Impact of Chennai Metro on residential property values : A CommonFloor Report
The identity of Chennai changed from various landmarks to traffic congestions. Being one of the four metropolitan city, housing 8 million people, Chennai was generating 11 million trips every day in those narrow roads. The congestion was alarming and daily commuting became a challenge for day to day life. Necessity of metro had increased severely within the last decade.
“As part of ‘Real Insights’ into real estate, CommonFloor.com has come up with a detailed report of the impact of Chennai metro on residential real estate market – with in-depth analysis based on CommonFloor data.
For detailed report“
Chennai metro railway project was proposed in the year 2008 after careful studies and analysis done on various traffic and household data. The real estate impact of the metro on residential units is vast. In most of the cases it boosts the real estate value of the residential units. Eg. Kilpauk But in some cases it impacts negatively and decrease the real estate value. Eg. Egmore.
Both effects are due to many factors and circumstances. But certain factors play a vital role in influencing the price of realty properties. It can increase or inhibit the demand. The amount of impact can be quantitatively calculated using
- Pre/Post method
- Hedonic price model
