Traditionally, Madhavaram and other areas of North Chennai are residential and industrial localities in the neighbourhood of Chennai. Now, it is set to take a new avatar due to the evolution of TN Tech City. Moreover, the extension of the Chennai Metro Rail is expected to position this area as the key area in the city’s technology sector.

On top of that, these developments are going to boost the real estate pricing in the region. Today, we will give you a glimpse of how TN Tech City and Phase 2 Metro will benefit the real estate sector in Madhavaram. Moreover, we will give you an overview of both upcoming developments.

What is the TN Tech City?

It is an important step by the Tamil Nadu Government to make North Chennai a tech and IT hub. Traditionally, It and technology hubs were used to be focused on the southern part of Chennai. Old Mahabalipuram Road (OMR), SIPCOT in Siruseri, and IT offices in Perungudi are the prime examples of those parks located in the southern region of the city.

Now, the TN Tech City is expected to attract tech organizations in the northern part of the city. The government has allotted 150 acres of land for this development. Moreover, it could generate more job opportunities and bring economic growth to the region.

Many reports suggest that this new tech city has the potential to become a motivation for the development in North Chennai. Surprisingly, it is an area that was waiting for such developments for a long time.

The project will provide you with high-end tech-based office space with advanced office amenities. Moreover, you can get premium residential and commercial space in this development. Furthermore, it will also feature a centre of excellence, innovation hubs, and even top-notch convention centres. There are also plans underway to establish world-class convention centres.

How will TN Tech City boost the real estate?

The world of the real estate sector in North Chennai is ready for a significant prepared due to the development of TN Tech City. As of now, the real estate price in this region is relatively cheaper as compared to the well-established tech hubs, like OMR, Taramani, and Perungudi.

Property prices in such areas have seen a surge due to the availability of these tech hubs over the decades. Now, the rise of the TN tech city is expected to boost the property price, similar to these regions. It would also be possible that the city could follow the trend of other areas where there is a tech hub. So, it is high time to explore Plots near TN Tech City.

Metro Availability

The effects of the Chennai Metro begin with the evolution of Phase 1, which now proposes 45 km of railway track. It is linked to the key areas, like Alandur, Chennai Central, and Koyambedu. The metro provides thousands of residents with easy access to transport themselves around.

Now, the second phase of the project focuses on the construction of 128 new metro stations, with each spanning around 118 km. In addition, they are expected to pass through the auburn and peripheral areas of the city. Madhavaram, Porur, and other areas are set to appear on the metro map as a part of the ambitious plans. It could convert the region into a prime real estate zone.

How Metro Projects Attract Real Estate Appreciation

No one can overstate the influence of the metro on the Chennai real estate. It could lead to improved connectivity that could directly increase demand for the most properties near the station.

People are learning that the areas that used to be unattainable are now becoming demanding due to the availability of the metro. Therefore, the areas, like Madhavaram and Tambaram, are now attracting families and investors.

Whenever policymakers announce the possible metro corridor in any area, it triggers a surge in property prices. Customers are now focusing on properties within a 2 km range from the metro station because the closest location to the metro station could provide great connectivity and a guaranteed increase in property price.

A study of property prices before and after the introduction of the metro has showcased the rise in property value. For example, the property price of Ashok Nagar and Alandur increased after Phase 1 metro became operational.

Similarly, the price of real estate is expected to increase in North Chennai areas, like Poonamallee and Guduvancheri, to benefit the investors after the beginning of Phase 2 Metro. So, you should explore land investment opportunities in Chennai.

Final Words

The upcoming development of TN Tech City, along with Phase 2 Metro, is going to give a huge boost to the real estate market of North Chennai. It means that purchasing an apartment in this area will provide you with better connectivity and a higher return as the property price is going to surge after this development. So, get in touch with SilverSky to find your dream house in this attractive area.