South Chennai is a posh residential haven; the North Chennai is an industrial hub. While the former is urbane in character, the latter is known primarily for its innate rustic, old-world charm. But, South and North of Chennai could not be more different by geographically & culturally.
With urbanisation and growth, some of these differences are blurred and may no longer hold true, yet one can not ignore the disparity in development
between these two pockets.
The South Chennai undoubtedly, seems to be the preferred option when it comes to residential real estate. While problems like poor infrastructure, bad roads, garbage disposal, etc, are common across the city, these issues are more pronounced in North Chennai and in some cases,
hinder its progress.
However, the North, despite its hurdles, is slowly charting its own growth story, a metamorphosis, if you like. In fact, the city of Chennai has its roots in the North, in Georgetown, near Fort St George. Areas like Parrys, Broadway, Royapuram, Perambur etc, are historically significant with a lot of heritage
buildings dotting their landscape. As the chennai city expanded south ward, the North began to shrink in significance, especially in the residential real estate
sector.
Why has the North chennai been sidelined?
Mr. N. Hariharan, Office Director (Chennai), Cushman & Wakefield, said, “North Chennai has traditionally been the hub for industrial and warehousing facilities due to its proximity to the port. This part of Chennai has only recently witnessed infrastructure developments and good quality residential developments which has resulted in real estate growth in select pockets. Lack of quality residential development has also been a primary cause for subdued real estate activity in this region.”
According to Mr. N. Hariharan, ''The residential development in the North Chennai has been restricted to certain locations including Tondiarpet, Perambur, Mint among others. Developers cite several reasons for the lack of quality residential development in the North."
Korattur and Anna Nagar..!
Mr.D. Charles, Vice President, Green Tree Homes said, “The South has a huge land bank, so large projects can be put up. The North, however, does not have the
luxury of space. Hence, only redevelopment projects are possible. Our firm has primarily developed highend apartments and villas in South. Chennai and is currently planning a 160 flat project in Korattur. Korattur has the potential to become the next Anna Nagar. Anna Nagar is saturated now and Korattur is just a few kilometers from this area. It has its own railway station; besides, with the Metro Rail in Anna Nagar, Korattur is set to become a residential hub, very soon”
Another reason for the slack in residential activity in the North Chennai, as Mr.Sandeep Pantvaidya, Vice President Marketing and Sales, SPR & RG Constructions said,"'It is less focus on SEZs and IT/ITes by the state government. There is a general perception that the North chennai is down-market and investors may not reap valuation benefits here, as they do in the South Chennai.”
Plot of land rates in parts of North Chennai vary between 1,500 to 6,000 per square feet. A string of infrastructural initiatives like the Metro Rail up to Ennore and Manali, the Elevated Expressway from Maduravoyl to the Chennai Port, the development of a new port, Kattupalli, the Padi - Ambattur flyover, the new bus terminus at Broadway, etc, will drive growth in North Chennai, say developers.
Despite these projects and the soaring prices, issues like bad roads, poor sanitation, infrastructural problems, traffic congestion, non availability of land, etc, continue to plague the North Chennai.
North Lost, South Gained?...
Only a collaborative effort between the city administration and the public can help provide permanent solutions to these basic infrastructural problems.
It is because of these issues that the focus has, for a long time, been on the South Chennai, which has comparatively better infrastructure and larger land cover,making it less congested. Where the North lost, the South gained.
The easy availability of land at lower rates, the growth of the IT, technology and BPO sectors have made South Chennai a more promising destination for both developers and property buyers.
According to most of developers in the city, the pattern of growth has always been southward.
Velachery, OMR.!
Mr. T .Chitty Babu, CREDAI , Tamil Nadu president and Chairman of Akshaya Homes, said, “If you look at most cities across the world, development has always headed to the South. But I can not attribute any particular reason for this trend. New commercial developments, increased job opportunities in the IT and automobile sectors over the last 10 years, have increased the requirement for houses.Velachery is one place that has witnessed immense development. Proximity to the IT corridor and the Velachery MRTS Station have spurred the increase in land rates"
Mr. T Chitty Babu also said, ''The OMR (Old Mahabalipuram Road) corridor, extension of the MRTS (Mass Rapid Transit System), the desalination plant on ECR have only added to the growth prospects of the South. We have built several properties along OMR, GST Road and have always found buyers. Though in terms of physical infrastructure and basic facilities like water and garbage clearance, both South and North score quite low, at least there is hope in the South Chennai. But I can not completely give up on the North Chennai. The infrastructure, mainly built by the British, has stood the test of time. If the Chennai City administration does not get its together, there is no point in having facilities like Metro Rail, MRTS and BRTS
For some developers in the city, the North is an unattractive location as they feel the purchasing power there is quite low and the demand for high-end homes hardly exists.
Blue Collar Workers..!
Mr. R.V. Shekar, MD, Lancor Holdings, said, “The northern parts of the city are mostly populated by blue collar workers. So there is hardly any demand for premium homes. Flats are available even at prices between Rs. 15 and 20 lakhs. The infrastructure is quite poor and the area is very congested. The South definitely holds promise due to the high growth rates here in recent times which has been fuelled mainly due to the IT sector. Apart from the OMR corridor, ECR and GST Road, areas like Mogappair and Velachery have also seen major growth"
The Lancor Holdings has a huge apartment complex namely Abode Valley, coming up in Potheri. About 400 flats in the property have already been handed over to the buyers. Lancor Holdings has already constructed and sold homes worth between Rs. 75 and Rs. 80 lakhs on GST Road.
Mr. R.V. Shekar also said,' 'Rates (per square feet) in Shollinganallur and places like Thiruvanmiyur have gone up to Rs. 5,000 from Rs. 2,600 and to Rs. 10,000 from Rs.7,000 respectively in just the past 2 years. The extension of the Metro Rail, better roads and better connectivity will only increase the pace of growth in the South Chennai"
The Lancor Holdings is set to announce 5 major projects in the next 6 months, in places like Nanganallur, Guduvanchery ,Sriperumbudur, and Shollinganallur..
But not all developers agree that only the southern parts of the city have witnessed growth.
Mr. Suresh Jain, MD, Vijay Shanthi Builders said,''We have constructed some high end villas and premium apartments in the South Chennai, we feels development has been uniform almost across the Chennai city. That the North has been left behind in the growth story is just a perception. Property prices are going up everywhere. But the difference lies in affordability. As the outskirts on the southern side are developing, people are able to buy huge houses and villas at comparatively lower prices. You can buy a flat at about 3,000 per square foot even now in places like the OMR corridor."
Mr. Suresh Jain also said, '' I do not admit that South Chennai is witnessing a lot of development, North scores in terms of availability of schools, colleges, several large
department stores and better railway connectivity. Though all my projects are in the South so far, I would love to develop a project in the North."
The Vijay Shanthi Builders has constructed property in the premium category along the OMR, on Kelmabakkam-Vandalur Road and near the Tidel Park.
Chennai city developers may not be in agreement over the growth potential of the North and South, but they are unanimous in saying that unless better infrastructure
facilities like proper public transport, better roads and basic amenities like water and garbage clearance is provided, Chennai’s growth story may continue.
Source: magicbricks.com
With urbanisation and growth, some of these differences are blurred and may no longer hold true, yet one can not ignore the disparity in developmentbetween these two pockets.
The South Chennai undoubtedly, seems to be the preferred option when it comes to residential real estate. While problems like poor infrastructure, bad roads, garbage disposal, etc, are common across the city, these issues are more pronounced in North Chennai and in some cases,
hinder its progress.
However, the North, despite its hurdles, is slowly charting its own growth story, a metamorphosis, if you like. In fact, the city of Chennai has its roots in the North, in Georgetown, near Fort St George. Areas like Parrys, Broadway, Royapuram, Perambur etc, are historically significant with a lot of heritage
buildings dotting their landscape. As the chennai city expanded south ward, the North began to shrink in significance, especially in the residential real estate
sector.
Why has the North chennai been sidelined?
Mr. N. Hariharan, Office Director (Chennai), Cushman & Wakefield, said, “North Chennai has traditionally been the hub for industrial and warehousing facilities due to its proximity to the port. This part of Chennai has only recently witnessed infrastructure developments and good quality residential developments which has resulted in real estate growth in select pockets. Lack of quality residential development has also been a primary cause for subdued real estate activity in this region.”
According to Mr. N. Hariharan, ''The residential development in the North Chennai has been restricted to certain locations including Tondiarpet, Perambur, Mint among others. Developers cite several reasons for the lack of quality residential development in the North."
Korattur and Anna Nagar..!
Mr.D. Charles, Vice President, Green Tree Homes said, “The South has a huge land bank, so large projects can be put up. The North, however, does not have the
luxury of space. Hence, only redevelopment projects are possible. Our firm has primarily developed highend apartments and villas in South. Chennai and is currently planning a 160 flat project in Korattur. Korattur has the potential to become the next Anna Nagar. Anna Nagar is saturated now and Korattur is just a few kilometers from this area. It has its own railway station; besides, with the Metro Rail in Anna Nagar, Korattur is set to become a residential hub, very soon”
Another reason for the slack in residential activity in the North Chennai, as Mr.Sandeep Pantvaidya, Vice President Marketing and Sales, SPR & RG Constructions said,"'It is less focus on SEZs and IT/ITes by the state government. There is a general perception that the North chennai is down-market and investors may not reap valuation benefits here, as they do in the South Chennai.”
Plot of land rates in parts of North Chennai vary between 1,500 to 6,000 per square feet. A string of infrastructural initiatives like the Metro Rail up to Ennore and Manali, the Elevated Expressway from Maduravoyl to the Chennai Port, the development of a new port, Kattupalli, the Padi - Ambattur flyover, the new bus terminus at Broadway, etc, will drive growth in North Chennai, say developers.
Despite these projects and the soaring prices, issues like bad roads, poor sanitation, infrastructural problems, traffic congestion, non availability of land, etc, continue to plague the North Chennai.
North Lost, South Gained?...
Only a collaborative effort between the city administration and the public can help provide permanent solutions to these basic infrastructural problems.
It is because of these issues that the focus has, for a long time, been on the South Chennai, which has comparatively better infrastructure and larger land cover,making it less congested. Where the North lost, the South gained.
The easy availability of land at lower rates, the growth of the IT, technology and BPO sectors have made South Chennai a more promising destination for both developers and property buyers.
According to most of developers in the city, the pattern of growth has always been southward.
Velachery, OMR.!
Mr. T .Chitty Babu, CREDAI , Tamil Nadu president and Chairman of Akshaya Homes, said, “If you look at most cities across the world, development has always headed to the South. But I can not attribute any particular reason for this trend. New commercial developments, increased job opportunities in the IT and automobile sectors over the last 10 years, have increased the requirement for houses.Velachery is one place that has witnessed immense development. Proximity to the IT corridor and the Velachery MRTS Station have spurred the increase in land rates"
Mr. T Chitty Babu also said, ''The OMR (Old Mahabalipuram Road) corridor, extension of the MRTS (Mass Rapid Transit System), the desalination plant on ECR have only added to the growth prospects of the South. We have built several properties along OMR, GST Road and have always found buyers. Though in terms of physical infrastructure and basic facilities like water and garbage clearance, both South and North score quite low, at least there is hope in the South Chennai. But I can not completely give up on the North Chennai. The infrastructure, mainly built by the British, has stood the test of time. If the Chennai City administration does not get its together, there is no point in having facilities like Metro Rail, MRTS and BRTS
For some developers in the city, the North is an unattractive location as they feel the purchasing power there is quite low and the demand for high-end homes hardly exists.
Blue Collar Workers..!
Mr. R.V. Shekar, MD, Lancor Holdings, said, “The northern parts of the city are mostly populated by blue collar workers. So there is hardly any demand for premium homes. Flats are available even at prices between Rs. 15 and 20 lakhs. The infrastructure is quite poor and the area is very congested. The South definitely holds promise due to the high growth rates here in recent times which has been fuelled mainly due to the IT sector. Apart from the OMR corridor, ECR and GST Road, areas like Mogappair and Velachery have also seen major growth"
The Lancor Holdings has a huge apartment complex namely Abode Valley, coming up in Potheri. About 400 flats in the property have already been handed over to the buyers. Lancor Holdings has already constructed and sold homes worth between Rs. 75 and Rs. 80 lakhs on GST Road.
Mr. R.V. Shekar also said,' 'Rates (per square feet) in Shollinganallur and places like Thiruvanmiyur have gone up to Rs. 5,000 from Rs. 2,600 and to Rs. 10,000 from Rs.7,000 respectively in just the past 2 years. The extension of the Metro Rail, better roads and better connectivity will only increase the pace of growth in the South Chennai"
The Lancor Holdings is set to announce 5 major projects in the next 6 months, in places like Nanganallur, Guduvanchery ,Sriperumbudur, and Shollinganallur..
But not all developers agree that only the southern parts of the city have witnessed growth.
Mr. Suresh Jain, MD, Vijay Shanthi Builders said,''We have constructed some high end villas and premium apartments in the South Chennai, we feels development has been uniform almost across the Chennai city. That the North has been left behind in the growth story is just a perception. Property prices are going up everywhere. But the difference lies in affordability. As the outskirts on the southern side are developing, people are able to buy huge houses and villas at comparatively lower prices. You can buy a flat at about 3,000 per square foot even now in places like the OMR corridor."
Mr. Suresh Jain also said, '' I do not admit that South Chennai is witnessing a lot of development, North scores in terms of availability of schools, colleges, several large
department stores and better railway connectivity. Though all my projects are in the South so far, I would love to develop a project in the North."
The Vijay Shanthi Builders has constructed property in the premium category along the OMR, on Kelmabakkam-Vandalur Road and near the Tidel Park.
Chennai city developers may not be in agreement over the growth potential of the North and South, but they are unanimous in saying that unless better infrastructure
facilities like proper public transport, better roads and basic amenities like water and garbage clearance is provided, Chennai’s growth story may continue.
Source: magicbricks.com
Highly informative! Keep posting such useful info! In South Chennai, there is an upcoming mall called MARG Junction which will be a big landmark in OMR. Thanks for sharing such useful info. My best wishes :-)
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