Chennai has been expanding rapidly and residential property prices in Chennai have escalated the fastest among the cities in India, witnessing an appreciation of almost three times of what they were in 2007. Traditionally, buyers in Chennai have been hesitant to move to the suburbs, however in the recent times areas like Old Mahabalipuram Road (OMR) have become hot spots for real estate development in Chennai.
OMR is the great Chennai dream. The real estate growth around this 20 km stretch from Madhya Kailash junction to Siruseri boasts of IT development and good infrastructure. The stretch developed as a designated IT/ITeS corridor over is the second highest exporter of information technology in India. The growth has fuelled real estate activity in the region and has made the region desirable.
Here are top 10 reasons why OMR is the best place to own a home:
The Government has given priority for infrastructure developments like water and sewage connections on this road. So you will not face any problems of sanitation or water problems that you would normally face in the city. Apart from this, the following are the major projects happening on and around OMR.
- Financial City – Sholinganallur (All Banks under One Roof)
- TCS – Siruseri Sipcot (Biggest Building in Asia for TCS)
- Sports City – Kalavakkam and Tiruporur (1500 acres)
- Railway Link – Taramani to Cuddalore via Tiruporur, Mamallapuram, Pondy
- New By Pass – Egatore (Siruseri) to Thaiyur (Beyond Kelambakkam Junction)
- Fly Over – 5 flyovers on major places (From Tidel Park to Siruseri)
- Japanese Township
OMR is the IT/ITES hub of Chennai and has big companies that have offices around the area. A major advantage of living in OMR is the proximity to the IT hubs and all major growing southern suburbs of Chennai. OMR is well connected to Mahindra World City, ECR, GST and theELCOT SEZs. The Chennai airport is just 30 minutes drive from OMR and the TIDEL Park is just about 10 minutes away.
OMR and surroundings have more reputed schools planned now than any other area.
- Padma Seshadri School – Coming up at L&T Eden Park
- Gateway – The complete school – Sholinganallur
- Abacus Montessori School – Perungudi
- Delhi Public School – Nallambakkam
- DAV CBSE School – Thiruporur
The area also has high quality educational institutions like National Institute of Fashion Technology (NIFT), Asian College of Journalism, SSN College of Engineering, St. Joseph’s College of Engineering, Sathyabhama Deemed University, Hindustan College of Engineering, Jeppiaar Engineering College etc. The National Maritime University, the first in India is currently being built in Shollinganallur. The university complex will house an aquarium, national maritime museum, food courts, and a hotel and residential complex. The ministry of shipping is also seeking a public private partnership to build a five-star hotel in the complex.
The entire stretch of OMR from Madhya Kailash to Navalur has flawless connectivity with the main city. Bus and suburban rail services are convenient and the proposed rail line from Chennai to Pondicherry and Cuddalore, through Sholinganallur, Kelambakkam, Thiruporur and Mahabalipuram, will be an added boost to the connectivity of OMR. The State government has also considered the possibility of BRTS for the IT corridor.
- Attractive residential projects
Buying a property in major locations of Chennai are not affordable to most people due to their exorbitant prices. Also, with the growing technology and population, there is a steep demand for living spaces at affordable prices. OMR offers you the best at low-cost living without compromising on quality. Some of the attractive projects that Casagrand offers are:
- Casagrand Cherry Pick – Exclusive 2 & 3 BHK apartments with 40+ amenities
- Casagrand Aldea – Thematic Landscaped Luxury apartments in Thoraipakkam
- Casagrand Pavilion – Chennai’s Largest Villa community in Thalambur, OMR
- Casagrand Lantern’s Court – Luxurious 3 BHK apartments in Thoraipakkam
- Casagrand Avalon – Limited Edition Independent Luxury Villas in Perumbakkam
- Casagrand The Address – Luxurious 4 BHK Apartments in Karapakkam, OMR
- Casagrand Pallagio – Luxurious Mediterranean Villas in Thoraipakkam
- Serene Landscapes
After a hard day’s work, imagine driving back to traffic free and pollution free environment that has fresh air. Sounds refreshing, right? OMR offers just that. Moreover, it is also not too far away from East Coast Road (ECR), which has the scenic coastline, offering breathtaking sights of the sea. ECR is currently well connected to OMR through multiple link roads. Also in the pipeline, are two more link roads planned at Neelangarai and Pallavakkam, which would further enhance connectivity with ECR and other parts of the city.
- Lavish amenities
OMR is enriched with properties overloaded with all the amenities that one would wish to have in their dream home. Reputed builder like Casagrand offer affordable and posh flats and villas located at strategic locations in OMR. The community boasts of a multi-level grand courtyard in the center with swimming pool, club house, lush podium garden area and apartments overlooking the greenery. With a space of greenery, landscape, recreation and relaxation, the amenities add the much needed color to your fast paced life. Casagrand Pallagio are villas that have an irresistible combination of a fantastic location & great price with thematic Italian styled luxury Villas that have private garden space for each house and a large open terrace that doubles up as party area.
- Excellent Investment Opportunity
Owing to its locality and infrastructure available, OMR has become an attractive investment option for multinational companies, real estate developers, home buyers and investors. Within the last five years, OMR has seen a capital appreciation of about 50 per cent and 21 per cent hike in property value. According to real estate experts, 1 acre of land on OMR, which cost Rs 75 lakh–1 crore in 2010, now costs more than three times the same price. Adjoining areas of Kundrathur, Mudichur, Padappai, Mannivakkam and Perungalathur have also seen price appreciation, reaping the benefits of OMR’s price appreciation. So buying a property now at OMR will ensure that your property’s value will get immense appreciation in 10 years. Therefore,even if you are not planning to move in right away, it is a great investment option.
- Regular Rental Income
The demand for houses on OMR has gone up drastically due to the IT boom and the fact that the area is home to several big and small companies. A simple 2-BHK flat earns a rent of about 12,000 -15,000. Renting out your apartment will be lucrative since the demand for properties is always high!
- Gated community lifestyle
Most apartments on OMR are townships and are inclusive of all amenities including ATM and super markets. This makes life easy for home owners since they do not have to go out or worry about the basic requirements. These apartments also give you the opportunity of to mix and mingle with neighbors, having a better social life and staying fit.
- Top hangout places & food lovers paradise
With big companies like TCS and CTS having big offices, there are employees from different parts of the country. This leads to the possibility of a cosmopolitan lifestyle. OMR also now has posh restaurants that have mushroomed over the course of time. Some of the popular restaurants to visit in the vicinity are:
- The Farm – Semmancherry
- Barbeque Nation – Thoraipakkam
- Moti Mahal Delux – Kalaingar Karunanidhi Salai
- Golden Dragon – Padur
- Buzz – The Gateway Hotel – Sholinganallur
With many posh restaurants and new-age amenities, OMR is guaranteed to give an elegant touch to your home. The residential projects at OMR are filled with classy and sophisticated architecture as well, so if you prefer sophistication, OMR is the place for you!
We hope, by now, you would have made up your mind towards investing in OMR. The prices are soaring every day with growing businesses and job opportunities! So take your family to the most ideal destination of the city and enjoy life at affordable cost!