Driven by the Chennai Government’s commitment in developing the town as a frontrunner in IT and IT Enabled Services, OMR or Old Mahabalipuram Road is a stretch of 45 KM with Adyar’s Madhya Kailash temple on one end and Mahabalipuram on the opposite. The road converges with another major highway – East Coast Road (ECR) and provides quick access to the localities of Thiruvanmiyur, Palavakkam and Neelankarai and other well-developed areas such as Perungudi, Thoraipakkam, Karapakkam, Sholinganallur, Kelambakkam, and Semmancherry.
Generating nearly 3/4th of Tamil Nadu’s entire software exports, OMR has steadily developed as a premier IT destination and is home to many large IT parks, such as SIPCOT IT Park, TECCI Park, and Tidel Park—Asia’s largest IT Park. With over 1.3 Lakh employees working in the OMR belt, it’s no wonder that the apartments in OMR have seen a spurt along the complete price spectrum.
OMR offers a plethora of options for homebuyers from affordable housing projects, plots in OMR to luxury homes and villas. Read on to know why real estate investors are flocking this quintessential locality to find the home of their dreams.
Price Appreciation
Owing to its growing prominence as a residential and commercial hub, OMR has constantly attracted interest and investment from multinational companies, land developers, home buyers and investors. Real estate prices along the stretch have appreciated about 50% in the last three years alone and 80 – 100 times in the last decade for DTCP approved plots in OMR.
Proximity
The entire stretch of OMR from Madhya Kailash to Siruseri, spanning Perungudi, Thoraipakkam, Karapakkam, Sholinganallur, Semmencherry, Navalur and Egattur enjoys seamless connectivity with the rest of the 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. Also, with an oversized number of offices and major educational institutions situated along the stretch, the necessity for long-distance commuting is greatly reduced, improving the standard of living and increasing the time spent with friends and family.
Well-Organized Infrastructure
One of the best things concerning OMR is its well-organized infrastructure. The government and Chennai metropolitan development authority are implementing various development projects in OMR.
These infrastructure projects are organized to ease traffic congestion, enhance water supply, improve sewerage systems, increase greenery and so on. These impeccable developments in infrastructure attract a large crowd to invest in OMR regions.
Presence of Serene landscapes of plots in OMR
Let’s be honest, nobody wants to measure during a crowded urban city crammed with tons of traffic and to not forget the surplus pollution that residents need to face during peak hours. Every individual after a hard day’s work prefers to live in an environment that is free from all the noise and air pollution.
OMR is the perfect place where you can unwind in peace as this region is filled with serenading beautiful landscapes that offer breath-taking views. The advantage with the Plots in OMR is that it can easily connect the ECR road, where one can immerse themselves in scenic coastlines. ECR is often accessed from OMR through multiple link roads.
Excellent Return On Investment
Due to its infrastructure and its location, OMR has become an attractive investment option for MNCs, home buyers, real estate developers, and investors. Over the past five years, land in OMR has witnessed the rapid appreciation of about 50 % and 21 % hike in property value.
As per property experts, 1 acre of land on OMR cost Rs 75 lakh to 1 crore in 2010, now it costs fourfold more than the first price. This appreciation has affected nearby regions as well like Kundrathur, Mudichur, and Perungulathur which has seen a rapid increase. This has led to an increase in the number of Plots in OMR .
Therefore, purchasing property now will ensure that your property will get appreciated in another ten years. There is a guarantee that even if you don’t shift there it’s still considered an excellent investment option. Because of the IT boom in this region, there’s a powerful demand for rental properties in this region.
