Report by IndiaPropetry.com
Old Mahabalipuram Road (OMR) popularly
known as the IT Corridor of Chennai was conceptualized by Tamil Nadu
Government in 1999 – 2000. Owing to
delays due to land acquisition and change in government, the first phase of OMR became operational only in 2008.
TIDEL Park at Tharamani was the first IT establishment here and it placed Chennai into the IT map of India,
henceforth changing character and lifestyle of Chennai as a city.
Beginning at Madhya Kailash in Adyar the
road stretches till Mahabalipuram. Some of the major localities on OMR are Perungudi, Thoraipakkam, Karapakkam,
Sholinganallur, Navalur, Egattur, Padur, Siruseri, Kelambakkam, Thiruporur
OMR Phase 1
Madhya Kailash - Siruseri
20.1 Km
Operational since 2008
OMR Phase 2
Siruseri - Poonjeri 26.8 Km
Under Construction
·· Currently there are two tolls on OMR;
first one is at Perungudi and second at Navalur
·· The positioning of tolls also governs the
locality preference of buyers
·· The demand and capital values for
residential and commercial properties are high from Madhya Kailash to Perungudi (before the first toll)
·· Same way employees at companies in
Siruseri prefer staying in projects where they don’t have to pay toll
for every day commuting
·· Analysing the buyer preference for
various localities on OMR indicates that the distance from Chennai
city is not the only deciding factor when
it comes to buying a property
·· Sholinganallur tops the list with over
30% buyers wanting to buy a property there, followed by
Thoriapakkam, Kelambakkam and Navalur
·· Budget, growth potential, proximity to
employment centres, access, presence of social
infrastructure play a critical role
·· Asia’s
biggest SIPCOT has been developed at Siruseri on OMR for IT companies
·· Many
IT/ITES companies like TCS, Cognizant, iGate have set up their
base here generating huge
employment opportunities and thereby a need for residences and related social
and physical infrastructure in the area
·· Unlike
Chennai which is known to be an end user driven market, OMR has
equally attracted both end
users and investors
·· Considered
to be one of the prospering property destinations, now there are low rise and
villa
properties available beyond
Kelambakkam as well
·· But
the area will take over 5-7 years to get developed
Demand and Property Rates along OMR Are Also
Governed By
Placement of the Toll Gates. Currently There is
One at Perungudi
and Second One at Navalur
The residential property
rates on OMR and its neighbouring micro markets have
escalated by close to 15
times since 2000
· · Comparing
the actual market rates to the rates buyers are ready to pay – Padur and
Kelambakkam are closest to
buyers expectations followed by Sholinganallur, indicating better future
returns
Kelambakkam, Sholinganallur and Padur, are
investment destinations on OMR
