Recent research shows that land values near upcoming metro rail corridors will likely rise by 10-15%. Mobility and accessibility are the two factors that play a pivotal role and have been a boon for several cities like Chennai to grow exponentially. The visible impact is seen clearly around the areas closest to the metro and railway stations.
Metro rail networks have become a popular mode of intra-city transportation due to benefits such as reduced cost and travel time, increased train frequency, and passenger comfort. End-users have traditionally chosen commercial projects near railway and metro stations because they are assured of convenient access to various parts of the city, including business hubs and even peripheries (depending on metro routes). In a nutshell, there has been a significant rise in retail and office spaces around the existing railway and metro stations, enhancing the flexibility and convenience of the public.
This has also spurred the development and growth of the social and retail infrastructure and increased land values.
Because of proximity preference, the population density of nearby commercial areas will increase following the launch of a Metro, as will demand for retail and office spaces, as per the Economics Times report.
Simultaneously, there will be a significant increase in new developments in adjacent vacant land or open spaces as developers seek to capitalise on the profit implications of higher developments that can result from additional FSI, if applicable.
The inducement of work-from-home culture also has impacted growth. Metro journeys are safer, more convenient, and more accessible in the post-Covid-19 world, as authorities increasingly adopt digital technologies to help manage demand, maintain social distancing, and pass real-time information to authorities and passengers. As a result, properties near transportation infrastructure will continue to command a premium.
The operational Chennai Metro network has been implemented in such a way that it includes buses and suburban trains. The enhancement and easement of the connectivity of railway and metro stations have impacted the real estate prices across the metro corridor.
With the amplified connectivity around the metro and railway stations, several commercial property companies and marketplaces are planning to settle down around the suburbs. This has prompted several commercial spaces to unleash the opportunities of opening retail and office spaces and accelerate their growth.
- The metro and railway stations have provided solutions for unsold real estate properties, inventories, and unoccupied office and retail spaces.
- Chennai has several real estate prospects and has seen green shoots of growth for several marketplaces and commercial estate development. They have been a pivotal catalyst in witnessing the tremendous growth of commercial spaces.
- The return on investment has been considerable and prominent for several commercial space projects. They offered high service availability, reliability and de-congestion.
Importance of Having Railway and Metro Connectivity
The metro corridor is home to over 350,000 employees from various companies. There was an urgent need for infrastructure to support the backbone chain and provide seamless connectivity to the city centre by self-sustaining and developing hotspots outside the city.
The growth momentum of metro corridors and railway stations has enabled to incorporate the social and civic infrastructure and enhanced commercial real estate growth for several reasons. We will discuss them in the following sections:
1. Accessibility to Trade Hubs
Several metro projects and railway stations have been a major USP for several developers and have likely caused a boost in real estate investments. Commercial properties near metro connectivity will likely rise due to the accessibility to several trade hubs and office spaces. Market of India is only a few kilometres away from Chennai’s current trade hubs, such as Parrys, Sowcarpet, Purasawalkam, Choolai, and Mount Road.
Market of India is strategically located in the heart of Chennai’s fastest-growing business district, with easy access to all major arterial roads, metro stations, and trains. The centre attracts diverse businesses as one of Chennai’s well-known commercial hubs. In short, the place is known for easy accessibility and heightened connectivity, with the ease of metro stations.
2. Access to Railway Stations
The neighbourhood is well-connected to the rest of Chennai via Perambur Flyover, Grand Northern Trunk Road, and Perambur Railway Station. It is also close to Chennai Central Railway Station (8 km) and connected to Chennai International Airport (26 km). Furthermore, the proposed metro Corridor 3 (Madhavaram-Sholinganallur) in Chennai Metro Phase 2 would have a significant presence in Perambur. In a nutshell, the SPR city, Market of India, in Perambur, is a commercial hotspot with endless employment opportunities and connectivity.
3. Upcoming Metro Stations/ Excellent Connectivity
There is also metro connectivity for this area, with three proposed metro stations in the area – Perambur, Otteri, and Pattalam. The railway station at Koyambedu, Chennai Central, and Egmore are all nearby.
4. Easy Commuting
Areas like Perambur have massive real estate potential, excellent connectivity to metro stations, and impeccable infrastructure. The locality is a great commercial investment option and enables several people to commute easily.
5. Numerous Employment Opportunities
Due to increased IT parks and infrastructure, e-commerce, and industrial technology, which provide better access to various parts of the city, Chennai has become a hubspot for commercial properties, offering excellent employment opportunities.
6. Integrated Township
Most apartments in Perambur offer a township or a gated community lifestyle. From exclusive clubhouses to massive swimming pools, from children’s play areas to community living, most apartments make life easier for homeowners by providing every basic necessity. There are several schools and educational institutions which are in close proximity, like Shri Ram university.
How is Connectivity Shaping the Commercial Real Estate Experience?
Technology fuelled economy and world-class infrastructure are the key drivers of innovation and far-reaching growth of commercial real estate investment options. Commercial real estate has witnessed a boom due to road connectivity and infrastructural facilities that have enhanced commercial property’s social and economic prospectus.
We prioritise building office spaces and marketplaces that offer close accessibility to infrastructural facilities, accelerating the appreciation of commercial properties near such locations. Undoubtedly, infrastructure and connectivity have the importance of boosting the residential and commercial realty sectors.
Invest in Market of India, that has Great Connectivity to Metro Stations
Market of India is a top-notch marketplace and trade centre that effectively centralises the city’s trade scene, with state-of-the-art facilities and a central location. Market of India has a diverse range of commercial spaces, including retail, wholesale, and office spaces with world-class infrastructure.
- Located in an integrated township
- With 20+ ancillaries, Market of India offers traders and business people online marketing support.
- Proximity to railway stations: Chennai Central Railway Station – 4.2 Km and Egmore Railway – 4 Km
We hope the above-listed pointers gave you significant insights into how metro and railway connectivity are major commercial real estate growth drivers. They help in easy access to trade hubs, enhance employment opportunities, and drive investment options by being around commercial hub spots. What are you waiting for? Invest in Market of India, known for excellent connectivity and accessibility to metro stations. Enquire now.