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For many decades, North Chennai did not come under the radar of the booming realty market in the city. The region is primarily an industrial area and is governed by the business and trader community, locomotive workshops, government offices and port related operations.
However, with improvement in connectivity and better infrastructure facilities in recent years, real estate in North Chennai is poised to grow manifold.
North Chennai was earlier considered to be unsafe but things have drastically changed after recent urbanization in and around the area. The region is located at a driving distance of around 15 to 20 km from nerve centres and public transport is rapidly gaining momentum. Priced comparatively lesser when compared to other areas, several prominent developers have chosen this location.
Traditionally real estate in North Chennai including apartments, flats, houses and land were preferred by public sector employees, railway workers and port employees, who settled here to live in close proximity to their work place. The trend is however rapidly changing with foreign investments, development of SEZs and emergence of over a 1000 companies in the vicinity. Substantial investments are also being planned to turn North Chennai into a major manufacturing, educational, medical and commercial hub, by developing infrastructure and amenities such as the road network, connectivity, sufficient power supply and water desalination plants. The major sea ports and proximity to the Andhra Pradesh border are other aspects that are sure to fuel its growth.
The area is set to witness unprecedented steady growth in the future as many of the erstwhile stand alone houses are giving way to low-rise apartment complexes with 20-25 units. Further, some of the old mills in the area shutting down, have given way to huge vacant land parcels, resulting in big residential properties in North Chennai.
Residential and commercial properties in North Chennai are well connected by road, rail, metro and easily accessible to and from the airport. Infrastructural development in the form of the Villivakkam Underpass, the Perambur Flyover, the Outer Ring Road, Chennai Bypass Road and others have greatly eased traffic congestion in the area and improved accessibility especially to southern and western Chennai. The proposed Chennai-Bangalore Corridor will also improve connectivity with the south. The area will be the originating location of proposed Metro Rail Corridors and a CMDA satellite bus terminus as well.
With its strategic connectivity, development and urbanization, North Chennai will soon emerge as a coveted residential and employment hub, bustling with opportunities. Real Estate in North Chennai will soon be the epicenter of growth and development, which will in many ways facilitate the growth of Chennai as a major metro.
Majority of residential properties in North Chennai including apartments, flats, houses and land are favored by the middle class population. Statistics show that over 70% buyers looking for real estate in North Chennai have a budget around Rs. 50 Lakhs and prefer homes between 700 – 1200 sqft.