The introduction of Metro projects in Chennai has had a significant impact on property prices, with steady progress being made. While prices have already surged along existing Metro lines, there has been little change for properties located on interior roads.
The Chennai Metro Rail has not only made commuting within the city easier but has also been a boon to the real estate sector. Since its inception, property prices have skyrocketed along the Metro corridors in Chennai.
On average, land prices have appreciated by 20% to 35%, depending on location, existing infrastructure, and access to basic amenities. Property prices have seen even larger increases, ranging from 30% to 40%. While upcoming Metro lines have begun to see price surges, they have not reached the same extent as the existing lines.
According to experts, areas such as Anna Nagar, T. Nagar, and Nanganallur have seen significant increases in property values and demand due to the presence of the Metro Rail system. Notably, Guindy has experienced a substantial price appreciation of 35% in average property rates over the past decade.
Real estate consultants have observed that prices in certain pockets of Chennai have become stagnant after the initial buzz. They explain that while land and properties tend to gain value in the early years, this growth eventually plateaus. The consultants also note that properties in close proximity to the Metro command a premium, while prices on interior roads have remained unchanged.
Further analysis reveals that prime locations like north Chennai, Madhavaram, Sholinganallur, Poonamallee, Mount Poonamallee, and Porur have all witnessed a significant increase of 20% to 40% in property prices. This is particularly true in the case of Flats in Chennai / flats in OMR - Chennai where the cost of flats has increased significantly. With such a great surge in prices, now is the time to take advantage of this great investment opportunity before it's too late.
It is important to note that the development of upcoming Metro corridors is driving the increase in property and land prices. However, experts caution that the completion of these projects is crucial for sustained growth. Only when real on-ground activity is visible will the real estate market experience further escalation in prices. Therefore, it is advised to make educated predictions specific to the area and infrastructure project in question rather than basing decisions solely on general property appreciation trends.
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