When the concepts for setting up an airport at Paranthur were prepared in Kanchipuram district in 2019, many people in the surrounding villages of Paranthar showed interest in buying land. But as the talk of the airport subsided, so did the interest in buying the land.
In this case, when Chennai’s second airport is set up at Paranthur, many people have shown interest in buying land in the surrounding areas of Paranthur.
Real estate companies are talking to land owners and making attempts to buy them as the airport is looming over the surrounding villages. Real estate companies have started putting up advertisement banners on national and state highways as well.
A banner with the words ‘Near Second Airport’ can be seen being put up. However, advertisements are also done through social networking sites like ‘Facebook, Twitter’. Real estate magnates are ready to buy whatever land is available in Nanjai and Punjai.
If it is Nanjai, then you have to obtain permission from various departments to convert it into residential plots. If it is Punjai, you have to apply directly to the Urban Development Department and get permission. Due to this, they are interested in buying lots of land.
In the surrounding villages of Paranthuar and Chungwarchatram, the government guide assessment is lower for land. Compared to this, some farmers have future plans to convert their land into residential plots and sell them. Many people who own land in the area where the airport is located, plan ahead and convert their lands into high-value land and register their land for market conditions.
When the government acquires land, they get three times the market value, they engage in scams like this. Already, the land owners, who have their land for sale, try to sell it at one price before the announcement of the airport and at a higher price after the announcement.
Due to this, the prices of land in the surrounding rural areas are going up. Even before the idea of establishing an airport came up, a proposal for setting up a medical college for Kanchipuram district on 100 acres in Karai village has been sent to the government.
Rising land prices in the surrounding rural areas of Parantur, where Chennai’s 2nd airport is located:
Village Name Pre-announcement Price Post-announcement Price (per cent)Rajakulam, Karai 1,00,000 – 3,00,000Perambakkam, Thakolam 1,00,000 – 1,50,000Moolapattu, Koothavakkam, Totoor 20,000 – 50,000Koothrampakakkam 25,000 – 40,000Pichivakkam 30,000 – 50,000 Sivapuram – 70,000 Karur 15,000 – 40,000.
Where have land values risen?
There is a high demand for land in the villages of Podavoor, Karai, Koothirambakkam, Rajakulam, Koothavakkam, Karur, Koothirambakkam, Thotoor around Paranthur, Thakolam in Ranipet district, Mappedu, Perambakkam in Tiruvallur district, Picchivakkam and Sivapuram in Sriperumbudur taluk.