The Chennai Real estate developers reeling under the pressure of the global recession, confirm that the Metro Rail project has become a determining factor in the escalation of real estate prices in the city.
Land prices around the Chennai Metro Rail project skyrocketed as developers flocked in to invest in these prime locations. Buyers are finding it a lucrative option owing to easy accessibility and development that is expected to take place once the project materialises. “The Metro rail project has given a new lease of life to the real estate sector, which has been experiencing a lull due to the recession. It has generated lot of interest among the developers and buyers. Despite the project being in the initial stages of construction, the land prices have considerably gone up since the works began,” said S Vasudevan, Chairman, Ozonegroup.
There is a increased demand for flats and refurbished flats in the Chennai. The developers would focus on where the Metro stations would come up. The project has just begun. The Chennai real estate sector is waiting to get a better picture of the route and the stations of the Metro trains and also the accessibility to these places and a rush of investment is then expected.
Tags: Chennai Metro, Chennai property, Chennai real estate
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