[ecis2016.org] Let’s check out the benefit of investing in this suburb hotspot of Chennai.
Old Mahabalipuram Road (OMR) is one of the hottest residential locations in Chennai for end-users as well as investors. OMR realty market is popular for its scenic sea-facing residential properties. There are several advantages for realty investors who plan to invest money in the OMR’s residential projects. Let’s check out the benefit of investing in this suburb hotspot of Chennai.
The trend suggests sustained growth in Chennai’s realty market
The market trend suggests excellent growth in the residential realty market in Chennai in the next 12 months.
Knight Frank Global and India Buyer Survey report released in August 2021, suggests “Globally, over two-thirds of respondents expect the value of their current home to increase in the next year with most expecting a rise between 1% and 9% over the 12 months. This coincides with Knight Frank’s Prime Global Forecast Index which highlights that house prices on average, are likely to increase by 4% in 2021 globally. From India’s context, there is more buoyancy in sentiment from the Mainstream Indian segment than the Global Indian segment. More than 60% of respondents in Southern cities expect up to 20% price increase in the next 12 months. Around 19% respondents in Bengaluru and 18% in Chennai expected prices to increase 20% or more in the next 12 months”.
OMR’s IT expressway connects it to several locations in Chennai and nearby areas. There is excellent bus connectivity to all the places. The distance to the airport is around 21 Kms. OMR to Tambaram (TBM) railway station distance is around 12Kms. There are plans for metro connectivity coming up in OMR in the near future. It is expected to connect a 22 Kms stretch, i.e., from Thiruvanmiyur to Siruseri.
Social life in OMR is quite attractive for people of all age groups. There is a presence of several retro-bars, parks, malls, etc. within throw-away distance from the residential location in OMR.
Posh projects like Opaline Sequel by Olympia Group consists of a complete package of social life infrastructure such as a swimming pool, children’s park, tennis and basketball court, clubhouse, etc.
“Realty investors look for a project which offers valu. e for money opportunity. They prefer projects where there are good capital appreciation opportunities as well as the rental appreciation is also high. Rental occupancy automatically increases if the social and physical infrastructure in a residential project is immaculate. Opaline sequel project is loaded with all kinds of social infrastructure. The location is so beautiful that people living in this project just don’t want to miss the beautiful morning view of the Indian ocean,” says Mitali Chordia, VP – Marketing & Sales, Olympia Group.
Several schools, colleges, malls, and banks are located nearby the Opaline sequel project. IT infrastructure is already a strong feature of the OMR location, there is always a great demand for residential projects like Opaline Sequel.
The government is planning to enhance the infrastructure in and around the OMR location so that it doesn’t get congested due to the increase in population in the area. There are reports of the world centre coming up in the area in the future. Already there is a six-lane road but now the government is planning to come up with an elevated road over it to reduce the traffic load from the existing expressway. People now want to work at offices close to their home location. So, they prefer a home within a walking distance. Commercial and residential projects are co-existing in OMR, therefore walk to work culture is already flourishing here. Any location where the residential and commercial project co-exists, the realty project at such location has great potential to offer a phenomenal return in the long-term.
Realty projects offering value for opportunity
The average price of a residential unit in the Opaline sequel project in OMR is around Rs 4500/Sqft. With ample amenities, great supporting infrastructure, and strategically best location, the price of the property is quite attractive for the end-users and investors both. With many more companies opening offices in OMR, the demand for residential properties is expected to shoot up in the near future. At the current price, it’s the best time for the investors to invest in OMR’s residential projects.
|Advantages of investing in a residential property in OMR
– Property rates have not yet gone up much due to pandemic, but may start surging quickly as the market have now normalised
– The government is planning to scale up infrastructure development in the OMR area
– OMR’s residential property offers excellent rental growth opportunity
– Availability of renowned schools and colleges in the area
– Proximity to Anna international airport IT companies like Infosys, TCS, Siruseri IT Park, etc.
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