Real estate development is booming in north Chennai, with over 50 new housing projects currently in various stages of development.
Real estate experts attribute this growth to various reasons, including the expansion of the Chennai metro and ongoing infrastructure projects in the region.
The availability of affordable land here attracts buyers. Notably, land prices in north Chennai are lower compared to other parts of the city, making it a cost-effective option for real estate projects. The north Chennai region includes places like Madhavaram, Tiruvottiyur, Perambur, Koratur, Purasawalkam, Thondiarpet, Ennore, Manali, Royapuram, Soukerpet and Moolakadai.
According to details shared by the Confederation of Real Estate Developers Associations of India (CREDAI) Chennai, the presence of e-commerce segment is driving demand, with high absorption seen in locations from Madhavaram-Red Hills belt to Periyapalayam and Orakkadu clusters. You can Periyapalayam Road and Red Hills have emerged as priority corridors for Grade A developments with large warehousing facilities. All these factors are attracting real estate developers.
“North Chennai is poised for rapid growth in the coming years due to a confluence of factors such as the expansion of the Chennai Metro Rail, the development of new infrastructure projects and increasing land affordability. Its strategic location , industrial linkages and connectivity have turned the region into a thriving hub, shaping it into a sustainable and inclusive urban landscape,” said S. Sivagurunathan, President, CREDAI Chennai.
Jerry Kingsley, Head of Strategy Consulting and Value & Risk Advisory, India, said: “Many new developers are venturing into north Chennai with medium-sized projects. We are also witnessing a trend of existing developers who were previously holding back on development. [taking up projects] This part of Chennai is currently building high-rise residential towers in these areas. ”
Regarding pricing in the area, Kingsley said: “Each project is different in terms of size, location and type. The preliminary range for residential apartments in these areas is between ₹5,000 and 15,000 per sq ft.”
Ranjith Rathod, managing director of DRA Homes, which has three projects underway in north Chennai, pointed out that the region is a hub for traders. There are IT companies here. He also said a number of logistics companies are also coming in, adding: “All of this is driving up demand for housing.” Places like Thiruvottiyur embrace and permeate apartment culture. ”
“North Chennai holds the essence of the city’s culture and lifestyle. But until recently, its image has been tarnished.”According to real estate industry insiders, the Minjur satellite city ‘Vada Chennai Vararki Tittam’ Infrastructure projects here, such as the development of “, are undoubtedly helping to boost buyer confidence.
However, there are also challenges. Industry players and community members The Hindu spoke to said many areas in north Chennai were facing water shortages, especially in summer, and stressed the need to improve water supply infrastructure. “Inadequate drainage systems cause inundation and flooding during wet weather, posing risks to residents and infrastructure. Additionally, a lack of parks, playgrounds, and public spaces limits recreational opportunities and contributes to the overall well-being of the community. ,” said a CREDAI official.
CREDAI said the announcement of ‘Vada Chennai Vararkhi Thittam’ in which the state government has invested heavily is a positive step. However, a comprehensive and sustained approach involving collaboration with local communities was essential to address the multifaceted challenges facing residents of north Chennai.
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