North Chennai’s residential market has the potential for growth if connectivity and infrastructure facilities are improved, say real estate experts.
According to a report by property portal indiaproperty.com, with improvement in connectivity and better infrastructure facilities in future, one can expect an increase in demand for residential properties in North Chennai.
“The area will see a steady growth in the future with independent houses giving way to low-rise apartment complexes,” the study predicted.
M Raghunathan, State secretary of the Builders Association of India, Tamil Nadu, felt that North Chennai is an upcoming market.
“With the prices going up in South Chennai due to demand from the IT sector, it is now not affordable for the common man to buy a property there. This could result in people focusing on North Chennai to live closer to the city,” he said.
Currently, the residential market in North Chennai comprises a small percentage of the 15 per cent under-construction stock in Chennai.
Raghunathan added that a lot of development projects were coming up in Madhavaram, Perambur, Ayanavaram and Kodungaiyur as the city’s connectivity is set to improve.
Interestingly, the indiaproperty.com report states that the area sees maximum demand from a traditional set of buyers who have lived in the area. “The demand here comes from the public sector employees, railway workers and port employee who have worked and lived in the area throughout their lives. With a high percentage of middle class population, the budget for residential properties is below `50 lakh,” he says.
Lack of job opportunities, poor accessibility, waterlogging, inadequate fresh water supply and improper sewer lines are a few of the reasons for the area’s restricted growth in the past.