Chennai, similar to other cities in India, is also struggling to get a status of the metropolis by transforming the city with a massive change in the infrastructure and other key elements. In line with developing the city with an overall infrastructural development, the Chennai Metropolitan Development Authority (CMDA) has proposed a new Chennai Master Plan with an all-inclusive development strategy. It is aimed at transforming the city with an extensive infrastructural development.
The authority is looking into the proposed master plan so as to bring in a better and more sustainable growth across the city. In addition to it, a separate master plan has also been proposed to enhance the green cover, along with developing public parks and other public amenities. In addition, the project does also identify the area for other types of development such as industrial corridor and industrial-related facilities.
Geographically, Chennai can be parted into two main areas: Old Chennai and New Chennai. Where the Old Chennai covers the central and key areas like Perambur, T Nagar, Adyar, Anna Nagar, etc., on the other hand, the New Chennai includes the outskirt locations that are undergoing infrastructural development.
Key challenges of the proposed Chennai Master Plan:
If you look into at the possible challenges in the way of implementing the master plan, it will sum up into two major challenges such as Brownfield and Greenfield development. The concerned authority has to address these two factors before implementing the master plan in a full-fledged motion.
Though the authority has come up with a new re-defined master plan for Chennai with a specific mention of developing a Greenfield project, it is still being suggested by the experts that the government must put its attention on developing an all-inclusive development, including a mass transport system.
To deal with such challenges, the experts suggest embracing new technology and approaches to bring an integrated township. It has also been suggested that the authority should also involve the private players so as to keep the fund-flow at an optimal level for always.
Impact on the real estate sector in Chennai:
With an extensive development plan, proposed in the Chennai master plan, the real estate sector in Chennai appears out to be a major beneficiary of the master plan. In accordance with the market experts and realtors, the master plan is going to give a complete makeover to the city, which will ultimately attract people to the city.
There is a planned roadmap to develop the location by setting up the industrial corridor, greenery areas, transportation system, and others. As some of the industrialists have already shown their interest in setting up their establishments in Chennai, it would certainly bring out prosperity in the area.