Chennai Metro Update
Chennai: The city is abuzz with the construction work of the Metro Rail Project being undertaken all across the city. The city is gearing up to witness the journey of its first train on the elevated section from Koyambedu Bus Terminus to Saint Thomas Mount, within this financial year.The project, entailing an investment of $3 billion is the most ambitious infrastructure project to be executed within Tamil Nadu. Even though, initially the project was slow, its current pace has astonished many. So far, the project has been promptly on schedule without any major bottlenecks. In fact, apart from a couple of minor cases, clearing encroachments and obtaining land was efficiently done with record speed, helping to speed up the project.
Fast-paced work
While the usual slow bumper-to-bumper traffic chokes the city’s arterial Poonamalle Road and Mount Road. Tunneling work of above ten per cent of the total 27,220 meters has already been completed. The private sector has also played a very crucial and pivotal role, projects entailing investments worth well over Rs 10,000 crores have been awarded to different companies belonging to countries like Russia, India, Japan, Germany, UK and France.
Origination of two initial corridors under the proposed phase-1 with a total stretch of 45.1 kilometers is being envisaged by the project. The second corridor which would be running through the prominent parts of North Chennai beginning from Washermanpet and covering Mannady, High Court, Chennai Central station and ending at the Chennai Airport would be around 23.1 kilometer long while the other corridor, starting from Chennai Central and ending at Saint Thomas Mount, would be 22 kilometers in length.
As per the information available on the Chennai Metro Web site, the portions of Corridor-1 which constitutes a stretch of 14.3 kilometers from Washermanpet to Saidapet, as well as Corridor-2 comprising a total stretch of 9.7 kilometers from Chennai Central to Anna Nagar 2nd Avenue would be underground while the remainder of the portions would be elevated.
Traffic turmoil
Chennai is struggling to cope up with current pace of its ever increasing traffic demand created from its present population of over 50 lakh, which by 2026 is expected to further reach 120 lakhs. Today, almost every member of the household owns a vehicle as compared to the past when every household used to own a single vehicle, applying enormous pressure on roads.
Furthermore, above 3,200 buses transport roughly 52 lakh passengers. All the Government’s endeavor to meet the ever increasing traffic demand has been coming up short. In future, with the inception of the Chennai Metro as a part of an integrated multi-modal transport system, the system would become the chief source of public transport system. The metro in addition with Mass Rapid Transit System along with the Metropolitan Transport System, is expected to ease traffic congestion.
Effects on Real Estate:
Going by indications from cities such as what happened with other Indian cities where the metro is already operational, the real estate market along the metro corridors in Chennai is set to be transformed. A multitude of localities have already witnessed an increase in their capital values. Few areas have absorbed up to 15 to 20 per cent capital appreciation within the last one year. There is also a significant increase within the square feet cost of multi-storey apartments.
Apart from the main regions, Chennai’s peripheral areas have also been witnessing significant increase in property prices due to the passing of metro. North Chennai which is the hub for the amalgamation of industrial and corporate sectors is among the major areas to be affected with the initiation of metro. This region would witness an increment within the property prices. It would also become easier for a hike in land prices with areas in North Chennai having underground stations.
The transport sector is not the only beneficiary of Chennai metro rail; its initiation would also impact and help drive the development of other issues such as infrastructure development, urbanization within the area as well as increased land rates. All these factors are expected to be impacted simultaneously. This might result in the enhancing of the development of housing sector by granting extra Floor Space Index (FSI) by the government.
