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Real Estate in North Chennai – A Study
North Chennai is the oldest part of Chennai. It represents the true spirit of Madras; north Chennai is without a doubt, an emotion. Although there is a huge misconception surrounding the fact that the real estate in North Chennai is stagnant, the recent years have proven otherwise.
All credits to the connectivity to major parts of the city, north Chennai is growing in all sides of real estate. There are residential real estates which range between 30 to 60 lakhs; there are also luxury apartments that range between 60 lakhs to 1 crore. Launches and sales of properties in the north Chennai real estate market have grown 12% (YoY).
Real estate trends in North Chennai
Where south Chennai has become the IT centre of the city, the north has been the trade and industrial centre for a long time. Starting from the north-east parts such as Ambattur to the north-western parts of Washermanpet, Tondiarpet to Thiruvottiyur (along the coast of the Bay of Bengal), parts of North Chennai have been showing tremendous growth potential. A few of the major areas where real estate is thriving include Perambur, Kolathur, Koratur, Madhavaram, Padi and Puzhal. Community villas, standalone villas, Community apartments, builder floor apartments are some of the residential real estate trends in the area. However, buyer’s choice includes community living, as it comes with the additional benefits. Commercial spaces are also moving quickly; however, the percentage of renting commercial spaces is more.
Pricing in North Chennai
| Category | Average Price /sq. ft. |
|---|---|
| Residential apartments | 3,500 Rs. -8,000 Rs. |
| Builder floor apartments | 5,000 Rs. – 10,000 Rs |
| Villa | 4,000 Rs. – 15,000 Rs. |
| Plot rates | 4,000 Rs. – 12,000 Rs. |
Areas that excel in real estate growth
1. Perambur:
One of the most popular localities in North Chennai is Perambur. Being one of the oldest parts of the city it has firm rail and road connectivity in place. The Perambur railway station is the 5th largest in Chennai. Bus terminus lies opposite to the railway station from where you can connect to areas such as Purasaiwalkkam, Vepery, Vyasarpadi among others. There are bus facilities available to Anna Nagar and Thiruvanmaiyur as well. Perambur serves as a gateway to north Chennai to connect with the rest of greater Chennai. Perambur main road and Perambur Moreover, the flyover in Perambur helps to ease any traffic in the area.
The social infrastructure in the area is might be one of the reasons for the increasing demand for residential apartments for sale in Perambur. Some of the reputed schools here include St. Joseph’s Anglo-Indian hr. Sec. school, Don Bosco higher secondary school, Lourdes Girls Higher Secondary School, Kaligi Ranganathan Montford Matriculation Higher Secondary School. Hospitals here include Jupiter surgical speciality centre, Abhijay hospitals, Eswari hospitals, Srinivas Priya hospital and Cure advanced dental clinic. Entertainment centres are also available in plenty; S2 cinemas is a place travelled to by people in the area. These factors and more, contribute to the umpteen under-construction and ready-to-move-in properties in Perambur. Nearly 15+ well-known builders offer luxury apartments for sale in Perambur.
Perambur’s Scores
- Accessibility: 9.5
- Connectivity: 9
- Nearness to the city: 9.5
- Social infrastructure: 9.5
People have bought: 2, 3 BHK apartments
Average property prices in Kolathur: 6000/sq.ft.
2. Kolathur:
For the past 5 years, real estate in Kolathur was driven towards development. Several reputed builders have contributed to the stable residential real estate growth in the area. Kolathur is close to Puzhal, Perambur, Anna Nagar, Redhills, Madhavaram, Ambattur. Connectivity is also feasible as it is located near the grand trunk road. Also, there are ample buses that connect to most parts of the city. Railway stations near Kolathur include Perambur railway station, Korattur railway station and Villivakam railway station. Located close to Industrial and IT sectors, Kolathur attracts first time home buyers.
Schools here include Our Lady matriculation school, Don Bosco Matric Hr. Sec. School, Smt. Durga Devi Choudhary Vivekananda Vidyalaya & Grace Matriculation School. VS Hospital, DRJ Hospital, Lakeview Hospital, WCF Hospital, KHM Hospital & Eswari Hospital are some of the hospitals in the area. Banks, supermarkets, ATMs and other facilities are all within 2km radius of Kolathur.
Kolathur’s Scores:
- Accessibility: 8.5
- Connectivity: 9
- Nearness to the city: 8.5
- Social infrastructure: 8.5
People have bought: 2, 3 BHK apartments
Average property prices in Kolathur: 6100/sq.ft.
3. Korattur:
Korattur, once a suburb of no significance with regards to residential real estate is now one of the places with high sold-inventory rate. Known for the small-scale industries, Korattur is a fast-growing residential hub. Also, it is located only a few kilometres from major areas like Anna Nagar. Korattur is also known for its greenery and calm surroundings as there are several residential neighbourhoods here. There’s the Korattur railway station which connects to central and Egmore. Children’s playgrounds, walking areas attract a lot of attention from young parents and the elderly.
Educational institutions are also available in plenty here. Ebenezer matriculation school, Good Shepherd, Bhaktavatsalam Higher Secondary School, Little Holy Angels Mat. Hr. Sec. School. Sundaram medical foundation, Medical mission, Sridevi hospital and many other hospitals are also located nearby. Other facilities that home buyers would be certain about are also located in the area. YoY appreciation rate in Korattur is also seen to grow in Korattur. Investors and homebuyers are seen to purchase homes here.
Korattur’s Scores:
- Accessibility: 9
- Connectivity: 9
- Nearness to the city: 8.5
- Social infrastructure: 8.5
People have bought: 1, 2, 3, 3+ BHK apartments
Average property prices in Kolathur: 6100/sq.ft.
4. Madhavaram:
Madhavaram is also a suburb of North Chennai that is seeing advancement in infrastructure development thereby increasing real estate movement. Bus and train routes to the area are also available, connecting Madhavaram to the rest of greater Chennai. Residential apartments and villas are growing in Madhavaram due to its closeness to Ambattur and surrounding.
Don Bosco Matric Higher Secondary School, St.Joseph Matric Higher Secondary School, Everwin Vidyashram School, St.Ann’s Matric Higher Secondary School, Ramakrishna Matriculation Higher Secondary School and many more schools are in the vicinity. Well-known medical centres like Murari hospital, St.Anthony’s hospital, KM Hospital, N R V Hospital and ESI Hospital. ATMs, pharmacies, supermarkets, playgrounds are all available within 2km radius.
Madhavaram’s Scores:
- Accessibility: 7.5
- Connectivity: 8
- Nearness to the city: 7
- Social infrastructure: 7.5
People have bought: 1, 2, 3 BHK apartments
Average property prices in Kolathur: 4000/sq.ft.
Any North Chennai dwellers out there who has some insight to share? Share them in the comments section.
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