Hi Friends,

I had been to the FAIRPRO '09 Fair.My Impression after seeing, is that prices are stagnating for all ongoing projects and builders are trying hard to hold them up.

Prices are 10-20% lower for new projects in the pipeline and for ready to occupy flats.

The discount offered at the stall was very less and were in the range 150-500 Rs/sqft max.

For the benefit of fellow members I am posting the project/price details of some of the properties.



Akshaya Foundations

Adora - OMR - 3750/sqft
Aikya - Adyar - 12500/sqft

Alliance Group - Orchid Springs - 3199/sqft

Arihant Foundations

Heirloom - Thalumbur - 2499/sqft
Escapade - Thoraipakkam - 4150/sqft
Villa Viviana - Maramalai nagar - starting from 1 Crore

Asvini Foundations

Amarisa-phase1 - Ramapuram - 4500/sqft
Amarisa-phase2 - Ramapuram - 4250/sqft
Akshita - Madipakkam - 3800/sqft

Casa Grande

Riveira - Palikkarnai - 3450/sqft - before discount 3600/sqft
Silver Oak - Perungudi - 4300/sqft - before discount 4500/sqft
Madhuban - Madipakkam - 3300 /sqft - before discount 3500/sqft
Mylapore - R.K.salai - 12500/sqft
Plots
Ponmar -785/sqft - before discount 825/sqft
Maraimalainagar - 790/sqft - before discount 825/sqft

CeeDeeyes - Chenni Pattinam

Basic Rate - 1600/sqft All Inclusive - 2075/sqft

Chaitanya shanthiniketan

Sunnyvale - Ayanavaram - 4850/sqft
Serena - Rajkilpakkam - 2550/sqft
Gardenia - OMR - 1900/sqft
Green Park - Chitlapakkam - 3300/sqft

DLF

Gardencity - 3200/sqft - was told slash in prices expected in coming weeks.

Doshi Housing

Etopia I and II - Perungudi - 3895/sqft
Nakshatra - Tambaram - 2995/sqft - Completion May 2010
Tranquil - Velachery - 5500/sqft - Completion February 2010
Trinity park - Santhoshpuram,Vengaivasal - 3195/sqft - Completion April 2009
Serene Couny-Villas - Santhoshpuram,Vengaivasal - 2200,2600/sqft
LlanStephan - Chetpet - 9000/sqft - Completion May 2009
Sri Mahalakshmi - Ayanavaram - 4495/sqft - Ready to Occupy

ETA

Rosedale - OMR - 3100/sqft
Le Chalet - Villas - Sriperambudhur - 26 Lakhs - 37 Lakhs

Hiranandani Upscale - 4200/sqft

Hiranandani Palace Gardens - 3475/sqft

Indus Housing

anantya - Navalur,OMR - 2299/sqft + 400(other charges)
riviera villa - Navalur,OMR - 90 Lakhs onwards
habittera - urapakkam,GST - 2399/sqft + 400(other charges)
amber - Saidapet - 4750/sqft

Jain Housing

Ankush Prakas - Kilpauk - 7500/sqft - Ready to occupy
Amrit Kailash - Strahns Road - 4500/sqft - Ready to occupy
La Gardenia - Nungabakkam - 7500/sqft - Ready to occupy
Ansruta - Valluvarkottam, nungabakkam - 10000/sqft - Ready to occupy
Antariska - Kodambakkam - 4500/sqft - Ready to occupy
Eiffel Garden - Vadapalani - 4250/sqft - Ready to occupy
Saagarika - M.R.C Nagar, sea facing - 10000/12500 - Ready to occupy
Green acres - Pallavaram - 3900/sqft - Ready to occupy
Abhishek - Selaiyur - 3500/sqft - Ready to occupy.

Jamals

Orchid - Palikkarnai - 3500/sqft
Palazzo - keelkattalai - 3700/sqft
Grandeur - Velappanchavadi(near saveetha dental college) - 3200/sqft

KGEYES

3 Projects on L.B.Road, Thiruvanmiyur - 6650/sqft
Delmare - Beach road,Thiruvanmiyur - 7000/sqft
Carolina - Velachery,Taramani - 4500/sqft
Swathi - Sastri Nagar,Adyar - 8500/sqft
Kalakshetra - 8000/sqft

Landmark Constructions

Tiara - Perungudi - 4000/sqft - Completion on August 2009
Aston Ville - Vadapalani - 5500 sqft - Completion on July 2009
Tudors Place - K.K.Nagar - 6500/sqft
The Address - Adyar - 11500/sqft
The Grange - Palavakkam - 7500/sqft
Cenralia - Chrompet - 2950/sqft - prelaunch
Gem Towers - AnnaNagar - To be launched.
Mahalakshmi Heights - Ashok Nagar - To be launched

L&T Estancia
Construction in Progress
1st-3rd Floor - 3950/sqft
4th -12 floor - floor rise charge of 20/sqft for each floor
13th - 17th - 4450/qft

L&T Eden Park - 3600/sqft

Mantri Synergy - OMR
2800/sqft - with 20/floor rise
Special offer - First Floor - all inclusive
1140 sqft - 33,67,000
870 sqft - 28,50,000

Navin Housing

Dayton Heights - Nelson Manickam road - 6500/sqft + 30/sqft floor rise from 2nd floor
Subha Mangala - Ramapuram - 4200/sqft
Brookfield - Nanmangalam - 3500/sqft
Merrylands - Medavakkam - 3500/sqft

Olympia Opaline - 3441/sqft - spl budget flats available

PACE Builders

Anna nagar west - 4195/sqft - before discount 4495/sqft
Selaiyur - 3195/sqft - before discount 3495/sqft
Valasarvakkam - 2795/sqft - before discount 3295/sqft

PS Srijan

The Grand - Velachery - 5250 sqft - before discount 5500/sqft - Floor Rise applicable from 4th floor

Rajparis

Harmony - Medavakkam - 3100/sqft

Rajarathnam Constructions

RC Prince Gardenia - Perambur redhill road,Kolathur - 3600/sqft

Rajkham

Independant houses - Ayyapathangal - 2600/sqft

Real Value

Sai Skanda - Velachery - 4200/sqft
Sai Surya - Palikaranai - 3800/sqft
OMR opp SIPCOT - 13.20 Lakhs onwards

Shriram Properties

Trishakti - SIPCOT - 2750/sqft
Shankari - 1990/sqft

Sidharth foundations

Tulip - k.k.nagar west - 4800/sqft - completion march 2009
Natura - medavakkam - 3100 /sqft - completion july 2009
Visvaleela - Annanagar - 8500 /sqft - to be launched
Dakshin - Urapakkam - price TBD - to be launched
upcoming projects in porur, thoraipakkam, rajkeelpakkam, mogappair.

SIS

Safaa - Urappakam - 3150/sqft

SSPDL

Crescent - Kelambakkam - Vandalur Road - 2500/sqft
Upcoming 2 villa project one in OMR and one in Sriperambathur.

Sumanth & Co

Thiruvanmiyur - 6000/sqft
Besant Nagar - 11500/sqft

TVH

Lumbini square - Pursaiwalkam - 5500/sqft + 30/sqft floor rise from 5th floor
Ouranya Bay(Premium) - OMR,Padur - 3100,3200 + 25/sqft floor rise from 5th floor
Ouranya Bay(Budget) - 2bhk - 20 Lakhs
3bhk - 30 Lakhs
Ekanta - Coimbatore - 3100/sqft
Revata - Mogappair east - 4500/sqft
Kamya - K.K,Nagar - 7000/sqft
Metro Golden Nest - Sriperambathur - 1bhk - 15 Lakhs
2bhk - 22 Lakhs
3bhk - 28 Lakhs

VGN Group

Minerva - Mogappair,Nolumbur - 2975/sqft
3 in 1, 4 in 1 - 3800/sqft
Mahalakshmi Nagar,Thiruverkadu - 3500/sqft
Plots
Mugalivakkam - 52 Lakhs/grnd
Selaiyur - 50 Lakhs/grnd
SPKoil - 34 Lakhs/grnd
Katankulathur - 22-27 Lakhs/grnd

Yuga Homes

Shem Park - chemmenachery - 3300/sqft
Upcoming in Koyambedu, R.A.Puram(8000/sqft)



There are lots of properties and also lots of potential buyers.There is sure a sense of uncertainity among the builders and also the buyers on when to make the next move.It was evident that correction in RE prices have started to happen.

Requesting members to respond with their thoughts on the current trend.
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  • K 11,
    Velacherry prices have already touched 10k with the new apartment comming at Phenix mall.I was quoted 7500 for the same about 8 months back.Many resale,people started to quote around 10 k in velacherry.Having said,Expect central part like Ra puram,Alwarpet areas to touch 35 k in 3 years time.Boat club already in 35k league now with Green earth property at BC has closed the sale for their apartments.
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  • Originally Posted by chandru_13
    K 11,
    Velacherry prices have already touched 10k with the new apartment comming at Phenix mall.I was quoted 7500 for the same about 8 months back.Many resale,people started to quote around 10 k in velacherry.Having said,Expect central part like Ra puram,Alwarpet areas to touch 35 k in 3 years time.Boat club already in 35k league now with Green earth property at BC has closed the sale for their apartments.



    Yes, you are right Chandru, I heard the Phoenix Mall is at 9K now. there are other complexes with 8-9K (Grand Residency).

    I am not saying no project in Velachery will not go to 10K.
    But for the entire Velachery to go to 10K will take more time. The interior areas are not well developed. Resales of 5-6K are still available. There are still some new small builder projects at 6-7K in some streets.

    I agree with BC at 35K, even Poes Garden is at 30K for small buildings. It is the market rate nowadays.

    I also think parts of Nungmabakkam, Alwarpet, Gopalapuram, RA Puram(Bishop Garden) might have the potential to hit 35K.
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  • Originally Posted by ramki830
    k11,



    Reg Velachery, I think you are underestimating its potential. Velachery was 500 Rs psqft in 1995, when city (alwarpet) was 1200 Rs psqft. Now it has gone to nearly 8K + .. Velachery is having McDonalds and so many restaurants and getting more than one mall,something Adyar lacks. So prices will converge faster but I agree that not all places in Velachery will do well (interior regions will continue to be priced less).

    And w.r.t Airport as i said we really dont know what will happen to this airport in next 15 years. In anycase dont see places near airport becoming richly priced due to other reasons i said (water etc). And lastly on metro, adoption is an issue, but dont think noise is so much a factor. Even now I find people residing in busiest streets of TNagar and refusing to sell/move out, taking adv of very high prices , even as they curse everyone who make noise (from the hawkers to the parking vehicles to the big retailers). Unlike in west, zoning laws wont be brought and it wont work , given that most of our population is not car owning/driving.



    Even if you take 1995 prices, Alwarpet also would have given same returns. 1200 to now 20K. Both are close to 16 times the price.

    By the way, all the parts of T Nagar are not busy. There are some very good streets too.

    When I was in the market, I seriously considered streets off of GN Chetty Rd. Streets like N Crescent rd & surrounding streets are very quiet and posh. I found these streets much better than RA Puram (Which I think is over valued because of Bishop Garden and Boat Club nearby).

    Panangal Park and Ranganathan St have tarnished the residential image of T Nagar.

    It is time for some re-branding, the areas near Venkatnayana Rd (not posh but upper middle class area), areas I mentioned, etc should get cut off and get new area names.
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  • I agree with K11 abt T Nagar. Ranganathan st give an illusion of T Nagar being conjested but areas like Coats Rd are still unaffected even during peak hours and very posh!

    I agree more with chandru_13 that post Phoenix Mall, Velachery will be the hunting ground for most of the young population. We might find people stretching thier purses wide open! When people are not thinking twice to taken high interest loans for 30 K Phones (talking abt lower and mid salaried) , I guess for something as valuable as a flat, loan taking will soar.
    Altho Velachery is still leaking during rains and is infested with mosquitoes, canals and worser managed traffic than T Nagar!

    I also feel current Southern Metro line (from Velachery to Beach) which was supposed to turn the places up side down, I dont think it has added much to these areas! Others can correct me if wrong since this view is just from some ppl I know in that area!

    But again once the proposed metro lines extensions from velachery to Thomas mount fills the little missing link that our existing line had in terms of connecting to the GST line, things might change a little! Also the new ones running via Saidapet and those through 100 ft JN Road will be the real game changers as they are running closer to the residential areas and might increase interest because swapping 2-3 metro trains is still far better than waiting & catching 1 long route bus!

    Personally I would love to just go to work by jumping on and off metro lines and just having to walk few mtrs from & to the Metro but alas OMR offices can never get this benefit!

    IN terms of price increase I feel Puzhuthivakkam, Adambakkam and other metro line areas will see steady increase in price (already in 5-6K range) . Because our "honest" builders who are used to selling flats at unrealistic prices for being just 8 KM near Velachery MRTS, have now got any oppty. to sell flats in "walking distance" to MRTS :-)
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  • By the way, I do not mean buying near a Metro is bad.

    I am saying that buying Luxury Apt just becasue it is near a Metro is not a good idea. I cannot think a person buying a 4-5Cr Apt will be relying on a Metro so it does not add a lot of value to him.

    For Lower Middle class/ Middle Class Apts, (especially 1-bhks,2-bhks under 60L ticket size) it is nessesary to have good transportation.

    Again our Bus transportation will improve, and will remain a key factor. This is more important than a metro or monorail as we do not know how popular they will be. Buses are tried and tested, they are lifeline of Chennai.
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  • Originally Posted by k11

    Again our Bus transportation will improve, and will remain a key factor. This is more important than a metro or monorail as we do not know how popular they will be. Buses are tried and tested, they are lifeline of Chennai.


    Very true! But I would like to add that Buses are still hit as they connect the interiors and only it can do so due to viability! Also it depends on the pricing of new Metro routes, if they are too pricy then I guess it will remain empty as the lower salaried ppl who constitute the most of consumers!

    If a new Metro ticket is 3 times the bus ticket (however valid the reason might be) many may still prefer Buses. In general we Chennai-tes are very conservative in terms of taking a big step even it might serve us better! Just my opinion!
    Again correct me if I am wrong about the pricing
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  • Originally Posted by k11
    By the way, I do not mean buying near a Metro is bad.

    I am saying that buying Luxury Apt just becasue it is near a Metro is not a good idea. I cannot think a person buying a 4-5Cr Apt will be relying on a Metro so it does not add a lot of value to him.

    For Lower Middle class/ Middle Class Apts, (especially 1-bhks,2-bhks under 60L ticket size) it is nessesary to have good transportation.

    Again our Bus transportation will improve, and will remain a key factor. This is more important than a metro or monorail as we do not know how popular they will be. Buses are tried and tested, they are lifeline of Chennai.


    I have been silent reader like many and appreciate efforts from K11, VP, LVL and others. It's inofrmative and good to connect with happening in Chennai.

    K11- On metro- I feel it has potential to change landscape, if pedestrian infrastructure is taken care. I can definitely tell way things in Europe it has huge impact esp. when roads get clogged with vehicles. I won't be surprised in distant future we will have congestion charges for vehicles to enter CBD.
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  • Thanks, Clairvoyant. Looking forward to more posts from you.

    Regarding Metro, here is my view.

    If the State Govt inhibits the metro projects and it remains only in its existing form only two lines. We are not going to see a massive adoption.
    It could become another white elephant like MTRS.

    The only way metro will become popular is if they connect all the parts of the city, including smaller lines to connect internal parts of the city, like Gemini to Mylapore, or from Lighthouse to Alwarpet, etc. Change MTRS to metro, connect the lines and have one system.

    MTRS suffered because of the same issues, limited range, covered very few parts, no exchanges, poor bus connectivity. Taking RE decisions based on Metro is not a good idea. The same thing is happening in Bangalore where people are buying Metro properties for crazy amounts.

    Instead of a proper transportation solution, our govt is dillydallying on Metro/Monorail and wasting precious time. It will take 6-7 years for a metro line to complete. I support ADMK but this transport confusion is nuts. If they do not take any action now, it will be 2020 and we will still be debating on what out transport system look like.

    I would rather see Govt spending money on a super highway, another alternative to Mount road. We cannot rely on Mt road forever. A tolled 6 lane road that will connect Washermanpet to Velachery where the traffic could split into GST and OMR. Chennai is not a super big city like NCR/Mumbai, metro is not a big concern we need better roads. Govt need to start doing land acquisition for wider roads and expressways.
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  • Thanks Clairvoyant. Just doing my bit to share info, altho i have a long way to gain the amount of knowledge k11 and L4L possess :-) . Kindly keep sharing your thoughts too as it will help me learn more about our great city Chennai !
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  • Originally Posted by k11

    The only way metro will become popular is if they connect all the parts of the city, including smaller lines to connect internal parts of the city, like Gemini to Mylapore, or from Lighthouse to Alwarpet, etc. Change MTRS to metro, connect the lines and have one system.


    Yes as i too have mentioned, we need the Metro to be laid in such a way that it leads us to another vital station from where we can get a Bus or a share auto! probably 5-10 mins of walk in between..

    If this kind of connectivity is promised, then in coming years i would avoid to taking my bike or car even for the smallest distance like 3 kms and would hop on and off a metro!

    Also I feel the idea of stacking all types of transport for an already conjested location for eg: Vadapalani is only creating more problems than solutions! Why does a place need to get Metro, Mono, Bus, Share Auto and what not thereby only leading to more traffic where as there are places which dont even have proper Bus service frequency like OMR and places beyond Madipakkam etc. Many on Arcot Road and off it have more chances of having a Car and are not going to take the other options for work.

    What I am looking at is spreading various options to the ones which have lesser options than those that have a fleet of options! Bring more areas into proper connectivity!
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  • Originally Posted by k11
    Thanks, Clairvoyant. Looking forward to more posts from you.

    Regarding Metro, here is my view.

    If the State Govt inhibits the metro projects and it remains only in its existing form only two lines. We are not going to see a massive adoption.
    It could become another white elephant like MTRS.

    The only way metro will become popular is if they connect all the parts of the city, including smaller lines to connect internal parts of the city, like Gemini to Mylapore, or from Lighthouse to Alwarpet, etc. Change MTRS to metro, connect the lines and have one system.

    MTRS suffered because of the same issues, limited range, covered very few parts, no exchanges, poor bus connectivity. Taking RE decisions based on Metro is not a good idea. The same thing is happening in Bangalore where people are buying Metro properties for crazy amounts.

    Instead of a proper transportation solution, our govt is dillydallying on Metro/Monorail and wasting precious time. It will take 6-7 years for a metro line to complete. I support ADMK but this transport confusion is nuts. If they do not take any action now, it will be 2020 and we will still be debating on what out transport system look like.

    I would rather see Govt spending money on a super highway, another alternative to Mount road. We cannot rely on Mt road forever. A tolled 6 lane road that will connect Washermanpet to Velachery where the traffic could split into GST and OMR. Chennai is not a super big city like NCR/Mumbai, metro is not a big concern we need better roads. Govt need to start doing land acquisition for wider roads and expressways.


    Thanks K11 and VP. Will try to share what I'm aware of esp. in and around London which could be of help to others.

    London tube is designed in a way where everyarea within Zone 1-3 have tube (metro) station accessible within radius of 1-1.5 mile. It carries close to 3 million passengers a day. I would recommend you guys to visit www.tfl.gov.uk (transport for London website)- single source for all transport info (incl ferry, bus, tram, tube etc.. similar to unified metropolitan transport authority planned in Chennai. Prices shoots up moment there is a proposal to bring tube to any area (no different from us :) ) . So property prices are invariably linked to transport, but personally I believe building/widening roads never going to slove traffic woes.

    I used to frequent user on MRTS and loved it. I remember reading HK delegation were shocked suh prime RE lying vacant when they visited MRTS. I'm optimistic here turnaround won't take much time if only we have visionary team to manage it. London roads are as narrow as Chennai with intelligent traffic system and congestion zones it's managed admirably.

    I do agree unsless SG patronise metro/mono it's going to be white elephant, but i hope common sense prevails and it covers all area with CMDA (w-i-p in next 30 -50 years) .
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  • MRTS patronage has increased considerably in last few years, especially after Thiruvanmiyur-Velachery link became operational. It is a great mean of transport, escape from traffic jams.

    You must see the crowd during cricket match at Chepauk, unbelievable!


    Lack of patronage was due to station locations, lack of lifts, lighting and a host of other reasons. Given a choice I will always prefer to travel by MRTS to visit beach or Triplicane or Citicentre mall. Driving to these places from Thiruvanmiyur is a nightmare.

    Trains are lifeline for people who live around and travel frequently to Perambur, Parrys, Mambalam, Kodambakkam, Saidapet, Alandur, Chromepet and Tambaram. Chennai suburban trains are extremely popular and no one can deny it.
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  • Also govt will definitely increase FSI in areas close to Metro stations, just like they increased FSI from 1.5 to 2.0 for MRTS influence areas.
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  • Originally Posted by Love4land
    MRTS patronage has increased considerably in last few years, especially after Thiruvanmiyur-Velachery link became operational. It is a great mean of transport, escape from traffic jams.

    You must see the crowd during cricket match at Chepauk, unbelievable!


    Lack of patronage was due to station locations, lack of lifts, lighting and a host of other reasons. Given a choice I will always prefer to travel by MRTS to visit beach or Triplicane or Citicentre mall. Driving to these places from Thiruvanmiyur is a nightmare.

    Trains are lifeline for people who live around and travel frequently to Perambur, Parrys, Mambalam, Kodambakkam, Saidapet, Alandur, Chromepet and Tambaram. Chennai suburban trains are extremely popular and no one can deny it.


    I'm glad it is and even back in 2005 it was busy during peak hours. Ofcourse sub-urban has such high patronage. Imagine in which part of world you can travel to airport in 6 Rs (8 pence/12 cents).

    I remember reading how MRTS station can be converted into IT/retail park similar to Mumbai. It's incredulous we waste such goldmine within city, if only we lease it to private players (say hotels/supermarkets) it will bustle with activity- add to it security. Key factor is connectivity with other modes of transportation and if APIs are released by railways virtually it would avoid people waiting for trains as they could track it online.
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  • Regarding the Metro and its impact on RE in Chennai, I believe that a lot of people are pessimistic on Metro because they have seen how MRTS has done poorly.

    But there is a big big difference. MRTS is a poorly executed typical sarkari project that has sucked taxpayer money slowly , built over 30 years and the entire route planning process was so poorly done. But since it is just out of public money, there was no accountablity.

    Metro and Mono will not be that way - costly and valuable capital from private sector and MNC Financiers is going to build it. And the people who are financing it are not going to sit and suck lollipops and see the project go MRTS way. They will do everything to ensure a quick profitable turnaround.

    The Metro stations look to be well designed and reasonable accessible and so will surely attract much much more traffic. And dont be surprised if Govt raises FSI selectively in Metro served areas to boost RE. So there is large room for hope and if one has large money, I would dare say he or she should bet on RE in areas close to upcoming metro stations for making superior returns.

    And one more point - comparing the situation in Chennai to US/UK is not relevant because - unlike in western countries, private transportation (cars) wont be affordable for majority of Indians even after 30 years. Leave aside cost of owning a car, India's urban areas simply are not designed to hold cars . We simply dont have meaningful parking space nor we will get such parking space.

    In last few years, ownership of cars has gone several fold in city but road space and parking space are stagnant . Net result is travelling on road is getting slower year by year. Most of us dont notice it, but as someone using roads (bus, two wheeler etc) heavily for last 10-15 years, i am clearly noticing long term trend - road travel getting slower while travel in Suburban/MRTS is at same speed. More so during peak hours !!!

    Even the rich want to commute fast and dont want to waste time on roads. If given a decent travel experience, they will surely prefer metros and instead keep their BMW locked in their apartment parking spaces. And it helps more if your apartment with spacious parking space is next door to a nice looking Metro station !!!
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