Why you should invest in properties in north Chennai

The real estate segment in Chennai has gone through a rough year. When compared to its other southern counterparts, the iconic state capital of Tamil Nadu has fallen behind at least as far as the first quarter of 2016 is concerned. With far fewer transactions than in the previous years and a struggle with higher number of unsold inventory does this spell real estate doom for this once vibrant realty market. Well not especially is the general consensus. One of the main reasons buyer sentiment has dipped in a big here is the massive flooding that shook the city to the core in December 2015. The city could not withstand the massive amount of rain and its ancient drainage system failed to protect it from this onslaught. There was massive damage done to lives and properties. Some localities were better off than others. But some localities fell apart rapidly and many people who were unfortunate enough to get stuff here had to be recused by boats and helicopters. Obviously this has heavily damaged the buyer sentiment here. Many are playing a wait and watch game. They are being cautious which is quite understandable. But with time the sentiment might pick up and translate in higher sales numbers according to people in the know. The might actually bounce back in the second half of the year itself according to some. The city is also heading for a price correction. This might also help real estate in Chennai recover. The prices here have been quite high. Once this correction takes place buyers might come back to the market. Historically this city has been one of the safest markets for buyers and investors. It has for the most part remained free of speculation and this has made it one of the safest real estate markets in the country. If you are looking for affordable properties in this part of the country, then head to the northern reaches of the city. There are plenty of affordable parcels of land available here. The micro markets here are good for both end use and investment purposes. One of the popular micro markets here is Ambattur. The Ambattur Industrial Estate is located here. There are many projects to choose from here. Bala Raga in Ambattur is one such project. Bala Raga by Agni Estates & Foundations Pvt Ltd is currently under construction. Several big names have entered the north Chennai market realizing the potential for growth there. Bala Raga by Agni Estates & Foundations Pvt Ltd falls in this category. Besides Bala Raga in Ambattur, the other projects present in this micro market are VGN Platina, VGN Stafford, and BBCL Navaratina. The going rate for apartments here stands at INR 4200 per square feet on average. There are about 1200 properties on sale here presently. Since the northern markets are still developing the pricing here stands a good chance of showing growth in the future. So this region is one of the best regions if you are looking to invest in properties in the city.