Commercial Development Plan for Metro Rail Stations in Chennai, ET RealEstate
CHENNAI: In a few years, you may step off the metro and into your workplace or an expansive shopping complex without having to step foot on the streets. This is what Metrorail has in store for the city, with plans to develop properties around phase-two metro stations in at least eight locations.
Properties in Thirumangalam, Alandur, Vadapalani, KK Nagar, Mandaveli, Anna Nagar West, Thousand Lights, and Koyambedu have been identified for commercial development. While some of these properties have been acquired by CMRL for development, properties in other locations will be jointly developed with MTC. The property and stations will be linked through an exclusive walkway or pedestrian subway.
“We have initiated a study to develop these properties in seven of the locations (excluding Koyambedu),” an official said. “We have the biggest property in Koyambedu near our existing station, our depot and the bus terminus, which may be developed jointly with CMDA and Chennai Corporation,” he added.
At Thirumangalam, Metrorail has planned a 12-storey building. Metro trains will pass through and halt at the third floor of the building where the station will be located. A 450m-long plot near Thirumangalam flyover that earlier had three houses has been acquired for the construction.
At Thousand Lights, Metrorail has acquired an existing commercial complex on Anna Salai. It will be demolished and developed with an underground passage linking the building with the underground phase-two metro station, which will come up on Whites Road.
At Alandur, the development will be next to phase-one and two stations. MTC bus depots at Mandaveli and Anna Nagar West will be developed.
Officials said they will seek funds from the state govt to develop the properties.
“We have come up with a transit-oriented development plan where we are developing properties around metro stations to bring buildings, people, activities, and public transit together,” a Metrorail official had said earlier.
According to CMRL’s annual report, they generated non-fare box revenue of 57.86 crore in the year 2022-2023, which was 65% more than the revenue of 34.98 crore in 2021-2022.
“The revenue from ticket sales will not be enough for daily operations and repayment of loans even if the trains run full all the time. Developing and renting properties around the stations, renting spaces within the stations to retail outlets, and putting up ads are some of the ways to generate more revenue and break even,” said former CMRL director R Ramanathan.
