Realty limelight shines on north chennai
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The announcement that Ponneri would be one of three smart cities in the Chennai-Bangalore corridor, along with the expansion of Chennai Metro Rail to northern Chennai, has increased consumer interest in residential properties in northern Chennai. For years, northern Chennai was underdeveloped with little consumer interest, as most preferred living in southern Chennai near jobs and amenities. However, as southern Chennai has become too expensive for many middle-income groups, northern localities like Perambur, Kolathur, and Madhavaram now offer more affordable housing options. Major infrastructure projects have helped boost demand and property values in these areas are expected to rise 30% or more in the coming years.
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Realty limelight shines on north chennai
- 1. Realty limelight shines on north Chennai A few months back, Finance Minister Arun Jaitley announced in his maiden budget speech that Ponneri in north Chennai would be one of the three smart cities in the Chennai-Bangalore Industrial Corridor. This recent announcement coupled with the extension of phase II of Chennai Metro Rail, has sparked consumer interest in northern Chennai. For many years, this region of Chennai was one of the underdeveloped pockets of the city with very little consumer interest as migrant as well as local IT/ITeS employees preferred residing in south Chennai, primarily on account of its proximity to business districts and relatively better developed social infrastructure. According to a residential report by Indiaproperty.com, in 2013 the focus of buyers looking for apartments in Chennai residential market was on 2BHK properties with 35% consumer demand having a budget of INR 30 – 50 lakhs. This indicates a demand for more affordable and mid income residential properties. As apartments in central and south Chennai have become unaffordable for most middle income groups, the north Chennai localities of Ponneri, Tondiarpet, Madhavaram, Perambur and Ayanavaram have become the practical and favoured choice for budget flats in Chennai.
- 2. Perambur Perambur is one of the popular residential destinations in North Chennai. This locality boasts a higher standard of living as compared to surrounding areas. With good social infrastructure in place, the suburb has seen a steady growth of schools, hospitals, shopping malls and multiplexes. Perambur has seen a 32 percent rise in demand and it is expected that with further improvement in connectivity and better roads, capital values in Perambur will appreciate by over 30% in next 5 years. Kolathur Kolathur is another popular residential localities in North Chennai that offers many affordable options for home buyers averaging at INR 5000 per sq ft. With improvement in connectivity, quality projects and better infrastructure facilities in the future one can expect an increase in demand for residential properties in Kolathur. Madhavaram Madhavaram is one of the major localities in North Chennai. It is located along the Great Northern Trunk Road (also known as NH 5 or Chennai – Kolkatta Highway). Property rates in this locality vary between INR 3800 – INR 4500 per sq ft. The locality has good future prospects for those looking for budget flats in Chennai as the government owns major chunk of the land here and the area is likely to remain green with minimal scope for unorganised real estate development. With a number of under construction projects, Madhavaram is growing as an in-demand residential micro market. Lack of infrastructure was one of the prime reasons for the under development of north Chennai, but with major infrastructure initiative undertaken by the government more developers and consumers are looking towards the north for apartments in Chennai. Source: http://pbytes.indiaproperty.com/realty-limelight-shines-on-north-chennai/