What Makes Chennai’s OMR A Hot Property Market?
The Old Mahabalipuram Road (OMR) is a 45-kilometre long arterial corridor in suburban Chennai. However, it is simply much more than a piece of infrastructure that improves Chennai’s connectivity quotient. Areas along the road have turned into emerging property market hubs of Chennai. Since businesses have been setting shop here, the demand for residential housing has been slowly picking up in the past half a decade. Fuelling the demand for property along the OMR are comparatively affordable rates in an otherwise expensive market.
Moreover, recently this IT corridor received a huge boost in the form of transport connectivity giving an overall push to livability along these areas. The Metropolitan Transport Corporation (MTC) has announced that of the 56 new buses launched in the city 25 will ply along the bustling job market of the OMR.
This move is expected to impact over 1.5 lakh people who work in the offices along the corridor. These new buses that will make up for 11 additional trips per day — 80-100 people can be ferried per ride.
Seems interesting, doesn’t it? Let us check what your options are if you plan to invest in localities along the OMR which include Sholinganallur, Navallur, Moolacheri, Medavakkam and Thoraipakkam?
New launches: According to the data available with PropTiger.com, the Tamil Nadu capital has seen an increase in launches of new residential units in the second quarter of 2018 by over 139 per cent compared to the same quarter of the 2017. Localities along the OMR contributed as much as 35 per cent of the new launches during this period. As many as 4,000 new units were launched along these localities in the past one year. If you are looking for fresh options, it would really warm your heart to know that you have plenty of options to choose from within Rs 25-50 lakh budget.
Inventory: Because of an on-going slowdown, developers have not been able to sell as quickly as they expected. This has resulted in piling of inventory stock. About 58 per cent of the unsold inventory in Chennai is concentrated in the Chennai West and the OMR. This might be a headache for developers, but it presents a great opportunity for homebuyers. You could pick from 11,000 ready-to-move-in units along the OMR.
Average price: The average price for a residential property in localities along the OMR is Rs 4,300 psf. A standard apartment of 1BHK or 2BHK configuration sized between 600 sqft and 1,500 sqft has a price range of Rs 30 lakh and Rs 50 lakh. Spacious and high-end apartments of over 3BHK sizes are priced between Rs 80 lakh and Rs 3 crore.
With inputs from Sneha Sharon Mammen