Effects of transits on real estate in Chennai
Modes of transits always had a huge impact on real estate properties along its corridor. BRTS, Monorail, LRTS, MRTS whatever be the case they have a huge impact on the prices of the properties. A mere comparison of the properties before and after the construction of the transits would show the price variation and the percentages of increase or decrease. Generally the price tends to increase but there are some cases where the price decreases.
Chennai at present has two notable transits namely, The MRTS and upcoming monorail. They play an important role in the real estate sector. The MRTS has large stations in Chennai. These station supports retail markets. Economic activities has sprung up around these stations. Experts now claim that the planning of these stations hasn’t been done well enough to host these economic activities and there is not enough walking space in these stations creating mass congestion. One such congested station is the Central park metro station. One can notice the congested pathway that leads from the station to the Chennai central railway station.
This congestion could be a negative factor to the economic activities and also the real estate value near this stations. But will Monorail be any effect on real estate? The answer would be an immediate yes. Not only will it increase the commercial value of the lands along its corridor, it will increase the demand and prices of the residential properties along corridor of the micro markets through which the Monorail passes through.
The reason behind this are as follows. The monorail is going to reduce the travel time between the outskirts of the city to the interior centre. Thereby people who are in outskirts of the city can also travel easily to workplaces in the centre of the city. This would also encourage people to move to the outskirts. The corridors will get commercialised with more shop outlets and numerous job opportunities will be generated by feeder service to the monorail. The price of the properties and demand will tend to raise in an escalating pace.
There is an also possibility of the property value to go down too due to pollution, congestion and degradation of the serenity caused by the transits but on overall, A hike in demand and price can be noted.
