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Real estate eyes growth corridor in North Chennai
Chennai: Once seen as the gritty industrial edge of the city, North Chennai is turning into one of the hottest new addresses in real estate, especially plotted development. Areas such as Red Hills, Puzhal, and Karanodai are fast turning into favourite hubs for plotted development due to various development projects planned by the govt.
According to developers, North Chennai is what Anna Nagar was in the 1970s or Besant Nagar in the 1980s. From key connectivity upgrades such as Chennai Outer Ring Road (ORR) to the expansion of social infrastructure such as metro, schools, colleges and healthcare facilities, the region is rapidly evolving into a vibrant residential zone.
"Chennai, Hyderabad and Bengaluru lead in plotted development when compared to the rest of India.
These plots are created in all futuristic locations, where the govt has planned future development projects and where investments can grow," said Ranjeeth Rathod, executive committee member, Credai-Chennai. G Square's latest land acquisition aligns with this momentum. The firm has acquired a total 62.38 acres of land to develop 1,091 ready-to-construct villa plots spread across Red Hills, Puzhal, and Karanodai.
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The total investment across these projects stands at 230 crores. "The new projects are strategically located with excellent access to major transit corridors, prominent educational institutions, healthcare hubs and other developments like Madhavaram Mofussil Bus Terminus (MMBT), fintech city at Madhavaram, Chennai Peripheral Ring Road," said Bala Ramajeyam, managing director, G Square Realtors Private Limited.
Traditionally, South Chennai — especially along the GST corridor — has been the preferred choice for homebuyers, thanks to its established infrastructure and proximity to industries, said Abdul Rahman, national south wing secretary, CREDAI. "But North Chennai is poised to emerge as an interesting prospect. The key question buyers ask is how long it will take for property values to appreciate. If the govt promotes high-paying, white-collar employment opportunities in the region, it will significantly boost investor confidence and drive greater demand for housing in the years ahead.
" Developers say homebuyers now crave personalized living spaces with the convenience of community features. "Most of the buyers are women, govt employees association, group of teachers and even IT employees. Nearly 90 per cent of the buyers select plots that are 1,200 sqft," added Ranjeeth Rathod.
