In recent times, the demand for flats in Old Mahabalipuram Road (OMR), commonly known as the IT corridor of Chennai, has seen a marked surge. Both real estate investors and end-users are vying for properties in this strategic location. But what is it about OMR that makes it such a coveted address? Here, we unravel the top factors that are driving the demand for flats in OMR.
1. IT and ITES Boom
The most compelling reason behind OMR’s growth is its emergence as the IT and ITES hub of Chennai. The stretch hosts a plethora of tech parks, including Tidel Park, Ascendas IT Park, and SIPCOT IT Park. Several global IT giants, such as TCS, Infosys, and Wipro, have set up their operations here. This has led to an influx of professionals looking for homes closer to their workplaces, thereby skyrocketing the demand for residential properties.
2. Robust Infrastructure Development
OMR is continually evolving, with road expansions, enhanced connectivity through public transportation, and the forthcoming metro project. The corridor has well-maintained roads and is interconnected with arterial routes, making it easier for residents to commute to other parts of the city.
3. Educational Institutions
Another cornerstone for OMR’s residential demand is the concentration of premier educational institutions. From engineering colleges to international schools, families are gravitating towards OMR for the promise of quality education for their children.
4. Entertainment and Lifestyle
OMR is not just about work and education; it’s also about leisure and lifestyle. The corridor boasts a variety of malls, cinemas, eateries, fitness centers, and recreational spots, ensuring that residents have a plethora of options for weekend outings and relaxation.
5. Modern Housing Projects
Developers have recognized OMR’s potential and have launched several upscale residential projects, complete with state-of-the-art amenities. From swimming pools to clubhouses and green landscapes, these projects cater to the modern-day needs of homebuyers.
6. Affordable Pricing
Despite its rapid growth, Flats in OMR are available at relatively affordable rates compared to other parts of the city. This makes it an attractive proposition for both first-time homebuyers and investors.
7. Future Growth Potential
Given the ongoing projects and planned developments, OMR’s potential for appreciation is high. Real estate pundits predict that the corridor will witness significant price escalations in the coming years, making it an ideal location for long-term investment.
8. Sustainable Living
As urban dwellers grow more conscious of their living environments, OMR’s projects offer sustainable living solutions. Many buildings here are now being constructed with green features, rainwater harvesting, and waste management systems.
Conclusion
OMR, with its strategic blend of work-life balance, is a hotbed for real estate activities. Whether you’re an investor eyeing long-term returns or a prospective homeowner looking for a vibrant, modern environment, OMR is a location that promises prosperity, convenience, and a dynamic urban lifestyle.
From its robust infrastructure to its future growth potential, the factors driving the demand for flats in OMR are multifaceted and compelling. As the adage goes, in real estate, it’s all about “location, location, location”. And right now, OMR seems to be ticking all the right boxes.
