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North Chennai is a real estate market that is waiting to happen. For now it is the preserve of the local residents who drive the demand for housing unlike elsewhere in Chennai – the west and the South, which are the focus of attention of home buyers. This part of Chennai comprising Kolathur, Korattu, Madhavaram, Perambur, Puzhal, Thiruvottriyur, Tondiarpet and Villivakkam is predominantly a middle income group market. Projects offering houses under Rs 50 lakh are in demand with houses in the 700-1,200 sq.ft range, according to a report by the property portal, IndiaProperty.com.
North Chennai accounts for about one-sixth of the total property development in the city. With the implementation of major infrastructure projects including that on the Outer Ring Road, Chennai-Ennore Port Connectivity project, and the metro rail project connectivity will improve and catalyse real estate development and demand, said the report.
The population here is also dependent on public sector and large industrial enterprises for employment. This is also one reason that North Chennai does not see significant office space development, most of which is concentrated in the South.
Perambur, Tondiarpet and Kolathur and major residential areas and Madhavaram is a fast growing residential hub that has attracted the attention of developers, said the report.
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