Chennai gets Second Airport at Pannur and Parandur: Impact on Real Estate

All that you can do is wait and take the ride! Yes, Chennai is going to get it’s second airport very soon.The ministry of civil aviation has selected Parandur and Pannur near Chennai for the city’s second airport. Parandur is around 70km and Pannur 60km from Chennai. They are near Sriperumbudur on the Chennai-Bengaluru route. The two sites are less than 30km from Sriperumbudur and Sunguvachatram.

Getting a second airport has its own advantages as they boost the real estate development and the economic stability of the city. Since the pandemic, the real estate market has been steadily declining. Therefore, the government’s decision to build a new airport will create unique opportunities for people to learn to live with emerging technologies and digital transformation.

A new light to Chennai: Pannur & Parandur Airport

It is a big move to ease air traffic. The Union ministry of civil aviation (MoCA) has planned to open a new airport in Chennai. Civil aviation ministry Jyotiraditya Scindia announced that that the central government will hold 15% stake in the airport, the second in the southern metropolis. The new airport is expected to handle eight international flights.

A team of experts from the AAI and Tamil Nadu Industrial Development Corporation (TIDCO) inspected four locations – Padalam, Pannur, Thiruporur and Parandur – a few months ago, following which a pre-feasibility report was prepared and recommendations were made.

The state government has informed the Airports Authority of India (AAI) to soon delegate a team of officials for inspecting these sites and carry out a feasibility study. This study is done to know whether a specific site will have sufficient space for establishing all the infrastructure needed for the new airport.

The locations selected are in close proximity to the nearby hotels, transport facilities, and residential properties that has a great opportunity of growth and development within the range of the new airport.

How would the upcoming airports fuel the real estate market and, ultimately, the national economy

Without question an opportunity for a new airport is once-in-a-lifetime chance for real estate stakeholders for faster growth with multi-modal projects. This means that the Indian real estate market will experience strong demand over the next five years. The Government’s last-mile funding system could be able to help stakeholder’s enthusiasm for transit-oriented real estate projects.

Not only it is a boost for commercial projects but the city will witness a hike in residential real estate in the city and nearby regions.

• When the city announcing the construction of a new airport, the land price may see an immediate rise. According to a recent survey, land prices could rise by 20-30 percent. This is because airports are typically built-in areas outside of the city centre, where land prices are very low.

• Airport developments are undeniably game-changers in a city or area’s real estate market. Architects and urban planners must be mindful of how the region’s land is being used and must be responsible for providing comfort in the form of soundproof projects.

• With the construction of airport, there will be an increase in the visibility of Chennai as place for further business improvements. As it might turn out there will be increase in the interest because more and more domestic and international companies will begin their operations in the city and expand their existing businesses. Given the situation, there will be considerable effect on the residential real estate market of Chennai as well.

• Also, the airport will result in huge infrastructural development undertakings that produce residential demand from people who are employed there, and also the various associated services present.

In total, there will be more and more demand for properties in Chennai with the airport development. There will be more and more demand for properties in Pune with the airport development. So, it is the right time to book a secured future at unbeatable price for near future gains.

For a secured future, Wisdom properties is here for your rescue. They are the market leader inn promoting the real estate in Chennai. With trusted real estate agency, you can get the best property in place. Wisdom properties is perfectly placed to provide you with advice and assistance relevant to your local real estate market.