Even as real estate business in south Chennai continues to grow at rapid pace, north Chennai has failed to attract investment from developers owing to poor infrastructure and under-development.
Several developers participating in the Expanding Metropolis, a three-day mega property fair at YMCA ground, Royapettah, opined that lack of development and poor connectivity of north Chennai was the major reason for property developers not preferring to invest there.
“We had developed a property in north Chennai 15 years ago. Because of deficient demand the property is still lying unsold,” said M V Subramanian, sales manager with VGP group of companies, a city-based developer.
According to him, there were barely any developers interested in buying property in north Chennai as there was a huge demand for properties in south Chennai.
Besides, with a majority of north Chennai population being blue collar and in absence of any IT Park, unlike in south Chennai, even the government has paid least attention to the development of the area, he added.
He further said that despite land price being so low, people were not ready to invest in north Chennai as they believed that there was little chance of land price appreciation.
Similarly, many other developers did not find investment in the surrounding areas of north Chennai like Perambur, Tondiarpet and Vyasarpadi.
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