The proposed Chennai-Bangalore expressway may get an extension till the area of Maduravoyal instead of finishing at Sriperumbudur as per reports. It may connect directly to the Chennai Port-Maduravoyal Elevated Expressway according to the latest plans made by the NHAI (National Highways Authority of India). This project may boost real estate markets in several areas in Chennai adjoining the expressway and along this proposed extension. Once finished, those traveling between the two cities can enter Chennai by coming out from the expressway onto the Poonamallee High Road and also by reaching areas in the northern part of the city through the expressway itself.
The project is expected to decongest Chennai city roads, particularly from containers and lorries that ply regularly. The 6 lane elevated road running to Maduravoyal from Sriperumbudur will be going along the Poonamallee High Road, another zone where realty markets could benefit in the future. The cost of construction is pegged at approximately INR 3, 000 crore. Vertical development is being stressed on by the NHAI in order to bypass acquisition of land. Tenders will be finalized for both these infrastructural initiatives by the end of 2019 with the awarding of the project expected prior to March 2019. It will take roughly 30 months to develop the elevated road as per reports.
The real estate markets may get a major boost in Maduravoyal and Mugappair. The residential real estate sector in Chennai will finally get a much-needed push from mega infrastructural developments like these. Areas near Kelambakkam, Maduravoyal and Kolapakkam are poised to benefit with people interested in affordable housing units priced between INR 25-40 lakhs as per reports. With the metro railway project also gathering steam, real estate markets around the metro network may also get a boost leading to several residential high-rises being built in these zones.