Infrastructural development is a cornerstone in improving the economic conditions of a city. Chennai has embraced the development of transport and infrastructure since the early 90s; which has resulted in its economic boom.
The other impact of such large scale developmental projects is in real estate; it’s never been more profitable to buy property in Chennai in 2021. The newer developments especially around South Chennai and Greater Chennai will bring a surge of land development projects that will boost the real estate market.
The belt consists of a variety of IT companies and technology parks along the Old Mahabalipuram Road and the Grand Southern Trunk Road. Perungudi, Siruseri, Sholinganallur, Tambaram and Mahindra World City. The resultant large workforce gives a pull in demand for housing. The government has planned massive infrastructural and transportation projects that will improve the connectivity of these regions.
The following government undertaken projects aim to transform the cityscape in the next three years.
1.RENOVATION OF CHENNAI AIRPORT:
Both the domestic and international airport terminals in Chennai are currently not equipped to tackle the rising traffic. The planned revamp of the airport involves building new domestic and international infrastructure on either side of the old airport. Apart from that, the government is also investing 20,000 crores into building a new airport in the proposed area of Sriperumbudur. Expected to be completed in 3 years, this new airport will give raise to rapid commercial land development projects nearby.
2.THE 6 LANE FLYOVER IN VANDALUR:
To redirect the local traffic in the southern districts, a 6 lane flyover construction project is in progress near the Grand Southern Road and Vandalur-Kelambakkam road junction.This undertaking will boost residential projects in Potheri, Guduvanchery and nearby areas. Buying plots and houses in this part of Chennai will be highly profitable then.
3.OUTER RING ROAD 2:
The road network connecting Nemilichery, Nallur and Minjur will connect NH-205 (Nemilichery) with the Chennai-Kolkata Highway (NH-5) and TPP road at Minjur. This 6 lane road project is an ambitious undertaking that would improve the connectivity of our national highways and provide a hassle free travel experience. Reports suggest that these metropolitan townships, each of around 1,000 acres,will be constructed along the stretch of ORR.
Major 6 lane roads are being transformed into 8 lane roads to ease traffic and improve connectivity. Major congested roads like OMR, GST, Mount Poonamallee Road, Vandalur flyover, Porur flyover, and other important junctions will be a primary focus for this project. The road stretch between Tambaram-Vandalur and Vandalur to Guduvancheri will be widened and will cost around Rs 5,000 crore.This will help reduce traffic in the areas of Singaperumal Koil, Oragadam, OMR and Vadalur, making it an inclusive and well connected locality to purchase real estate.
There are mainly 3 elevated corridors that have been approved from the central government. The Tambaram-Chengalpattu corridor will ease traffic and provide hassle free road travel experience.
6.WIDENING OF THE GST ROAD:
Work to widen a 13.5 km-stretch of the Grand Southern Trunk Road from Guduvanchery to Chettipunyam has begun. The road has a very high vehicle count of over two lakh a day, leading to congestion on a daily basis.The NH wing of the State Highways Department has taken up the work on behalf of the National Highways Authority of India (NHAI) at a cost of ₹209.32 crore.
7.AIIMS HOSPITAL, CHENNAI:
A 200-acre AIMS facility worth Rs 200 crore is in the process of being constructed in the potential Chengalpet area in the Kanchipuram district. This would create a phenomenal boost in demand for land development projects here.
Chennai will soon get its own Bus Rapid Transit System (BRTS) to expand the use of sustainable transport in the city. There are seven corridors; Koyambedu-Poonamallee, Koyambedu-Ambattur, Koyambedu-Madhavaram, Saidapet-Siruseri, Saidapet-Mahindra World City, Thoraipakkam-Chromepet and Koyambedu-Saidapet. The Saidapet to Mahindra world city is the longest (43 Km) and Koyambedu to Saidapet corridor is shortest (9.2Km). The project will be 120 Km long and is going to be accomplished in three phases.
9.METRO RAIL EXTENSION:
A new metro rail line has been planned to connect the Airport to Kilambakkam. Soaring over 5 flyovers, this line is crucial in subverting the busy traffic of the GST road. With over 15 stations, this 15.3km line would boost the ease of travel and help residents commute to and from Central chennai. Metrorail projects bring an influx of commercial projects, making it one of the best localities to buy property or plots in Chennai.
The Chennai metropolitan area has a host of exciting real estate investment opportunities. The upcoming infrastructural projects and upgrades will bring forth an inclusive, travel friendly and connected cityscape. If you are interested in buying properties or plots in Chennai, Wisdom Properties can help you find it!