Parandur Airport : Real Estate investors Best Option in 2023

Chennai is the capital city of Tamil Nadu and one of the largest metro cities in India. Of late, there is a lot of conversation around a new second airport being made ready for Chennai. This new airport will be in Parandur, near Sriperumbadur and about 50 km away from Chennai.

Why is a second airport required for Chennai?

A second airport is being considered for Chennai because the existing domestic and international airports are operating at nearly their full capacity. Further, the city has expanded considerably and the current airport is right now in the heart of the city. This is not ideal since it is surrounded by residential areas, which limits the airport’s ability to expand, but also saturates the road traffic to and from the airport.

To address the above issues, the Airports Authority of India (AAI) has proposed a second airport for Chennai, which would be located about 50 kilometers from the city at Parandur near Sriperumbudur. The proposed airport would be built on a 4,800-acre site and would have two runways, two passenger terminals, and cargo terminals. The new airport would have the capacity to handle up to 50 million passengers annually, which would help ease the congestion at Chennai International Airport.

What are the Factors that are Considered in Choosing a New Airport?

Some of the main factors that need to be considered when constructing an airport are

1. Availability of Land

Airports are huge spaces and plenty of land must be available for constructing an airport including the cargo handling areas, terminals etc. There should also be enough space for future expansion as necessary. IN this respect, Parandur is an ideal location as it is untouched so far and offers full scope for constructing an airport.

2. Seismic Safety and Other Safety-Related Concerns

The area in which an airport is based must be seismically safe. There should be no risk from natural disasters. Further, obstructions like mountains, tall buildings etc should be minimal and there should be good all-round visibility. The new site at Parandur satisfies all these conditions elegantly.

3. Population Centres

The airport should be away from residential centres but not too far so that accessibility is disturbed. In this aspect, Parandur is ideal as it is close to Chennai, yet is not having a huge concentration of population. The location is also economically viable for an airport project since the Bangalore-Chennai expressway is under construction and expected to be complete soon, while the Chennai-Bangalore highway is already present.

4. Strategic Location

The location of an airport should offer strategic advantages. Parandur is ideal as it is equidistant from Chennai and Kanchipuram and can thus support a greater set of people. It will also provide a huge thrust to the local economy.

How will the Parandur Airport project affect the real estate performance of the locality?

With the upcoming airport, Sriperumbadur, Sunguvarchatram and Parandur have emerged as some of the best areas for investors. When the new airport will come up , there will be a lot of economic development and prosperity in the area since every aspect of infrastructure will need to be built up from the scratch. Further, it will entail investment by the state and central government in crores of Rupees and a facility matching or better than international standards will be constructed. Hence, it will be very prudent for any investor to purchase plots or land in Parandur.

What has CREDAI said?

The realtor’s top body CREDAI has said that a second airport for the State capital would boost the aviation and real estate sectors. Once the airport is executed and setup per international standards, it will give a big boost to setting up of ancillary and support industries in the corridor.

How will the Airport Affect Real Estate and Help Investors?

Real estate in and around the airport will get a big positive flip when an airport comes up. With a place on the global logistics map, there will be a boost to all types of real estate developments – residential, commercial, retail, realty, hospitality and industrial in and around the area.

This will naturally mean that the land value will go up. A large number of employment avenues and opportunities will be created. This will again mean that clusters will be created and all of it will involve activity in infrastructure and real estate. Further, the transit-system, communication system upgrade and housing demand will increase. A look at past airport projects and how they have positively impacted the location and nearby areas will open one’s eyes to the boundless possibilities.

Hence in the specific case of Parandur, it is important for investors to start investing here to reap rich dividends. Historical records show that when an airport is announced, the land prices increase between 20 to 30 percent. Hence, the best time to invest for investors will be around the time when finalization and approvals are happening, which is exactly the state of the Parandur airport project.

Benefits of investing in Properties Close to the Airport

Some of the top benefits of investing in properties close to the airport are:

1. Easy Accessibility

Infrastructure surrounding the airport is top notch. Because of this, there is high demand in the realty sector. Employment opportunities arise and this leads to concentration of population around the airport area.

2. Excellent Quality of Life

With easy accessibility and top notch infrastructure, quality of life greatly improves. Further, along with growth in commercial and residential sectors, there is growth in hospitality, educational institutions, malls, entertainment zones etc. All of the above give a big boost to infrastructure and also provide excellent quality of life.

3. High Returns

Any investment in property or realty near an airport will give high returns in the future. Land value exponentially increases over time and the added infrastructure development will only drive the prices higher.

4. Multiple Investment Opportunities

It is not necessary to invest in residential projects alone. If one has the inclination, one can invest in plots and go on to build warehouses and undertake commercial development.

In fact, considering all of the above, it can be confidently said that Parandur is the best option for real estate investment in 2023 and should not be missed.

About Wisdom Properties

Wisdom Properties is one of the leading real estate companies in Chennai. The company is known for its values, integrity and innovation and they offer a variety of products like plots, farmland, villas and even plots for commercial companies and projects. Thus, every budget and need can be satisfied by Wisdom Properties. Presently, Wisdom Properties is offering plots in locations like Kuthavakkam, Sunguvarchathiram, Sriperumbadur, Oragadam etc, which are all nearteh upcoming airport at Parandur.

Any property from Wisdom is free from any sort of encumbrance or legal challenges. This means that getting financial loans is easy as the title deeds are clear and Wisdom Properties also has an excellent reputation.

For more details, contact Wisdom Properties at +91 93606 93606 or sales@wisdomproperties.com