Parandur airport uncertainty slows western Chennai land market
The real estate market in western Chennai is experiencing a slowdown following the government's decision to stall the proposed Parandur greenfield airport project. Investors and developers are facing stagnant land prices as the uncertainty surrounding the infrastructure project discourages buyers.
Why it matters
This illustrates the high sensitivity of regional real estate markets to government infrastructure policy and the risks associated with speculative land investments.
Till last month, P.S. Mahesh, promoter of Banyan Tree Estates, marketed his DTCP-approved seven-acre villa plot layout at Pudupattu village near Sunguvarchatram in Kancheepuram district as an investment offering a “100% profit guarantee”, banking on its proximity to the proposed Parandur greenfield airport.
But this month, the social media promotions for his company’s layout do not mention the word ‘Parandur’ anywhere in them. Instead, they just mention “Buy your land near Sunguvarchatram”.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in