South-Chennai to become an ideal investment zone.

Places like Tambaram and Chromepet could see a surge in demand because of the proposed metro service from the Chennai Airport to Kilambakkam.

After the much anticipated and needed announcement of Chennai Metro Rail, which would connect Chennai Airport to Kilabakkam, southern suburbs like Tambaram and Chromepet expect an increase in property prices.

According to S Sridharan, Chairman of Confederation of Real Estate Developers Association of India (CREDAI), Tamil Nadu, “The provision of public transport could be a blessing for citizens chosen to stay in affordable areas such as the southern suburbs, where there is not an issue with commuters to daily go to their workplace. The current trend indicates that buyers will also be considering investing in outer parts of Chennai if the size and price of the unit are appealing and the chances of the following are higher:

1. Higher appreciation

2. Better job opportunities (due to demand for IT space)

3. Infrastructure development happening at a faster rate. The airport is already being expanded. With Chromepet completion rising by 15 per cent and the rate in Tambaram rising by 20-21 per cent compared with Rs 4493 per sqft, things look up,” he says.

Construction is expected to start in 2021 on the 15.3-kilometre stretch and will be developed on the current GST road alongside the suburb. The project costs Rs 3500 crore and will begin after the Detailed Project Report (DPR).

Samantak Das, Executive Director and Chief Economist, JLL India believes that Chennai Metro Rail’s second phase is driving Chennai’s South, West and North West real estate growth. Tambaram and Chromepet are already experiencing a good volume of real estate development, in terms of residential properties and retail property, along Corridor 5 (Madhavaram to Sholinganallur).