Old is gold
Although the rise of OMR began more than a decade back, it seems that the growth of this stretch in the realty space is set to continue for a long time to come.
The IT boom in Chennai brought with it, apart from the numerous job opportunities, the bloom of OMR. In no time, the city had expanded into the outskirts and OMR transformed from a sleepy little stretch to the bustling area we know today.
The area that no one considered worth investing in, has today become the most sought after address in Chennai. With one of the best ecosystems in the city and good infrastructural development, the area has become one of the most sought after areas to invest in. According to Vidhyadharan G, General Manager at a home appliances showroom, the IT corridor has also given other business in the area, an opportunity to thrive. “With the floating population as well as a huge number of people looking to settle down here, businesses have hit the jackpot. Also, the disposable income has been a major factor in the enhancement of the economic development of the area,” says Vidhyadharan G, General Manager at a home appliances showroom.
The real estate industry has benefitted most from recent developments. The demand has been quite high in the past five years and has been led mainly by tech corporates, media, infrastructure, real estate, logistics and BFSI firms. “The 45km long Old Mahabalipuram Road (OMR) stretch, also known as the IT corridor, is witnessing heightened real estate activity in the Rs 40-80 lakh price bracket due to the establishment of various IT business parks and dedicated SEZs in this region. OMR continues to thrive among home buyer’s attention with around 35,000 units launched over the past 5 years. The average capital values of OMR are between Rs 3,500-5,900/sft,” says Santhosh Kumar, Vice-Chairman for a well-known property consulting firm.
It is not just the demand for buying property that has seen a major boom, there is also a huge demand for residential spaces on rent. Bachelors choose to rent apartments with friends and colleagues instead of buying an apartment. “I relocated to OMR about a year back when a friend needed a flatmate and asked me to move into his house. Not only did it cut down the travelling time by half, I also get more space and more amenities for the same amount I was paying in R A Puram and there are so many people like me who moved to OMR for the cost benefits,” says Karthik Kumar, an IT professional. And it goes without saying that there is no dearth of residential spaces put up for rent in the area. “For many home owners, buying a second home here was an investment and they choose to give it out on rent to people working in the area. And plus, the rent is not as high as other areas, so it is a win-win,” says Sundar Kumar, an HR consultant.
The growing population in the area has led to whopping investments in residential projects in the area and a steady infrastructural development of the area. IT parks, arterial roads, schools, hospitals, parks, shopping malls, movie theatres, play grounds, hotels, restaurants, resorts, recreational facilities and a bus terminus have brought about a slew of residential facilities that can boast of being the best in the city. With all amenities available at an arm’s length, social infrastructure has come a long way from what it was a few years back. Even within gated communities, most developers offer amenities like health clubs, sports facilities, supermarkets etc, so that residents don’t need to travel far for basic needs. OMR has grown into a well-planned suburb sought after by everyone.
Source: Times Property, The Times of India, Chennai