North Chennai is the next big thing in Chennai real estate

North Chennai has emerged as the next big realty hotspot in the city. Comprising mostly of old parts of Chennai city, this was a much ignored portion of the city for the longest. The area was populated by small individual houses with small lanes and wall to wall construction. Roads were not wide to support the growing populated, as a result come areas like Perambur, Washermanpet, Parrys etc. became extremely congested with residential and commercial properties in the region. Today, old construction is giving way to new ones and creating a new wave of real estate development in the region.

Top localities that comprise of North Chennai include Tondiarpet, Tiruvottiyur, Ennore, Vyasarpadi, Perambur, Kolathur, Korattur, Madhavaram, Manali, Washermanpet, Selaivayal, Ponniammanmedu, Puzhal, Aminjikkarai, Villivakkam and Ayanavaram. A decade ago the area mostly comprised of individual house for sale in Chennai, however now the area is densely populated with new apartments and under construction apartments fetching high prices.

According to Solid Grounds report by IndiaProperty, "North Chennai is primarily an industrial area and is governed by business and trader community, locomotive workshops, government offices and port related activities. Chennai Port and Ennore Port are located in this region. Contrary to South Chennai which currently boasts of over 75% of Chennai’s office space stock, North Chennai houses none. Restricted employment opportunities have resulted in sluggish real estate growth in this region."

The report further mentions that, "North Chennai being older Chennai has traditional set of buyers. Unlike South and West Chennai most of the investors in North Chennai are residents of North Chennai itself. The area would see steady growth in the future with standalone houses giving way to low-rise apartment complexes. With improvement in connectivity and better infrastructure facilities in the future one can expect an increase in demand for residential properties in north Chennai."Out of all the North Chennai localities Korattur requires special mention.

Mostly a marsh land a decade ago, today one can see a number of apartments and individual house for sale in Chennai at a reasonable cost here in Korattur. Things have seen a shift has properties in Korattur have been gaining popularity among individual investors. One cannot afford to purchase in plots in most parts of Chennai, however Korattur poses a great opportunity as availability of land and close proximity to the city has attracted many home buyers. Now one can see a number of individual bungalows and apartment properties in Korattur, overlooking the scenic lake.

Currently pricing is also the highest in Korattur compared to other north Chennai localities. If you are looking to invest you, you must shell out close to INR 5000 to 6500 per sq. ft. for apartments. Plots are pricier than this. Perambur is another locality which commands high prices. Investment here will also cost you close to INR 5200 to 6400 per sq. ft. Looking at the current trend, North Chennai is definitely the shining star of the Chennai real estate market. However pricing is said to go up in the months to come.