The city will play host to a Metro Rail in 2015.What does this mean to realtors in the city RADHIKA RAMASWAMY finds out

Today,the value of land and cost of apartments are not the only deciding factors that one takes into account before buying a home.The character of a neighbourhood,infrastructural development and, most importantly, connectivity of the area are the key determining factors that influence new-age buyers.The much awaited Chennai Metro Rail which is in various stages of construction and completion across the city is the next big public transportation system for Chennai. Even as the Chennai Metro Rail Limited (CMRL),a joint venture of the Government of India and the Government of Tamil Nadu,is in talks with various government agencies and private parties for land acquisitions in various parts of the city,several developers are keen to understand the connectivity and the area that the railway line will cover to know the potential areas of residential and commercial development.

According to CMRL sources,there will be an appreciation of land value by 15 to 20% along the places where the metro rail tracks will pass.While some parts of the city,especially the expensive and well-developed neighbourhoods like Adyar,Guindy,Anna Nagar and Nungambakkam,will see a steep increase in land value as a result of the metro rail,other lesser-developed areas like Vadapalani,Mannadi,Washermanpet and Thiruvottiyur will see a spurt in residential occupation.
“The metro rail across the country has become synonymous with faster mobility and comfortable travel,”says Sudarshan K S,Chief Operating Officer,Ozone Group.”Today,when it comes to real estate development, connectivity takes precedence over price and market conditions.I am happy that the line is passing through Anna Nagar where we are currently developing our first residential project in the city,Metrozone, he adds.

Times of India, Property Time, 17 July 2010