Land in Chennai in the Central Business District may be
a challenge. And even if it is available, prices are afforded only by
the affluent. Pricing is one of the precise reasons why demand for both
residential and commercial properties is pushed to the city’s peripheral
and suburban regions.
OMR is one of the earliest locations of Chennai
that faced the first phases of Chennai’s real estate growth. It
continues to be the most favorable location when it comes to real estate investment. There are many kinds of posh properties in OMR.
The most modern flats in Chennai, opulent villas, beautiful farmhouses
and state-of-the-art commercial structures can be seen at OMR and the
adjacent ECR.
Besides location, OMR enjoys the significant advantage of sustained high real estate demand due to several other reasons.
1. Most areas in Chennai have been facing ups and down in the real estate scenario ever since the global economic slowdown. But OMR has shown realistic and stable prices and consistent demand even during these years.
2. Real estate buyers who have invested in properties or land in Chennai
are sitting on exponentially high returns on their investment. The
region has grown rapidly in just a few years and is also expected to do
exceedingly well in the years to come. In the last 5 years, OMR has seen 21 percent hike in property values.
3. Although, OMR is one of the high priced suburban
regions of Chennai; the area also has pockets that are affordable by the
middle and upper middle income community of buyers. Kelambakkam is one such area to reckon.
4. Flats in Chennai, especially along the OMR stretch,
offers an interesting contrast. They belong to the range from the most
premium to the most affordable as well. Therefore, OMR has something to
offer every kind of real estate investor. The most affordable category demand has spurted quick growth of residential properties along the 5 km radius of Kelambakkam. And the properties near the backwaters command a greater premium.
5. Proximity to IT/ITES hub drives majority of demand in OMR from buyers and investors from the industry. Flats in Chennai in OMR in the range of Rs. 40 to 60 lacs observe maximum demand.
6. OMR is the hub of immense developments. The elevated expressway from Madhya Kailash to Mahabalipuram, ELCOT SEZs, Velachery, upcoming railway line from Chennai to Pondicherry via Kelambakkam, Sholinganallur and Thoraipakkam invite interest from all communities of buyers.
7. Land in Chennai is not an issue in OMR owing to availability of land parcels.
