The proposed Chennai Peripheral Road or CPR has received its environmental clearance as per reports. This road is likely to boost real estate markets in several parts of Chennai as it covers a whopping 162 kilometres and will be linking Pooncheri which is situated near Mamallapuram to Kattupalli which is located in the Tiruvallur district. The SEIAA (State Environmental Impact Assessment Authority) has recently issued its official clearance based on the condition that the project could be started post the attainment of the CRZ (Coastal Regulation Zone) clearance.
The total project cost is estimated to be around Rs. 12, 500 crore and it will be developed in several phases with funding to be received from JICA (Japan International Cooperation Agency) and the agreement for this could be signed soon. A stretch of 25 kilometres between the Kattupalli Port and Thachur will be taken up in the first phase with a 3 kilometre link connecting to the Chennai Outer Ring Road located at Neithavoyal. This cost is estimated to be around Rs. 3, 500 crore and will include the acquisition of around 260 hectares of land. Out of 15 villages in this zone, 11 villages already have the process at a highly advanced stage.
Although multiple land tracts have been classified in the agricultural category, lands located along the Tiruvottiyur-Ponneri-Panchetti Road have already been converted into real estate holdings. The rates may be improved in these zones courtesy the new Land Acquisition Act according to reports. The road will have six lanes and there will be two service lanes on both sides. There will be a utilities corridor for the transportation of gas and oil pipelines since the road links to key industrial hubs in Chennai. The road will initially have four lanes with ample space for expansion. There will be bridges and interchanges. Construction should start by the year 2020.
