Speculation on Property in Chennai: Location OMR
Rajiv Gandhi Salai (popularly called Old Mahabalipuram Road) was the greatest Chennai dream. The real estate growth around this 20 km stretch from Madhya Kailash junction to Siruseri was motivated by IT development, and hence its alternative name as the ‘IT corridor’. OMR’s glorious period was between 2001 and 2008. It was when developers, irrespective of genealogy and potential, flocked in with ambitious projects. The rationale was that at least 10 per cent of the 1.5 lakhs, IT workers employed by companies on this stretch (including TCS, Cognizant, HCL, Ramco Systems etc). People who depend on this stretch for work as well as educational institutions would want to buy luxury apartments in Chennai or ready to occupy flats around the workplace.
The real problem began when in the late 2000’s pan-India developers stepped in with their expansive projects. Suddenly, the supply increased in a large scale the recession did not help matters, and with job security not guaranteed, buyer sentiment hit a low. In the mid-2000s, people were able to buy property on OMR at Rs. 2,500 per sq ft and sell it at double the price in just two-three years. There is no question of prices reducing although. It is impractical to expect project prices to come down. There may be the occasional developer who wishes to cut down on losses by selling units at a reduced price, but they are the exceptions.
OMR is well connected by bus and train. The airport and central railway station lie within a radius of 12 km. The locality is surrounded by prime residential areas like Velachery, Adyar and Thiruvanmiyur. The IT sector has driven the growth of residential real estate and today the locality has become one of the preferred residential markets in the city. Majority of the population living here is from the IT/ ITES sector. It has link roads which connect it with the entertainment corridor of ECR. It is also connected to the industrial corridor of GST Road via link roads. Connectivity and accessibility to the prime localities, good business infrastructure with hotels, schools, hospitals, retail outlets and malls and residential developments from top builders in Chennai are making the locality one of the preferred areas to invest in the city
Some factors why investing in OMR is the best decision ever:
Due to its proximity to IT companies and booming residential and luxury apartment projects, the government has made the infrastructure development of this locality a priority. Apart from well-maintained water, sewage, and electrical system, the locality also has five major flyovers, a well-connected railway link, a sports city, a financial city – all banks under one roof, etc. These incredible infrastructure facilities make it convenient for people to live in this locality.
Well-connected to other localities:
OMR not only shelters famous IT parks and companies, but it is also well-connected to major areas in Chennai via road and trains. For instance, the Chennai International Airport is just a 30 minute drive from OMR. With Taramani, Thiruvanmiyur, and Perungudi MRTS being in close distance to OMR, accessibility to other localities is also quite good.
Proximity to educational institutions, hospitals, and restaurants:
OMR has some of the best schools, colleges, and hospitals. One of the major things that people look for when moving to a new locality is the availability of these essential facilities. From best CBSE schools to top colleges like SSN College of Engineering, National Institute of Fashion Technology (NIFT), etc. living in this locality is the best for children’s education.
OMR also has some of the best hospitals in the city. Some of these hospitals are even multi-specialty and provide world-class healthcare. This locality also has some of the best restaurants in the town that cater to the various gastronomic needs of the residents living here.
More opportunity on investment and regular rental savings:
Due to its locality, infrastructural developments, proximity to IT parks, OMR has become an attractive as well as a profitable investment option. No matter if you are buying your first apartment in Chennai, OMR is the right choice.
Firstly, within the last half a decade, OMR has witnessed a capital appreciation of fifty percent with almost 21 percent increase in property value. In short, if you buy a home now in OMR, there will definitely be a huge price appreciation down the lane. Also, if you are buying a home in OMR for rental purposes, you can be sure of receiving regular income. The demand for rental houses on OMR has gone up significantly due to the IT boom.
Attractive real estate projects:
When you purchase a home in OMR, you not only buy a home, but you buy a lifestyle. The peaceful locality, the beautiful landscapes, the well-connected transport system, the IT companies, etc. have all contributed to the rise of many exciting real estate projects such as luxury apartments and luxury villas in Chennai.
OMR is all set to become a highly developed sub-city by itself. The presence of large number of offices and the infrastructural development along this stretch has driven the growth of the retail, residential and hospitality sectors. In terms of the realty market, the toll in Perungudi determines the realty scenario. The prices are rapidly growing and the demand is high for the regions before toll gate considering its proximity to the centre of the city. The areas after toll show comparatively lower demand. Traffic is a major problem on the stretch. During peak hours, the scenario becomes worse.
With all such developments, GST Road will undoubtedly be the main artery of the TN road structure. Investing in these real estate hot spots will fetch more returns on your investment. The Chennai city index has shown a steady rise in the rental and the buying markets. South Chennai continues to be the preferred zone for realty investments. OMR tops the list when the preference is residential apartments in Chennai.
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