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North Chennai booms

North Chennai booms

Thanks to the IT boom, the south of Chennai had a total makeover of a posh upscale metro, leaving behind its image of a fishing harbour to North Chennai alone. With property prices skyrocketing at south of Chennai, several IT offices and mass upscale housing projects have made North Chennai their hub. Along with these have come large retail joints and other services that were once only available to the south. With the extension of phase II of Chennai Metro Rail, the planned smart city in Ponneri and the completion of the Outer Ring Road, the region will get a big boost. The next generation in all these regions are educated and earn Rs 15,000 per month on an average. Moving away from industrial work, this generation is employed mostly in the services sector which naturally brings in demand for better social infrastructure. The locked in land and several closed down industrial units provide land for development. The 71 acre Binny Mills which was once flourishing is being developed into a integrated township with a mix of residential and commercial space. The project is valued at around Rs 5000 crore.  Sugal and Damani Foundation has purchased 8.6 acres of land in Padi from biscuit maker Britannia for Rs 172 crore for property development.

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