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Metro Projects Making South-East Chennai Grow

Nanganallur is one of the earliest areas to be developed in Chennai but the development of the area came to a standstill due to lack of proper connectivity and expansion for new projects. There are many ongoing projects in Chennai today, promoted by famous builders and promoters, and Nanganallur has sure got the attention of many of them.

The upcoming metro has made it easier for Nanganallur to be well connected to various other parts of the city. Situated towards South-East Chennai, the locality is strategically located near the airport and is just 2-3 km away from two upcoming metro stations at Alandur and St Thomas Mount. Despite being one of the first localities to have developed in the city, Nanganallur became more and more congested as developments picked up, leaving very little land for new projects. Thus, people, particularly the new generation, started moving out.

The scenario is changing nowadays because of the metro and builders buying up old houses to construct new apartments. People who earlier wanted to move out of this area are now looking to invest here. The locality has witnessed an exponential growth in capital values in the last few years. It has grown from Rs 4,000-5,000 per sq ft in 2010 to almost around Rs 8,000 per sq ft today. The demand for property has also considerably increased with the increase in public transportation and other amenities. Even though new projects are less in numbers, buyers are vying for re-sale properties as well. This increased demand and limited supply has resulted in the hike in prices over the last few years.

With the rise in demand and with the new projects upcoming in this area, South-East Chennai is deemed to grow more with the added influence of the metro projects.

 

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Newsletter - Feb 17