Many eyebrows were raised when Tamil Nadu Chief Minister MK Stalin announced the new airport in Chennai on August 20, 2022.
The proposed greenfield airport will be built in Parandur, about 57 kms from Chennai’s Meenambakkam airport.
The Parandur airport is reportedly said to bring exponential development to the state as well as the southern states. With a budget of Rs. 20,000 crore, the ROI is said to be 3-fold.
A second airport for Chennai is necessary for Tamil Nadu to achieve its goal of becoming a $1 trillion economy by 2030, said Thangam Tennarasu, the state’s minister for industries, investment, promotion, and commerce.
Proposed changes to the AAI Act will permit the utilization of land surrounding airports for non-aviation activities. This means that even an IT company, unrelated to aviation, will have the opportunity to establish its office in these areas. Previously, only businesses associated with aviation, such as hotels, were allowed to utilize the land near airports.
This construction is the perfect runway for multiple other projects to take off.
Connectivity
The government of Tamil Nadu made this decision due to the rising influx of passengers and cargo traffic at Chennais Meenambakkam airport.
With a proposed deadline of 2028, entrepreneurs are wasting no time in setting up their businesses, factories, and warehouses in localities with proximity to the airport. Several manufacturing companies based in India and outside, are actively considering setting up shop along the expressway because of the upcoming airport.
The new airport is great news for industries present in the region like TIDCO, Tamil Nadu Industrial Investment Corporation Limited (TIIC), SIPCOT, and Tamil Nadu Small Industries Development Corporation Limited (TANSIDCO). This makes the movement of cargo easier and more efficient.
Metro
Chennai’s metro rail is poised to extend up to the Parandur airport. The plan is to extend the Poonamallee-Sriperumbudur line by 28 kms to connect the new airport to the metro network.
According to an official, the new line is designed to facilitate quicker transportation to the central areas in under two hours. The enhanced speed of the trains is attributed to the presence of stations at intervals of 7-10km between Poonamallee and Parandur.
Aerocity
Along with the airport, the government is planning on developing a full-fledged Aerocity that boasts a township, complete with hotels, educational institutions, aviation ancillary units, and an MRO (maintenance, repair, and overhaul) hub for aircraft.
Boom of housing communities
Urban planners have a big job ahead, dealing with everything from building roads and parks to schools and hospitals for the next five years or more.
Places between Chennai and Parandur will have more houses built as more people invest in real estate there, especially in smaller towns.
With the growth of industries, factories, and manufacturing units, it is only natural for residential plots to crop up. The line from Chennai city to the Parandur airport can see a lot of residential societies come up in the next decade.
This has already started beyond Porur in the Thirumazhisai and Chembarambakkam districts, which are in proximity to multiple industrial estates. This stretch is already garnering a lot of interest and the appreciation of this land is an attraction for investors as well.
Touted as the Detroit of South Asia, Chennai’s fast-growing economy makes it the place to be.