CHENNAI: With the Chennai Metropolitan Development Authority (CMDA) completing construction of a new bus terminus in Kuthambakkam near Thirumazhisai on the western suburb of the city, the real estate sector has started to boom.
The price of apartments in the area has risen from Rs 3,000 per sqft in 2021 to Rs 5,300 per sqft in 2026. This 83% increase is against a 48% and 56% boom in prices at nearby hubs such as Poonamallee and Sriperumbudur, respectively.
S Ramaprabhu of Builders Association of India (BAI) said prices started to rise soon after the new bus terminus project was announced. “If the bus terminus starts operation, prices may increase further. There are several layout projects being launched in the region along with a significant number of apartment projects,” he added.
Another popular realtor expressed integration of the Chennai-Bengaluru Highway, the Outer Ring Road, and planned Metro connectivity is expected to significantly shorten commute times. “As modern homebuyers become increasingly mature, this corridor is becoming a primary target for residential absorption,” the realtor added.
A CMDA official said construction of the bus terminus - which is the fourth in Chennai after Koyambedu, Madhavaram and Kilambakkam - is almost completed and other departments such as transport and highways are making arrangements for smooth operation.
Once opened, buses to Dharmapuri, Vellore, Hosur and Bengaluru, apart from Tirupati, will be operated from Kuthambakkam. Presently omni buses to Dharmapuri, Hosur and Bengaluru are being operated from the omni bus stand in Koyambedu and omni buses to the southern districts have already been shifted to Kilambakkam.
Further boosting real estate, the CMDA has already proposed to develop Thirumazhisai as a satellite town and already issued notification to develop 1,600 acres under land pooling scheme.
The proposed airport in Parandur also increased the price of real estate projects in the region. However, realtors have their fingers crossed since Chief Minister C Joseph Vijay had openly opposed the airport project before the election.
“There is no official order or statement pertaining to the fate of the project. But there are reports saying the government is mulling to drop the airport project and establish a SIPCOT. However, several SIPCOT plots are lying vacant across the state. The government should give concessions or waivers to encourage usage of vacant plots before establishing new industrial parks,” Ramaprabhu opined.