Chennai’s OMR sees 25% rise in rental values


Are you looking for a property in Chennai that assures return on investment? Old Mahabalipuram Road (OMR) can be an ideal option. Yes, the residential rental market in the area is seeing an upward trend. The rental values have increased by 25 per cent in the Apr-Jun 2013 quarter. Data also shows that the current rental values for a 1BHK range from Rs 6,000-10,000, for a 2BHK from Rs 12,000-16,000 and for a 3BHK from Rs 20,000-25,000 per month.

omr

The set-up of IT establishments in and around the OMR has what turned into its favour. “OMR is home to over 240 software companies employing more than 1.2 lakh professionals. It is a major hub of working populace that is pushing the demand for rented accommodation.

“The rental space in the area is preferred by single professionals or by young and small families, who would like to stay near their workplace”.

IT/ITeS companies like Satyam Computer Services, HCL Technologies, Tata Consultancy Services, Bahwan CyberTek Group, Accenture India, TECCI Park, Wipro Technologies, Cognizant Technology Solutions, Scope International, Photon Infotech, Polaris Software Lab and Infosys to name a few that are situated along the IT Corridor. The area stretches from TIDEL Park in Tharamani to SIPCOT IT Park in Siruseri. TIDEL Park is home to a number of BPO and IT/ITeS companies.

The area also offers ready-to-move-in condominiums and cooperative multi-storeys with functional sweeping, drainage and sewerage system. Developers present in the area are MARG Properties ,Hiranandani Group, Vishram Builders, Silicon Realty Ventures, Provident Housing Limited, Vaikund Estates, XS Real Properties and Urban Tree Infrastructures among others.

Apart from this, the area provides easy accessibility to nearby areas. “Sholinganallur is at a distance of 5-km. Connectivity to ECR, Velachery and Kelambakkam is easy and smooth with frequent bus service. Shared buses and autos are also available throughout the day. Hotels like Asiana and Sabari Classic as well as all kinds of restaurants are also present in the vicinity.

The area has well developed social and physical infrastructure as well. It is located close to the city centre. It also has a number of schools, hospitals and neighbourhood markets. It is about half an hour drive from the airport. Prominent Government Institutes and technical/educational institutions like Chennai Mathematical Institute are also situated along the corridor.

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