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Property at OMR Chennai : the Demand

By Subhash Kumar Subscribe to RSS | July 19th 2012 | Views:
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Chennai, the southern tech city of India, has a brighter side to live. The city is the most charming city of the Tamil Nadu. Chennai is the fourth metropolitan city of India. The city has a slightly slower residential property market because of its cultural aspects. But, being an IT heaven, it is one of the most favorite destinations for the IT Professionals. People are in a race to come to the city to achieve a IT Career. They seek here a better enjoyable place to live and to work. The city has many tremendous localities to live. Some famous localities in the Chennai are Anna Nagar, Velachery, Medavakkam, Pallikaranai, OMR, etc. Out of these highly premium localities OMR is a most demanding hub for residential and commercial activities. Rate of the property at OMR, Chennai are quite high but these property investments promise a handsome return. If looking for a property for residential purpose, then also it can be a advantageous place.

The OMR in Chennai stands for Old Mahabalipuram Road. This is one of the most prominent places in the Chennai city to live. It is an important corridor of the city that has various residential and commercial colonies on both of its sides. The road is like a widely spread city that has many important landmarks on both of its sides. The Municipal Department of the city is also very keen on infrastructure development at the OMR Chennai. The road has been witnessing a marvelous development of its basic infrastructure in the past decade. Prices, too, have risen for residential and commercial property at OMR.

A real estate consultant Mr. Akshaya Gauda says that there has been a demand made for commercial spaces within the coverage of this OMR. In his own words, “ a number of representatives from different multinational companies have consulted to me for office spaces.” Adding to this he said “they are ready to give any said amount to own a property at OMR”. This can be considered as the reason behind the rise in the rates of commercial and residential properties at OMR.

There has been a trends that where some commercial developments will take place the price of the residential will also rise. You can find this scenario in any part of the world. Being the main road, OMR Chennai has basically known for the commercial place and corporate offices but there has also been some residential site are also there in vicinity to this IT corridor of Chennai city. These residential properties situated around the OMR are properly connected to this OMR. Some of these sites are situated at the main road but some are quite distant from the main road and enjoy a serene neighborhood.

A real estate consultant Mr Deependra Chandra from the Chennai said “People chose to live in serene and calm localities. So, if the demand is coming for these areas, why should builders not plan a property at OMR. He suggested “ the real estate companies should plan their project at such a place that is quite distant from the chaos of the busy highways but also that should have an easy connectivity”. He is expecting a number of new property at OMR or shall we say near to the OMR Chennai.

Subhash Kumar - About Author:
PropTiger is an independent real estate advisor with a pan-India presence. We aspire to be your first port of call If you want to buy a property at OMR.

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