North Chennai emerging as potential residential market

Currently, the residential market in North Chennai comprises a small percentage of the 15 per cent under-construction stock in Chennai.

Published: 31st July 2013 07:25 AM  |   Last Updated: 31st July 2013 07:27 AM   |  A+A-

North-Chennai

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.

Stay up to date on all the latest Chennai news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp