Old Mahabalipuram Road or popularly known as OMR in Chennai has become one of the hotspots in terms of real estate. The main reason being the development of IT hubs in this area. The IT hub is spread over a vast area and it starts from Madhya Kailash and ends at Siruseri Sipcot IT park (Not to forget that this IT hub is still expanding).
As this is the IT belt in Chennai, there is always a great scope for employment and this ultimately brings in a lot of employees from all across the country. The majority of rental accommodations are occupied by IT employees. This provided a good rental yield to the landlords as the demand for comfortable and close to office rental accommodation is the priority of these employees.
Along with this, the OMR area is continuously developing and there are many developers building huge townships. This makes this area a well-planned locality. The roads are wide, schools and colleges (including engineering colleges), hospitals, the locality is quite clean and one can live an affordable lifestyle. Another factor that attracts people to invest here is that this area is located on the beachside. Many people love to buy or rent a sea-facing apartment.
Apart from this, OMR has excellent connectivity to other parts of Chennai as well as the Airport. There are several upcoming government projects like metro, double-decker roads and more.
These are the significant aspects that make OMR in Chennai a well-known hotspot for real estate investment.
Currently, average price of flats and apartments in and around OMR is 4780/Sqft. This is a good rate and is only bound to increase with the development of infrastructure and IT hubs around OMR.
From an investment point of view, OMR could be a great option.
Absolutely! OMR is one of the best localities in the entire Chennai. Last year, one of my uncles bought a 3 BHK flat in OMR for around 52 L (I don’t know the exact price but it was somewhere between 50-55 L). It was a newly constructed society and has all the amenities. He lives in Anna Nagar and bought this property purely for investment. He has rented out this apartment to bachelors and is getting a decent rent (around 35K per month). As the property rates are gradually rising, I think investing in real estate in OMR would be a great idea!
OMR or Old Mahabalipuram Road which is now known as State Highway 49 A, is a road that starts from South-East Chennai and terminates near Mahabalipuram.
Definitely, OMR is right now the perfect choice to invest in residential properties. In terms of development it is one of the fastest growing areas. It runs parallel to the East Coast Road and so is one of the most scenic places to stay in the City. Clean, wide roads, and sea facing affordable homes have made it very much in demand. In OMR, Perungudi is a good place as it is surrounded by many IT companies, schools , colleges , hospitals and industries. Being the IT hub of Chennai many working professionals are preparing to reside in this region. Economical development and social infrastructure development has been astounding in the past few years. The near future is going to see many upcoming projects like metro and double decker roads.
FUTURE PROSPECTS:
MNC's, home buyers, real estate developers and investors all have an eye on this region. Over the past five years properties in OMR have witnessed rapid appreciation of about 50% and 25% hike in property values.
According to real estate experts, 1 acre of land used to cost rupees 75 lakh to 1 crore in 2010 and has now increased 4 times. This price hike has also affected the prices in the nearby regions. Therefore purchasing property now will ensure that your property will get appreciated in another 10 years. Another option is that even if you don't shift there,investing in the properties in OMR is definitely a very good decision. As IT is here to stay, there is always going to be a strong demand for rental properties.
So the future holds very good returns if a person invests in properties, either to rent or to settle down.
Off late OMR Chennai has certainly become the hotspot of real estate investment with rapid infrastructural development and growth of IT companies from Madhya Kailash and to Siruseri Sipcot IT park. I would suggest you definitely look for residential property in OMR Chennai for investment purposes. Here are a few reasons why:
There are plenty of employment opportunities since it’s in the vicinity of MNCs
Connectivity in OMR Chennai is exceptional. The city has a suburban railway network, bus services to reach every corner of the city.
When we talk about educational institutions, the locality boasts of some of the best schools on OMR Road Chennai along with a number of hospitals, entertainment centers, etc.
As far as growth opportunities are concerned, the current average price of flats and apartments in and around OMR is Rs. 4780/Sq ft. and it is bound to rise considering the infrastructural development and overall growth.
Surely many people have a lot to say about OMR Chennai. And why not afterall it is the largest IT corridor in northern suburbs of Chennai. Anyhow, I am also sharing what I know about OMR Chennai with you.What to expect?
OMR Chennai Positive Review
OMR Chennai Negative Review
Let me start with the positives first:
Buzzing streets as there are major IT parks hence the employment opportunities are plenty
The connectivity is awesome. I can take a rickshaw, bus, metro or private cabs at my convenience.
My uncle lives in OMR and I have spent a couple of months with my family there. I must say the locality and people are really good. Everything is readily available.
I roamed around a little bit in the area with my cousins and I happen to observe that there are many eateries, restaurants, cafes, schools, clinics, hospitals and a couple of malls too (I don’t remember the names unfortunately)
Okay now comes the difficult part; OMR Chennai south reviews which are slightly negative (okay no that is a strong word, I would say a bit off putting for me)
I didn’t like the weather that much, it was humid
I believe traffic is another major problem in that area people are hesitant to follow the traffic rules (again my personal opinion)
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Is OMR Chennai a good place to invest in residential property? What are future growth prospects?
Manickam
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September 22, 2020
2020-09-22T08:40:27+00:00 2020-12-15T12:24:49+00:00Comment
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