Parandur Airport Uncertainty Slows Western Chennai Land Market
The Tamil Nadu government's decision to effectively abandon the proposed ₹27,400-crore Parandur greenfield airport has caused a significant slowdown in the western Chennai land market. Realtors, who previously marketed projects based on airport proximity, have stopped mentioning the project. Land prices have corrected, with some areas seeing a 30% drop and price appreciation stalling. Enquiries have slowed to a trickle. Developers are repositioning their projects, highlighting existing industrial growth (Samsung, Dell, Foxconn) and other infrastructure (Dry Port, Chennai Peripheral Road, new expressway) instead. Analysts note that while a correction is natural, the impact varies by micro-market, with areas supported by existing industry likely to fare better. The government cites environmental concerns over water bodies as the reason for not proceeding.
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