Real estate in Chennai is always a hot topic of discussion! Whether we talk about the soaring price of property, to lament the high monthly rent, or discovering the fresh investment opportunities in underrated areas, this mega metro city is always under the radar of real estate investors. However, now that the main market of Chennai is saturated and beyond reach for most of the realty investors, it would be clever to have a look at suburban areas within City which are thriving and offering reliable housing.
Despite high realty prices that Chennai is famed for, there are ample opportunities for investors with good benefits. Not surprisingly, top in the list of favourable areas home buying in city features North Chennai. Some areas in North Chennai like Madhavaram have seen an upward trajectory with major developers coming up with new projects. These localities are promising high ROI with experts often recommending to invest in North Chennai. Here are top 5 reasons why you should consider buying a flat or investing in North Chennai:
Premium Residential Projects – In the first quarter of 2016, Northern Suburbs saw the maximum number of residential and commercial project launches. These projects attracted buyers looking for affordable yet premium housing. With several areas including Madhavaram projects are offering ample opportunities of investment, as well as residential living. Top developers are flocking North Chennai by offering world-class architecture, renowned interior designs, numerous amenities and more, all give rise to premium living.
Infrastructure Initiatives – Phase II of Chennai Metro is going to have three corridors and 104 stations, out of which major transit will happen over North Chennai. Madhavaram Milk Colony will have huge depot for maintenance of stations. In fact, Madhavaram is a prime example of locality in which real estate growth is mainly driven due to multiple infrastructure projects. Metro Rail Phase II is a major Infrastructure initiatives developing at the estimated cost of 44,000 crore. There are host of other civil infrastructure projects including flyovers, bus terminus, and expansion of roads are helping great connectivity and seamless travel for people having flats in Madhavaram and other areas of North Chennai.
High ROI – Chennai has its root in North, many areas such as Georgetown, Parry’s, Perambur and Broadway are as old as the city. North Chennai began to expand when industrial and public sector slowly entered and helped the employees find their dream homes in nearby localities. North Chennai today is top in the list of favourable destinations in the City, because the scope of return on investment is high. Areas like Madhavaram and Perambur have seen around 6% growth in last financial year. Also due to upcoming infrastructure projects are sure to make your reality investment in North Chennai beneficial for long run.
Great Connectivity – North Chennai is actually catching up brilliantly for home buyers, as they are optimistic about growth and happy about current living status. Better trade and great transportation in North Chennai are not only increasing the job opportunities, but also helping employees invest in property due to affordable rates. Being within the Corporation limits, Northern parts of Chennai are well-connected in terms of roads, railways, MTC bus and local trains. The localities are intersected by National Highway-5, Madhavaram Red Hills Road and JN Flyover that is connecting other coastal towns like Nellore, Vijayawada, and Guntur. Madhavaram Milk Colony Roads and Thattankulam play a vital role in linking areas to neighbouring regions.
Competitive Property Rates – The most important reason for North Chennai being a hot spot for real estate investment is its competitive property rates when compared to Central and South Chennai. Flats in North Chennai averagely cost 4300-4800 rupees per square foot, making a 2 BHK apartment for about 50 lakhs counting 1000 square product. In fact, 55% of home buyers are opting for unit size between 700-1200sqft. This part of Chennai will see steady growth in the future with stand-alone, low-rise apartment complexes having great amenities. Overall, areas of North Chennai are becoming a good investment spot for both home buyers and investors.
If you really want to invest in North Chennai, then this is the time, as for now it is affordable. With good infrastructure development and expansion, property prices may rise very soon.