation. The vehicular movement on the four-lane Pallavaram-Thoraipakkam Radial Road that leads to Poonamallee Bypass has increased phenomenally in the past few years. High traffic results in hours of delay during peak hours, and in monsoons, the situation is worsens. Besides, the quantum of accidents reported on the bypass have also surged owing to soaring traffic.”

In this situation, the metro project would provide the much-needed respite to the daily commuters. Presently, it takes close to one hour to 40 mins to reach Poonamallee from Lighthouse via road. However, the metro extension would reduce the travelling time by half.

Impact on real estate

Poor road condition and nightmarish traffic have triggered a downward trend in the property values of localities such as Porur, Valasaravakkam, Poonamallee Road, and Kattupakkam. According to 99acres.com Chennai Insite Report, the average capital values in the Porur, Valasaravakkam, Poonamallee Road, and Kattupakkam have reported a quarterly fall of 1-2 percent. The declining capital ‘asks’ are a testimony to the growing aversion of homebuyers for traffic prone areas in Chennai. But, the arrival of the metro could be a potential game changer. Reduced traffic and metro connectivity will boost the housing demand and thereby property values in the micro-markets.

The Chennai real estate market has started to turn corners after several quarters of stagnancy. Therefore, infrastructure projects are imperative to ensure steady growth. It is crucial for the authorities to identify the traffic-prone areas and fast-track infrastructure development to augment city’s realty growth.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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