NewsVoir
Chennai (Tamil Nadu) [India], August 28: Madhavaram, traditionally a residential and industrial locality in Chennai's neighborhood, is set to undergo a major transformation with the upcoming establishment of TN Tech City and a 150-acre parcel of land has been identified for this project. This development, alongside the extension of the Chennai Metro Rail, is expected to position Madhavaram as a key player in the city's technology sector. The impact of this transformation is anticipated to be significant, particularly in terms of employment opportunities, infrastructure development, and real estate growth.
TN Tech City
The upcoming TN Tech City in Madhavaram marks a crucial step in the evolution of Chennai's technology and IT hub industry. Historically, tech and IT parks have been concentrated in the southern corridors of the city, such as those along Old Mahabalipuram Road (OMR), SIPCOT in Siruseri, and IT offices in Perungudi. This new Tech City is expected to attract major tech companies, both domestically and internationally, generating significant employment opportunities and driving economic growth in the region. According to reports, this Tech Park will be a catalyst for the development of North Chennai, an area that has long awaited such transformative growth. The project will offer high-end tech-based office spaces with futuristic social amenities, and premium residential and commercial spaces. Additionally, the Tech City will feature centers of excellence, innovation hubs, and a world-class convention center, with plans also underway to establish massive data centers within the tech park.
Connectivity Boost through MMBT and the Upcoming Metro Line
The Chennai Metro Rail's Phase 2 expansion, which includes a corridor to Madhavaram, is expected to complement the Tech Park by improving accessibility and connectivity. The Madhavaram Mofussil Bus Terminus (MMBT) already facilitates easier transportation for commuters. The new metro line will link Madhavaram with various parts of Chennai, including key business and residential areas. This improved connectivity is anticipated to make Madhavaram an attractive location for residents, as well as tech professionals and businesses, similar to how the development of metro and road infrastructure boosted areas around SIPCOT in Siruseri, OMR, and Thiruvanmiyur.
Madhavaram and other Established Tech Hubs: Real Estate Insights and Trends
The real estate landscape in Madhavaram is poised for significant change with the advent of the upcoming Tech City and Metro line. Currently, real estate in Madhavaram is relatively affordable compared to established areas near tech hubs like Perungudi, Taramani, and places along OMR. However, this scenario is expected to change as the Tech City becomes operational.
Over the past decade, property prices in Siruseri, Perungudi, and other areas along OMR have surged significantly, primarily driven by the presence of tech hubs and IT parks. In contrast, Madhavaram currently offers affordable real estate options compared to those already established IT hubs. However, with the upcoming Tech City and metro line, experts anticipate a major increase in Madhavaram property values. As seen in other tech-centric areas like Siruseri, Perungudi, Thiruvanmiyur, and across OMR, the influx of IT companies and office spaces typically spurs demand for residential and commercial properties, leading to rapid price appreciation.
Madhavaram - The Place for Potential Growth
The expected infrastructure and social developments, such as the upcoming Tech City and metro line, strongly suggest significant potential for future growth and real estate appreciation in Madhavaram. Currently, Madhavaram stands out as one of the best regions in the city to invest in, among Chennai's traditional tech hubs, offering both economic opportunities and real estate appreciation.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)
