Infrastructure

North Chennai: a sleeping realty giant?

CHENNAI, 15/03/2015: An aerial view of Periamet area in North Chennai. Picture taken from Chennai City police Commissioner office, Vepery in Chennai. Photo: B. Jothi Ramalingam   | Photo Credit: B_JOTHI RAMALINGAM

The history of modern Chennai, which will turn 376 soon, began in its northern parts, which since then have remained the hub of industrial, commercial and retail activity. This created job opportunities for skilled youth, but industrialisation also had a severe impact on the housing sector. While many pockets of north Chennai have managed to retain their old-world charm with bungalows built in the British days still intact, it lagged behind rest of the city that witnessed a boom in housing and office space.

“Like other Indian cities, real estate growth has been driven by the Information Technology sector here, and thus perhaps, it has not spread to north Chennai, unlike the city’s south along Rajiv Gandhi Salai (Old Mamallapuram Road) or Grand Southern Trunk Road around Tambaram,” explains A. Sivaramakrishnan, India head, residential services, CBRE. He says that apart from this, there were many other ‘local market flavours’ – issues like people from within and outside the city being reluctant to move into north Chennai.

At the same time, the growth of real estate did not happen here also due to the inability of people to find high income jobs and poor quality of basic and social infrastructure. North Chennai, market observers point out, has been associated with high levels of pollution owing to power plants, manufacturing units, chemical industries. They are also quick to add that this scenario is changing as there has been a visible improvement in the overall quality of amenities – be it roads, transport connectivity and drinking water supply, which have resulted in developers looking at areas in north Chennai.

“There are a number of small and medium industries and entrepreneurs and senior management employees who seek better housing within north Chennai,” points out M. Arunkumar, managing director Casa Grande, which is constructing a highrise project in Royapuram.

“Prices in North Chennai are fairly competitive when compared to other pockets of the city. This micro market enjoys good connectivity and civic amenities are improving,” points out Kanchan Krishnan, Chennai director of Knight Frank India. Stating that north Chennai is still on ‘high unsold’ inventory as projects were launched much ahead of time, she says the residential market here will stabilise in the medium term.

Builders say if there is a greater thrust on creation of social infrastructure like schools, higher education institutions and hospitals, activity will pick up further. Apartments in north Chennai can be bought at rates far lower than flats in central business district locations like Egmore and Nungambakkam and this will continue to fuel demand for housing here, they add.

North Chennai is probably the most thickly populated segment of Chennai, dotted with industries, both large and small, organised and unorganised. Home to large population of workers, North Chennai has been launch of high rise residential apartments for some years, but there has been increasing activity in the past few months. Beginning from Ponneri, an extended suburb, North Chennai includes Ennore, Madhavaram, Kodungaiyur and Tiruvottiyur among other high potential growth areas.

 



Advantages

Flip side

Development of Chennai Metro will improve connectivity with rest of Chennai

IT sector, which drives realty growth, absent here

Prices are competitive compared to other pockets of realty development

Traditionally, it has been a trade hub lacking industries that generate high income jobs

Civic amenities are improving faster than ever before

Pollution levels, poor amenities had kept developers so long



Some key projects:

                               

 

Location

No of units

Alliance Orchid Springs

Kolathur

2026

Landmark's Abhinandhan

Perambur

1600

Unitech North Town

Perambur

2306 (total planned 4250)

Ankur Palm Springs

Padi

255

Navins White Berry

Madhavaram

224

Adinath Ashirwad

Madhavaram

162

Newry Park Tower

Padi

150

Voora Oswal Gardens

Korukkupet

880

 

Important projects in the offing: Sugal and Damani (Brittania Land) and SPRRG (Binny JV)

 

Guideline Value of select roads at key places in North Chennai:

 

North Railway Terminus Road, Royapuram

Rs. 3,500/Square Foot

Cochrane Garden Road, Korukkupet 

Rs. 1,200/Sq.Ft

Tondiarpet High Road, Kodungaiyur

Rs. 3,000/Sq.Ft

Madhavaram High Road, Sembium 

Rs. 3,500/Sq. Ft

Manali High Road, Tiruvottiyur  

Rs. 3,500/Sq.Ft

 

   


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Printable version | Sep 24, 2021 6:44:25 AM | https://www.thehindu.com/news/cities/chennai/chen-infra/north-chennai-a-sleeping-realty-giant/article7350886.ece

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