Mr.Raghu, 55 years old banker lives a very happy and peaceful life with his family. He has been working for a nationalized bank since he was 22 years old and now, he enjoys his free time with his two grandchildren in his home. Despite all this, he has only one regret in his life. 30 years ago, the house where he lives today was bought as a piece of land with his savings. Land prices in those times were only the cost of a washing machine today. Raghu regrets that he could have invested a little more and purchased another piece of land in the locality of Perambur 30 years ago because the land prices have tremendously increased at present, by about 300 %.
This might be your story in future if you don’t think about investing in North Chennai right now. One of the main reasons why you must invest in North Chennai today is the booming land prices.And here, we give 7 reasons for you to be sure if you are doing the right thing by investing in North Chennai today.
Reason 1: Booming land prices
The value of land in and around North Chennai is on an upsurge off late, making it a potential area to invest in. The graph of prices is predicted to appreciate as time passes by, without doubt. Hence, North Chennai has now become one of those places that promises to offer lucrative returns to investors in the long run.
Reason 2: Hotspot for real estate builders
Real estate builders have acknowledged that the property market in North Chennai is indeed huge and largely unexploited. So, this is a region where a lot of builders and promoters have set up camp to create some stunning residential properties for the benefit of buyers.
Reason 3: Metro Rail Phase 2
Work on the Metro Rail Phase-2 is ongoing and it will serve as a boon to residents of localities like Madhavaram, Tondiarpet, Villivakkam, Perambur, etc.
Reaching the heart of the city will become easier and travelling won’t be a nightmare once the service starts. Public transport facilities such as these will bind this part of the city to the city’s center better.
Reason 4: Large scale development
Localities in North Chennai are rapidly catching up with the high standards of living experienced by those in the Central part of the city. With such development, the areas are slowly dispelling their tag of being a low-income suburb. Moving in of key developers has made the Government to take notice and concentrate on infrastructural development in North Chennai.
Reason 5: Expanding amenities
The suburbs of North Chennai have seen a steady growth of schools, hospitals, shopping malls and multiplexes in the past ten years. Not only does this qualify the area to be a zone of weekend entertainment for families, but also assures that living here will be an equal experience as living in the heart of the city on any given day.
Reason 6: Go-to place for industrial investors
More industrial investors attracted to North Chennai means more potential for employment. Companies like Nissan are planning on opening up in the locality. Groups like Mahindra World City have plans to set up small industrial cities in North Chennai. According to a recent LiveMint report, last year, the company formed a joint venture with Tokyo-based Sumitomo Corp. to launch a 300-acre industrial park in North Chennai. The venture is investing nearly Rs.400 crore in the project which it plans to launch by early next fiscal. The Chennai World City, the company’s first township, is almost fully leased out with just about 40 acres left in the industrial zone. It currently houses 64 companies, with three upcoming residential projects in it.
Reason 7: Properties in affordable budget
With builders and promoters concentrating on creating residential and commercial property clusters in North Chennai, the prices are currently on an affordable scale for the middle income groups. Going forward, it looks like now is the right time to invest in North Chennai rather than wait a little more.
If you are smart enough and keen on owning the right type of property at the right location that will pay you back positively in the future, North Chennai is the place to go!
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