Chennai Metro was planned as a fast, reliable, convenient, modern and economical public transport solution to the growing traffic problems in the city. The pace at which Chennai metropolis is expanding, it became utmost necessary for a rapid public transportation system that will provide easy connectivity from one end of the city to other end. The Tamil Nadu government created a special purpose vehicle – Chennai Metro Rail Limited for implementing the project. The metro will be integrating other forms of public as well as private transport systems; probably India’s first.
Transit Facility – Integration with other transport systems
The 1st stretch of Chennai Metro – Koyambedu to Alandur (7 stations) covering distance of 10 kilometers has become operational. The 7 station that became operational are Koyambedu, Chennai Mofussil Bus Terminal, Arumbakkam, Vadapalani, Ashok Nagar, Ekattuthangal and Alandur. The project, on completion, will consist of 32 stations along two lines; out of which 20 stations are underground and 12 are elevated.
Real Estate - Impact
The improved connectivity and lesser traffic have resulted in steady price as well as rental appreciation along the corridors and influence zones in last couple of years. Since the travelling to city center and other parts of city has eased, the demand for these suburban areas has increased; thereby prompting developers to launch large number of new residential projects in these areas. The metro has also triggered commercial and retail developments, leading to overall improvement in social infrastructure of these micro-markets. As per industry data, the capital values as well as rental values along the metro impact zones have moved up steadily by 15 to 20 percent in last couple of years and the prices will further move upwards as the entire metro will near completion.
The metro and the commercial development will also trigger the demand for rental properties as well as investor segment.