Chennai: India has been introduced to the Metro Rail as an alternative mode of transport over last three decades ago. Since then, the advantages of the Metro Rail system have increased many-folds.
Primarily it has been the enhanced connectivity to the suburbs of the city, thus enabling distribution of the city population to a larger extent of land resulting to congestion reduction in the city.
Owing to this, land value within 500 metres of upcoming metro corridors is expected to increase by 10-15 per cent as per JLL.
“The real estate market has seen a steady growth along the Metro corridors, owing to increase in developments alongside the routes. Furthermore, on an average, the land value within 500 metres of metro corridorshas increased by 15-20 per cent, especially in residential and commercial areas. Additonally, it has been observed that appreciation in land value has been on a rise after the Metro operation and increase by 2-5 per cent annually over other locations, compared to the construction and planning phase,” said A Shankar, head – strategic consulting and valuation advisory, India, JLL.