Chennai’s Second Airport is Set to Give a Boost to Aviation and Real Estate Sectors

Constructing an airport is no small exercise and it involves huge expenses and investment in time, money, resources and passion. Even the choice of a site for an airport must involve careful consideration. It involves multiple surveys and assessments and permission from different stakeholders like the state and central governments, besides the civil aviation authorities.

The proposed greenfield airport at Parandur on the outskirts of Chennai is set to give a big boost to both aviation and real estate sectors. As the best real estate company in Chennai, Wisdom Properties has analysed the case in detail. The reasons are as below.

1. Connectivity

We all need to catch our flight on time! Thus, an airport becomes a nodal centre for various means of transport. This makes the area more attractive for people and businesses to set up operations. Further, there is improved connectivity not only to the main city but also to the nearby towns and other regions in the periphery.

2. Growth

An airport facilitates trade, commerce, tourism and overall economic growth in the region. More jobs and opportunities are created. This will mean that both aviation as well as real estate will benefit. With improved connectivity and growth prospects, the demand for housing and commercial real estate increases in the peripheral areas of the new airport. This pushes property prices up.

3. Speculation

Savvy investors, visionaries and buyers see the long-term potential for appreciation and capital gains. They start buying properties in the periphery even before the airport is fully operational, speculating on future price rises, growth prospects and potential.

4. Spillover effect

The positive impact spills over to surrounding cities and towns within a 1-2 hour drive/commute range from the new airport. These peripheral areas also benefit in terms of demand, prices and real estate development. So if the new airport is finalized at Parandur, then definitely the nearby areas of Sriperumbudur, Sunguvarchatram etc will see a huge boost in the real estate value.

5. Cargo

A new airport opens up more options not only for travel, but also for the transportation of goods. A new major airport is able to handle more cargo aircraft and freight, boosting international trade and commerce. It serves as an important logistics and transport hub. Thus, it is not only residential development that happens, but also commercial development, warehouses, free trade zones, hotels and hospitality industries etc that spring up.

6. Aviation services

The airport acts as an anchor for aviation-related services and industries like airlines, catering, maintenance and pilot training to establish operations and create jobs.

Key Highlights About Parandur Airport

An important project with enormous economic potential is Parandur Airport, which is located outside of Chennai. It is anticipated that this greenfield airport will generate about 1,000 employment possibilities, thereby enhancing the local workforce and supporting the regional economy. Its strong dedication to sustainability—which includes using ecologically friendly building materials and renewable energy sources—sets it apart. These choices not only benefit the environment but also hold the potential to save a significant amount of money. 

Parandur Airport: Status

The Parandur Greenfield airport is expected to open in 2028, which is also the estimated completion date for this large project. Experts are currently carefully examining the project's specifications, paying special attention to the "Detailed Project Report" (DPR), which is a thorough evaluation of the airport's infrastructure.

The state government must follow the 2008 Gross Floor Area (GFA) Policy's requirements in order to proceed with the project. Additionally, site approval is required in order to secure the land that has been earmarked for the development of the airport, which emphasizes the importance of the Ministry of Civil Aviation's (MoCA) authorization.

Parandur Airport - Real Estate Overview

The development prospects of Parandur Airport in Chennai's real estate market are indeed promising. Situated just around 10 kilometers from Thirumalpur Railway Station and surrounded by vast land tracts, this location offers numerous advantages. In the event of an airport being established in Parandur, it has the potential to stimulate substantial economic growth, capitalizing on its close proximity to the railway network.

The construction of Parandur Airport is poised to be a transformative factor for both Chennai's real estate and aviation sectors. The neighboring districts are poised for significant expansion, with property values projected to surge by an estimated 15%. This surge in value can be primarily attributed to the anticipated improvements in connectivity and utility services that the airport would bring.

Parandur's significance as the chosen location for Chennai's second airport is underscored by its accessibility and the ease of land acquisition, particularly due to its proximity to agricultural areas. The government is actively engaging with local residents to discuss compensation for any homes that may need to be acquired for airport development, ensuring a smooth transition.

For those interested in real estate opportunities near the Chennai Second Airport, the vicinity of Koothapakkam, approximately 9.8 kilometers away, offers a range of options, including apartments and residential plots. These properties are typically priced between Rs. 20 lakh and Rs. 60 lakh, making them an attractive investment near the upcoming Greenfield Airport in Chennai, also known as Parandur Airport.

How will Parandur Airport impact the real estate sentiment in Chennai?

Parandur's strategic location, approximately 10 kilometers from the Thirumalpur Railway Station, and the availability of extensive land holdings have proven to be advantageous factors. Thirumalpur is a crucial station on the Arakkonam-Chengalpattu Railway Line, within the Southern Railway Zone, and the prospect of an airport in Parandur promises substantial regional development. To enhance connectivity, the government has announced plans to extend the metro rail to Sriperumbudur, ensuring seamless access to the airport. Furthermore, proposed connecting roads and elevated highways are expected to enhance the link between Chennai and the new airport. According to market studies, this development is set to trigger significant growth in both Chennai's real estate and aviation sectors. Peripheral areas of Chennai are primed for considerable expansion, and property values are predicted to rise by nearly 15%, driven by enhanced connectivity and world-class amenities.

Hence, the establishment of Chennai's second airport is poised to be a transformative catalyst. Its location adjacent to agricultural land streamlines the land acquisition process. Additionally, discussions are underway between the government and local residents regarding the acquisition of residential areas for airport construction and related compensation.

Parandur Airport - Economic Impact

The establishment of Chennai's second airport in Parandur is poised to bring about a significant economic impact in the region. This new airport is not only expected to offer approximately 1,000 employment opportunities, providing livelihoods to many, but it is also projected to contribute significantly to the local economy on an annual basis.

An additional noteworthy aspect of the new airport is its strong commitment to renewable energy and the utilization of ecologically friendly building materials. This commitment is not only environmentally responsible but is also anticipated to result in substantial savings.

For individuals interested in real estate opportunities near the Greenfield Airport in Chennai, also known as Chennai Second Airport, there is the potential to benefit from this positive economic impact, making investments in Greenfield Airport Chennai plots and Chennai Second Airport Plots particularly appealing.

List of Villages Surrounding Parandur Airport

Based on the latest sources, the acquisition of land for the airport will have an impact on a total of 12 communities. These communities include Parandur, Valathur, Nelvoy, Thandalam, Polavur (Podavur), Madapuram, Ekanapuram, Akkammapuram, Singilipadi, Mahadevi Mangalam, Gunakarambakkam, and Edayarpakkam, each of which will be affected by the development of the airport.

About Wisdom Properties

Wisdom Properties is a company managed by real estate veterans Mr. Mohan and Mr. Magesh and is renowned as the best real estate company in Chennai. They have played a pivotal role in the growth of Chennai city and its suburbs, setting benchmarks in development. Any property sold by Wisdom Properties is free from encumbrances, boasts clear title deeds, and offers excellent appreciation. Thousands of individuals have benefited from their services.

Wisdom Properties is your trusted partner when it comes to buying plots near Chennai's second airport, strategically located in Parandur. With a sterling reputation as the best real estate company in Chennai, Wisdom Properties is well-equipped to guide you through this exciting investment opportunity.

As a prospective buyer interested in Plots near Chennai 2nd Airport or Land for Sale near Parandur Airport, you can rely on Wisdom Properties' extensive knowledge and experience in this region. We specialize in Greenfield Airport Chennai Plots, offering a variety of options including Residential Plots in Parandur Chennai. Our expert team is dedicated to helping you explore Real Estate near Chennai's Second Airport, ensuring you're well-informed about the available Investment Opportunities near Greenfield Airport Chennai.

At Wisdom Properties, we understand the importance of the Chennai Airport Expansion and the resulting surge in demand for Land for Sale near the Parandur Airport. We specialize in Greenfield Airport Chennai Plots and Residential Plots in Parandur Chennai, making it easier for you to invest wisely in this burgeoning market. When it comes to Land Investment near Chennai New Airport, our commitment to transparent dealings, clear title deeds, and impeccable customer service ensures that your property purchase is a seamless and rewarding experience. Trust Wisdom Properties to be your partner in securing your dream plot near Chennai 2nd Airport Plots.

FAQ's

1. What types of plots are available near Chennai's second airport, specifically in the Parandur area?

Wisdom Properties specializes in offering a variety of plots near Chennai 2nd Airport, including Residential Plots in Parandur Chennai. These plots are strategically located for investment purposes and provide excellent opportunities for property appreciation. Whether you are looking for land for residential purposes or investment, Wisdom Properties can assist you in finding the right plot.

2. How can Wisdom Properties assist in buying plots near the Chennai 2nd Airport?

Wisdom Properties is well-equipped to guide prospective buyers in purchasing plots near the Chennai 2nd Airport. They have extensive knowledge of the region and specialize in Greenfield Airport Chennai Plots. Their expert team can provide valuable insights into Real Estate near Chennai's Second Airport and help you explore Investment Opportunities near Greenfield Airport Chennai.

3. What are the benefits of investing in plots near the Parandur Airport?

Investing in plots near Parandur Airport offers numerous advantages, including the potential for property appreciation, improved connectivity, and growth prospects. With the airport serving as a catalyst for economic development, the demand for housing and commercial real estate in the vicinity is expected to rise, benefiting investors.

4. Are the plots offered by Wisdom Properties near the Chennai New Airport free from encumbrances and have clear title deeds?

Yes, Wisdom Properties takes pride in ensuring that any property they sell, including Plots in Near Greenfield Airport Chennai, is free from encumbrances and has clear title deeds. They maintain a high standard of transparency and quality in all their real estate transactions.

5. How can I get in touch with Wisdom Properties to inquire about plots near Chennai's second airport?

To inquire about Plots in near Chennai 2nd Airport or any other real estate needs, you can visit the Wisdom Properties website and find their contact information. Feel free to reach out to their expert team for personalized assistance and guidance.