"North Chennai is experiencing a significant surge in real estate development, witnessing the rise of over 50 residential projects in various stages of progress. This growth is attributed to multiple factors, including the expansion of the Chennai Metro and ongoing infrastructure initiatives in the area.
One of the key driving forces is the availability of affordable land, which draws buyers due to comparatively lower prices compared to other parts of the city. Encompassing areas like Madhavaram, Tiruvottiyur, Perambur, and others, the region's appeal is bolstered by its affordability and the presence of key infrastructure projects.
According to industry experts, the burgeoning e-commerce sector is fueling demand, particularly in zones like the Madhavaram-Red Hills belt and Periyapalayam, fostering a high absorption rate for real estate. Moreover, corridors like Periyapalayam Road and Red Hills are emerging as prime locations for Grade A developments, notably housing large warehouse facilities.
The region's potential for exponential growth is underscored by factors such as Chennai Metrorail expansion, infrastructural developments, and its strategic industrial positioning, as highlighted by S. Sivagurunathan, president of CREDAI Chennai.
Several developers, both new entrants and established names, are capitalizing on this growth trend. They are launching mid-sized to high-rise residential projects, transforming the landscape of North Chennai. However, challenges persist, including water shortages during summers and insufficient drainage systems leading to waterlogging during rains.
Despite these challenges, the development initiatives like the 'Vada Chennai Valarchi Thittam' are instilling confidence among buyers, reshaping the region's image and attracting investment. Yet, a comprehensive, sustained approach is essential, involving community collaboration, to address the multifaceted challenges faced by residents in North Chennai.
© 2023 Rera News. All rights reserved.