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Metro to save realty sector…

With the CMRL expected to be operational by the year-end, realtors in the metro are a happy lot. The rather dull scenario is expected to pep up, with more people opting to move towards the metro corridors. The first corridor from Koyambedu to Alandur, which takes about an hour or more by road, will take just about 20 minutes by the metro train. This ease and speed of travel is expected to rev up the dull reality market. The second corridor which will connect north Chennai is already witnessing a buzz of real estate activity. The current realty prices in the first corridor ranges between Rs 6000 and Rs 15,000 per sq.ft. and a hike of about 10 to 15 per cent is expected due to the metro. The real estate market has faced a downturn during the year due to negative consumer sentiments and on account of rising cost. Sales and rental value are expected to increase in areas that are a stone’s throw from the metro. Office space enroute will also be in higher demand once it gets operational.

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