The growth curve in Chennai real estate

Often referred to as the Gateway to South India, the popularity of Chennai has been facilitated by the city’s vibrant culture, availability of jobs and a range of infrastructure initiatives being taken by the government, including a greater ease of commuting for its citizens.

“The existing metro railway (Blue Line or Line 1), which stretches from Chennai International Airport to Wimco Nagar Depot, has emerged as a popular choice for people to commute,” says MSPrasanth, Deputy Commissioner (Works), Greater Chennai Corporation.“As a result, Chennai Metro Rail Ltd (CMRL) is proposing to procure additional rolling stock. Additionally,two new metro lines that are currently under construction will improve the ease of transit.Once these projects are completed, we will indeed start to see the network’s effects kicking in, increasing the mode share of public transport.”

In addition to decongesting the city’s roads, this initiative will also impact the growth of real estate, more so owing to the FSI benefit. The Tamil Nadu Housing and Urban Development Department has passed an amendment to provide additional FSI along the metro corridor. Builders have to pay only 25 per cent of the guideline value to availpremium FSI for non-high-rise buildings and 20 per cent of the guideline value for high-rise buildings. The rule is applicable to properties located within a distance of 500 m,measured from the centre line of the corridor.

The transformation of Chennai has also brought into focus some of its pertinent problems like flooding, which causes loss of life and property. Addressing this issue, Shashirekha Ramanathan, Chief Architect, Space Studio Chennai, says, “I feel we must reclaim our natural water resources and immediately end encroaching upon them. This calls for both a larger policy level intervention and awareness at the level of individual consciousness. The consumer should be asking the right questions prior to investing in or buying homes. In places that are being developed, we could build on stilts and take measures to raise the ground levels adequately.”