How the upcoming metro train connectivity in western Chennai has led to huge boom regarding real estate now?
Posted on: 15/Jul/2024 9:12:32 AM
If you are one amongst those who are interested in investing in real estate in western part of Chennai now, then you are not alone!!
Many people now have been showing huge enthusiasm to buy homes in the western parts of Chennai due to the availability of larger spaces with high value along with enhanced amenities. For this, all the credit must go to the upcoming metro train connectivity.
The Chennai residential market reported 12% y-o-y increase in the residential sales and this according to property consultant Knight Frank India. Point is that in the western and southern Chennai as many as 7957 units were sold from January to June 2024. It must be noted that while the sales in Chennai city`s west increased compared to the first half of 2023 but sales in the south decreased during the period.
In the western region of Chennai, the homebuyers are now looking to buy houses in the range of Rs 80laks to Rs 1 crore. It must be recalled that in the past people (in this segment) preferred to buy houses in the southern regions of Chennai .The reasons why southern regions were preferred was due to the presence of IT corridors, educational institutions, hospitals etc.
Point is that the major reason for the shift from south region to west region in Chennai for buying homes was due to the upcoming metro train connectivity till Nazarathpet. This was according to Mr. Srinivas Anikapatti, ED (TN & Kerala), Knight Frank India. He spoke about how the western region in Chennai had everything except connectivity. He concluded that once the connectivity issue was sorted out people have started moving to the western regions in Chennai. Beyond Koyambedu, a lot of gated communities are coming up.
