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Thursday, November 27, 2014

How mono train will impact real estate growth in Chennai

With populations going up in all cities, people are facing the problems like delay in transport and could not reach on time to offices and other places as they could not move fast enough because of traffic and lots of stoppages in between. Both monorail and metro came to existence to avoid traffic and faster means of transportation.
Monorail and metro rail serve the purpose of mass transit system which is fast and efficient; there are basic differences in design, structure and cost of a monorail and metro rail. The concept of metro rail and monorail started because of congestion of traffic routes and difficulty to run rapidly moving trains on tracks that were old and could not support such a rapid transit system.
Monorail is a transport system which runs on single rail laid on a beam in the air. Metro rail runs on two parallel rails just as traditional rails. Metrorail too has an independent rail track but it has two rails and may not be high in the air. The track of monorail is narrower than the train itself. Monorail can be built faster with less cost. It consumes minimal space. Metrorail can travel at higher speed than Mono Rail. Monorail is eco-friendly because it doesn’t produce higher noise compared with Metro rail.
Traffic analysis in Chennai
The rapid economic growth has resulted in the significant increase in traffic management problems. The increase in travel demand with population and vehicle growth, turns down the share of public transport, with significantly enhanced confidence on the personal motor vehicle has led to increased costs due to travel delays, loss of productivity, deteriorating air quality caused by automobile exhausts and an increased incidence of road accidents
The estimated population and vehicle growth is shown in the chart. It is estimated that by the end of 2026 growth population would reach to 125.82 lakhs. Motor vehicle number has increased at a considerable rate during the last few decades.
growth population Growth trend in vehicle population
Source- www.cmdachennai.gov.in
Rise in population and vehicle accumulated the traffic at certain major roads. Arterial roads leading to the Central Business District (CBD) carry heavy traffic and are congested. Level of congestion on arterials and other major roads has increased eight-fold over the period 1984 to 2008. Depending upon the severity of traffic, plan would be made to decrease the junction traffic by introducing monorail or metro. Due to traffic acute shortage of parking supply is witnessed in commercial areas like Anna Salai, Periyar EVR Salai, T. Nagar, Purasawalkam, George Town, Nungambakkam, Adyar and Mylapore.
Growth in traffic volume in chennai
Source- www.cmdachennai.gov.in
About the Monorail project
As like Bangalore metro, Chennai metro rail system is under construction of express transportation. The ministry of urban development has given on paper approval for the Chennai monorail project (CMP) Phase-1. This fourth urban rail transport project has been approved under PPP model
As per the sources, the project was planned to be implemented in various phases.
A total of 18 corridors had been proposed and the project been executed. It is one of the biggest monorail projects in the planet.
Monorail services will be provided between Poonamalle and Kathipara with a link from Porur to Vadapalani covering 20.68 km.

Route Map
Phase l
MONORAIL Chennai Proposed
Monorail route will connect Poonamallee in the northwest of Chennai and Vandalur in the south via two corridors and will meet near the Kathipara intersection
Corridor 1 will link Poonamallee and Kathipara, via Kumaranchavadi, Porur and Nandambakkam, with line forking off to Vadapalani
Corriodor 2 will connect  Vandalur and Kathipara, via Perungalathur, Irumbuliyur, Tambaram East, Sembakkam, Medavakkam and Velacherry
Growth in real estate industry
No doubt, monorail will definitely increases the land price of Chennai as well as nearby places. Proximity and easier connectivity to others places in a short time would really sharpen the Chennai real estate business. Reduction in the travel time would lead to the considerable boom inside and outside the places of Chennai.
As per market experts, Vandalur-Kelambakkam Road is one of the future growth corridors in Chennai. It is about 18 km stretch from Vandalur-Kelambakkam strategically connects two important roads of the city, OMR (Old Mahabalipuram Road) and GST (Grand South Trunk Road) has propelled residential development along the stretch. In the residential sector, sales are expected to pick up as overall housing demand has increased in the city. Due to the good infrastructure, rise in income levels and increasing employment opportunities in all sectors
The first phase of Monorail project would connect Vandalur to Velachery providing a support to several people working in areas such as Tambaram Perungalathur, Tambaram East, Selaiyur Camp Road, Sembakkam, Medavakkam, and Pallikaranai etc. Once the monorail is operational several developers have set their anticipation on the real estate growth.
Real estate business at R.A.Puram and neighbouring areas of Alwarpet and Abhiramapuram saw a 5 per cent increase in capital values this year and may continue to increase, as demand remains strong.
Growth in Vandalur
Apart from monorail, another ambitious project of the government is the setting up of a 30-acre bus terminal at Vandalur. This is expected to offer connectivity to several locations in Chennai as well as south India. Monorail as well as bus terminal jointly shot up the price of this place. As a result many commercial and residential are emerging rapidly.
Top rated projects in Vandalur are listed below
Tata housing
Ruby builders
Stepsstone Promoters Pvt Ltd
Amudha Civil Constructions Pvt Ltd
Vijay Shanthi Builders
Growth in OMR, GST, Medavakkam and Velachery
OMR and GST have witnessed a launch of high rated projects and the demand for high end segment will hold up the price. Monorail and IT hub are promoting the real estate sector.
IT Companies present in OMR are Scope International Ltd, SCM Microsystems,Sunmix Network Pvt Ltd,Hexaware Technologies, American Atmel R & D etc.
Kelambakkam is rapidly emerging as a real estate hotspot of Chennai which is located on OMR because of IT corridor the land value is considerably increasing due to connectivity and infrastructure and the availability of tourists’ places like Kovalam beach, the OLD church of St. Mary, Tiruporur Murugan temple and Nithya Kayana Perumal temple.
The Companies existing in Kelambakkam are, Xansa Pvt Ltd, Home Town Information solutions Pvt Ltd
Medavakkam due to its excellent location (Both OMR and Tambaram) receiving good rentals.
Velachery has seen a growth mainly due to IT sector. It connects the rapidly growing business class information technology corridors of OMR. Velachery maintains the perfect balance between new and old Chennai. The geographical advantage in terms of the connectivity to other parts of the city is the reason for the inflow of population.
The Velachery main road on the south connects to south Chennai and Mount Road (Anna Salai) at Guindy via Velachery.It is almost saturated more projects naturally flow into adjacent areas such as Pallikaranai, madipakkam
In road ways transport from Velachery to OMR takes hardly 25 min and it is about 9 km to travel where as if we compare with monorail it would be approximately 10 min to reach.
Popular builders of Velachery are
Phoenix Market city
Mehta havens Ltd
Shree constructions
Contribution of Monorail to Chennai
Reduction of traffic
The city faces the severe traffic problem due to inadequate, shrunken and encroached footpaths, missing links in the road network. The substantial increases in the population and the introduction of more bus facility and goods vehicles have amplified the traffic.
Trend in road accidents over the years is presented, as per the accidental data available an average of 630 persons die on City roads annually.
Monorail would noticeably reduce the traffic and accidents. It promises affordable rate for travelling any distance on time, safe arrival and we can avoid sitting all the time as like in bus.
Trend Road Accidents - Chennai
The metro train would likely reduce the traffic thereby reducing the parking problem as many would prefer to travel by train than road ways.
Pollution control
The reduction in the road way travel would help in safeguarding environment by sinking the air pollution and can feel the fresh breeze.
Future compass and Demand
Demand is largely increasing due to its proximity to IT hubs of OMR, Tambaram and Orgadam. Some of the builders like Sobha developers, Tata housing, Unitech and Vijay Shanthi have shown their prime interest in these areas because of the location advantage.

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