[ecis2016.org] OMR or the Old Mahabalipuram Road, located very close to the industrial zones and IT parks in Chennai, is one of the rapidly-developing areas of the city. The area has good civic amenities and is very well-connected to other parts of the city
There are many premier residential areas near OMR, which is located in the southern suburbs of Chennai. Nearby OMR localities include many famous areas of the city such as Perungudi, Siruseri, Taramani, etc. A variety of projects are available in the area and range from affordable to luxurious. There are a lot of reputed builders like the Ramaniyam Group, Navin Housing and Mantri Group, who are working on their different projects in OMR. Some of the premier projects in OMR include Navin Housing Maris Dale, Ramaniyam Gauravv, Mantri Group Solitude, etc.
You are reading: OMR property market: An overview
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Being one of the prominent IT hubs of the city, with companies like Wipro, Cognizant, Tech Mahindra, HCL Technologies, etc., having their offices here, OMR has been witnessing a rapid influx of working population from outside. As a result, there has been a surge in the demand for residential apartments in OMR. Although prices of the flats in OMR are going up at a rapid pace, still, affordable housing to suit the needs of the mid and the junior-level executives of the various companies, can be found here.
Many areas near OMR have been recently brought under the purview of the City Corporation of Chennai and the plans for a number of infrastructure projects have been drawn up. The civic amenities have also improved here. The industrial and IT sector growth have led to the development of retail and hospitality sector, as well.
Connectivity with nearby OMR localities
- There are a few major roads which run through the area i.e., the East Coast Road, Velachery-Tambaram Road, Rajiv Gandhi Salai and Kalaingar Karunanidhi Salai.
- The area has an extensive bus service and the Perungudi Bus Stand, Thoraipakkam Bus Stand, Sholinganallur Bus Stand and many other bus stands lie on this road.
- There are railway stations at Tambaram and Guindy, from which the suburban railway services can be availed. There are other railway stations also which can be accessed from OMR.
- The Guindy Metro Station and the St Thomas Mount Metro Station are also near to the area.
- The international airport also lies in close vicinity.
Employment hubs near OMR
- The TEK Meadows and the TECCI Park are located on the road.
- Bahwan Cybertek IT Park, Pacifica Tech Park and Alpha City SSPDL, are also located on OMR.
- ASV Suntech Park and Prince Infocity are other two hubs located on the road.
The areas around OMR offers very good social infrastructure to its residents. Some of the reputed schools in OMR include the Government Higher Secondary School, Amelio Early Learning Center, Ellen Sharma Matriculation Higher Secondary School, etc. Some of the leading hospitals in OMR include the Global Hospital, Chettinadd Hospital, Swaram Hospital, etc. The shopping needs of the residents are catered by malls in OMR such as the Vantage Plaza, DLF Mall, Phoenix Market City, etc.
Price trends in OMR
- Price appreciation—Around 52% in the last one year.
- Current property rates—Rs 3,459-Rs 6,241 per sq ft.
Reasons to invest in OMR
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Considering the price trends in OMR and the rising demand, the locality is touted to become a good investment region in future. There are chances of good appreciation of property rates with a number of projects being developed here. Moreover, the area is located very close to the industrial zone of Chennai and OMR, itself being an IT/ITES hub, the demand for property here will only move northward. What more? The Chennai City Corporation has recently taken over the administration of the area. So, the scope of development of infrastructure facilities is also good here. Considering all these factors, OMR can be an excellent place for investment.
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