Reasons why OMR’s Real Estate Prospectscontinue to Flourish

Land in Chennai in the Central Business District may be a challenge. And evenif it is available, prices are afforded only by the affluent. Pricing is one of theprecise reasons why demand for both residential and commercial properties ispushed to the city’s peripheral and suburban regions. OMR is one of the earliestlocations 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 estateinvestment. There are many kinds of posh properties in OMR. The mostmodern 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 realestate demand due to several other reasons.

1. Most areas in Chennai have been facing ups and down in the real estatescenario ever since the global economic slowdown. But OMR has shownrealistic and stable prices and consistent demand even during these years.

2. Real estate buyers who have invested in properties or land in Chennai aresitting on exponentially high returns on their investment. The region hasgrown rapidly in just a few years and is also expected to do exceedinglywell in the years to come. In the last 5 years, OMR has seen 21 percenthike 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 uppermiddle income community of buyers. Kelambakkam is one such area toreckon.

4. Flats in Chennai, especially along the OMR stretch, offers an interestingcontrast. They belong to the range from the most premium to the mostaffordable as well. Therefore, OMR has something to offer every kind ofreal estate investor. The most affordable category demand has spurtedquick growth of residential properties along the 5 km radius ofKelambakkam. And the properties near the backwaters command agreater premium.

5. Proximity to IT/ITES hub drives majority of demand in OMR frombuyers and investors from the industry. Flats in Chennai in OMR in therange of Rs. 40 to 60 lacs observe maximum demand.

6. OMR is the hub of immense developments. The elevated expresswayfrom Madhya Kailash to Mahabalipuram, ELCOT SEZs, Velachery,upcoming railway line from Chennai to Pondicherry via Kelambakkam,Sholinganallur and Thoraipakkam invite interest from all communities ofbuyers.

7. Land in Chennai is not an issue in OMR owing to availability of landparcels.