Touted to become the lifeline of the city, the final stretch on the Blue Line of Chennai metro recently commenced its operations. While the residents of the city cheered the development, industry stalwarts believe that it has the potential to escalate capital values in the localities falling alongside the stretch.
The much-awaited AG-DMS and Washermanpet metro corridor on the Blue Line of the Chennai Metro commenced its operations on February 10, 2019. The metro corridor, which was initially scheduled to be flagged-off by the end of January 2019, was finally inaugurated in February 2019 by the Prime Minister and the Chief Minister through video conferencing. The news came as a respite to the residents of the city as the Chennai Metro Rail Limited (CMRL) has been working for long to finish the final stretch of the Phase-1 of the Chennai Metro. With the inauguration of the Washermanpet to AG-DMS route, the 45 km-long Phase-1 of the city's mass transit system has become fully operational.
About AG-DMS to Washermanpet Metro corridor
The 10 km-long AG-DMS to Washermanpet stretch is entirely underground with a total of eight stations including AG-DMS, Thousand Lights, LIC, Government Estate, Chennai Central, Madras High Court, Mannady and Washermanpet. It connects the northern part of the city with the airport through the Chennai Central railway station and runs through Anna Salai, an arterial road and probably, the busiest stretch of the city. Besides decongesting some of the high-traffic areas in the city, commuters travelling from Washermanpet to the airport will majorly benefit as the new corridor will reduce travel time between the two locations to 45 minutes.
Ever since its inception, the Rs 14,600-crore project has witnessed several roadblocks such as delay in land acquisition, road caving at a number of areas and cost overruns. One of the major setbacks to the project was when a Russian company named Mosmetrostroy, which was tasked with the responsibility of undertaking the tunneling work, left the project seeking higher payment.
Impact on real estate
Besides improving the connectivity quotient in the city, the new metro corridor will ease traffic congestion in certain areas including the Anna Salai arterial road. Not only will it cut down travel time between prominent locations in the city, but will also have a significant impact on the realty markets falling along the corridor. Key micro-markets lying in the precinct to AG-DMS, Thousand Lights, LIC, Government Estate, Chennai Central, Madras High Court, Mannady and Washermanpet metro stations will benefit the most. According to Purushothaman, Senior Advisor of Chennai-based Brickearth Realty, “Despite being one of the most developed localities in the city, capital values in Washermanpet and Mannadi have already escalated following the commencement of the new metro corridor. Capital ‘asks’ in these localities are further expected to witness a 20-25 percent appreciation in the times to come.”
North Chennai is one of the most highly populated regions in the city, housing several commercial hubs and structures. The inauguration of the metro services between Washermanpet and AG-DMS has come as a boon for the residents of the city as it will substantially reduce traffic jams and offer seamless connectivity. In addition to this, the metro corridor will further augment real estate demand and impact property prices in some of the most desired areas in the city.
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.