Chennai Metro Rail Limited (CMRL) has awarded a contract to a joint venture of Aarvee Associates and Anarock Property Consultants for preparing a Detailed Project Report (DPR) for property development at MVN Nagar, Nandanam, and Thousand Lights metro stations in Phase 2. The DPR is expected by March 2025.
Introduction:
Chennai Metro Rail Limited (CMRL) has taken a significant step toward property development by signing a contract agreement for the preparation of a Detailed Project Report (DPR) at three key locations in Phase 2 – MVN Nagar in Thirumangalam, Nandanam, and Thousand Lights. The contract, valued at Rs. 41.87 lakhs (excluding GST), has been awarded to a joint venture of M/s Aarvee Associates Architects Engineers & Consultants Pvt Ltd and M/s Anarock Property Consultants Pvt Ltd. The Letter of Acceptance (LOA) was issued on December 20, 2024.
Scope of Work:
The DPR will include feasibility studies, market analysis, transactional advice, concept planning, land use reports, cost estimation, and tender document preparation. The consultants will also facilitate approvals from the Chennai Metropolitan Development Authority (CMDA) and Greater Chennai Corporation (GCC).
Property Development Strategy:
CMRL aims to boost non-fare revenue by integrating property development with metro stations. The developments at MVN Nagar will be directly linked to the entry and exits of the upcoming Thirumangalam Metro station. At Nandanam, the planned properties are strategically located near the existing station and MetroS Admin Building. Meanwhile, Thousand Lights will see developments connected to both Phase 1 and Phase 2 stations, enhancing overall connectivity.
Conclusion:
This initiative reflects CMRL’s commitment to leveraging real estate potential for metro expansion and urban development. By integrating property projects with metro stations, CMRL aims to enhance commuter convenience while generating non-fare revenue, ensuring long-term sustainability and urban connectivity improvements across Chennai’s metro network.
Source: CMRL – Press Release | Image Credit: CMRL
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