Invest along the OMR for rental returns


Pushkara,Marg Properties

Pushkara – Marg Properties

A 2BHK apartment along the Old Mahabalipuram Road (OMR) that was available for Rs 12,000-15,000 per month a year ago, now commands a monthly rent of Rs 15,000-18,000! This clearly indicates an annual appreciation of 20-25 per cent. Thus, investing in a residential property along the OMR in Chennai seems to be a good proposition.

OMR recorded the highest gross rental yield at 4.18 per cent during the Apr-Jun 2013 quarter. The rental values in the locality have been rising constantly with an increase of 8-9 per cent registered in the Apr-Jun 2013 quarter. This coupled with stable capital values of apartments in the locality has pushed the gross rental yield along the OMR. In fact the locality has been registering the highest rental yield in the city, ever since Apr-Jun 2012 clocking close to 4.5 per cent yield quarter-on-quarter.

“OMR is faced with a situation of over-supply today. This has resulted in capital values stagnating as buyers have a wide range of options to choose from. Even though the over-supply has had an impact on the rental values, but compared to outright sales the rental market in the location is still up beat,.

So, what has led to a situation of over-supply in the market? Most of the residential demand is pouring from IT professionals working in the numerous MNCs along the OMR. “Since many of these young professionals are not locals, they prefer rental accommodation than buying their own homes. Thus, the demand along the OMR stretch is more aligned for rental housing,”.

Thus, in case you are looking for a second home as a future asset, buying a house on the OMR might prove profitable what with the high rental returns it promises. Hardcore investors may also target OMR for healthy returns.

Source:Magic brick

Chennai real estate market growing steadily


ChennairealestateChennai real estate market has been stable with moderate price appreciation of 8 10% in 2012. With inprogress infrastructure projects taking shape, the demand and capital values are expected to rise across all sectors. Focus on improvement of public modes of transport has been one of the major highlights in Chennai. This is evident from the expansion of the existing highways, work on Chennai Metro and the Outer Ring Road.

Approval of three new bridges connecting ECR and OMR at Neelankarai, Palavakkam and Kottivakkam is expected to impact the capital values. Going forward growth in Chennai would not solely be determined by the IT/ITES sector, but also the transport corridors of the above mentioned infrastructure projects. Chennai market is looking forward to the MRTS and BRTS projects to give the city a new face in 2014-15. 2012 has seen the city shift investor focus from the usual OMR, ECR to the WEST and NORTH of Chennai. The operationalization of the TIDCO & Ascendas SEZ at Tiruvallur and the operationalization of the new airport at Sriperumpudur in 2015 is driving interest in the North & West Chennai regions.

STOCK AND ABSORBTION

Global uncertainties and IT/ITES sector going slow with their expansion plans impacted the real estate scenario in Chennai with high vacancy rate. Though the focus on residential sector from developers end was high, and Chennai market saw remarkably high number of new launches in 2012. Sales were moderate in comparison to the new residential supply added to the market. In 2013 Chennai residential market is likely to see few launches compared to 2012 but improvement in sales with an overhang of 18-22 months.

Source:moneycontrol

Rs 400 crore flyover to connect OMR, ECR in Chennai


omr-ecrA flyover connecting the Old Mahabalipuram Road and the East Coast Road is now a step closer to reality. The design of the flyover that would start near Tidel Park on OMR and land on ECR was given a go-ahead by a technical committee of the state highways department that met a few days ago. “The alignment of the flyover was decided in December last. Now we have decided where the arms will come and where exactly the flyover will land,” said an official of the state highways department.

TOI was the first to report when the alignment committee gave its nod in December last. The flyover will begin just after the small bridge on the Buckingham Canal on West Avenue Road. It will then cross the much-dreaded Lattice Bridge Road junction, turn right and then land on ECR near the Thiruvanmiyur RTO. “The final detailed project report will be submitted in three months. A tender will then be floated and work on land acquisition will start in a year,” said the official.

This is touted to be one of the most expensive flyovers in the city, given its size. “The cost has been estimated at Rs 400 crore,” said the official.

Unlike previous projects, land acquisition will be completed before construction begins. “This is to ensure that cost of construction doesn’t keep increasing with delays in land acquisition,” said the engineer. Construction of flyovers in Porur, Moolakadai and Thirumangalam has been delayed due to land acquisition issues.

Commuters on the stretch say that while the flyover would make a difference, the Tidel Park junction is still a bigger problem. “This flyover will make a difference, albeit a small one. It is a temporary solution and the bigger problem is at Tidel Park,” said Suresh Menon, a cinematographer who has been working with the Chennai Traffic Police on solutions for traffic management in the area. “While one would take 10 minutes to cross the traffic signal at LB Road, it takes at least 45 minutes to cross Tidel Park signal. Coming from Madhya Kailash, traffic piles up well past Thiruvanmiyur MRTS station,” he said.

Earlier this year, the state government announced that a 45-km elevated road would connect Madhya Kailash and Mahabalipuram. “We will soon appoint a consultant to study the feasibility of this project as well,” said a highways engineer.

Additional commissioner of police (traffic) Karuna Sagar said this was the only real solution in sight. “There is nothing else we can do to manage the traffic flow. It takes more than one signal cycle to clear traffic and hopefully the situation will improve after these projects,” he said.

Source: The Times of India, Chennai

‘GST Road, OMR – fastest growing residential sectors’


What do you think sells best in the city?

Apartments are the most popular property type in Chennai. The main reason behind this is that owners find apartments easier to maintain due to the support of the association. In addition, apartments give a feeling of security to its inhabitants.

What is the current scenario of re-development in Chennai?

Chennai is gradually moving towards re-development. The corporation is extending its limits around Chennai and is planning to give facilities in these extended limits.

Which locations are being redeveloped in Chennai?

Localities such as East Coast Road (ECR), Old Mahabalipuram Road (OMR), Grand Southern Trunk (GST) Road, Oragadam and Sriperumbudur are a few localities which are witnessing rapid redevelopment.

Which are the future growth corridors of the city and what factors affect their growth?

GST Road and OMR are the fastest growing residential sectors in Chennai. There has been rapid development of IT/ITeS industry in the areas around GST, OMR and ECR. This has facilitated growth of the residential sector in these areas. Oragadam and Sriperumpudur are the major industrial zones of the city. Since there is substantial industrial growth in Chennai, residential development is also taking place in these locations.

Can you define affordability and luxury in Chennai?

Affordability and luxury vary as per the location in the city. For instance, in prime locations of South and Central Chennai, lower end properties are available within Rs 15,000-20,000 per sq ft. Luxury depends on the facilities offered in the projects. It usually starts at Rs 20,000 per sq ft.

Similarly, in developing locations like OMR, GST Road, areas near Maraimalar Nagar, Chengalpattu, Sriperumpudur and Oragadam, lower end properties are available in values ranging between Rs 2,800 to Rs 4,800 per sq ft and luxury apartments start at Rs 6,000 per sq ft and go up to Rs 10, 000 per sq ft.

Pushkara – The Joy of Heavenly Water Front Homes in OMR


Pushkara, luxury apartments at Chennai, OMR are brought to you by MARG ProperTies, reputed builders in Chennai. Located just 2 km from Siruseri, these homes combine the affordability of great pricing and the luxury of living close to nature.

So, If you are looking for a home in Chennai, particularly in the IT hub of OMR, Pushkara is definitely one of the best properties in Chennai.

deck_viewdeck_view_night

Come, experience the well balanced life.

  • Spread across 3.84 acres.
  • Stilt + 4 floors with ample car parking & greenery.
  • 204 apartments that open to the grand lake view.
  • 2BHK, 3BHK & Smart Studio ( 1 BHK) apartments ranging between 588 Sq.ft to 1700 Sq.ft.
  • Studio apartments starts from 24 Lac onwards
  • 2 & 3 BHK starts from 42 Lac onwards

Location Map :

Pushkara location map

Specification

Structure RCC Framed Structure
Masonry Work Block work
LIVING/ DINING
Flooring Vitrified Tile
Walls Tractor Emulsion Paint  (Asian/equivalent) )
Ceiling OBD
MASTER BEDROOM
Flooring Vitrified Tile
Walls Tractor Emulsion Paint  (Asian/equivalent) )
Ceiling OBD
OTHER BEDROOMS
Flooring Vitrified Tile
Walls Tractor Emulsion Paint  (Asian/equivalent) )
Ceiling OBD
KITCHEN
Flooring Vitrified Tile
Wall Tile Ceramic Tile Dado  (2ft ht above granite platform)
Wall Painting Tractor Emulsion Paint  (Asian/equivalent) )
Ceiling OBD
Counters Black Granite
CP fittings Jaquar /Parryware/ Hindware or Equivalent
TOILETS
Flooring Ceramic Tile(Matte finish )
Wall Tile Ceramic Tile (dado upto 7’ ht )
Wall Painting Tractor Emulsion Paint  (Asian/equivalent) )
Ceiling OBD
Sanitary ware Parryware/ Hindware or Equivalent
CP fittings Jaquar /Parryware/ Hindware or Equivalent
BALCONIES
Flooring Ceramic Tile (matte finish)
Wall painting Tractor Emulsion Paint  (Asian/equivalent) )
Ceiling painting OBD
Railing MS Handrail
UTILITY AREA
Flooring Ceramic Tile (matte finish)
Wall Tile Ceramic Tile(Dado upto 3’ ht on all 4 sides )
Wall Painting Tractor Emulsion Paint (Asian/equivalent) )
Ceiling OBD
External Paint
Weather Proof  cement Paint
DOORS
Main Door Teak Wood Frame with TW veneer polished Flush Door
Other Internal Doors Hard wood frame with Flush Door shutter
French Door Sliding  Aluminium  glazed door
Toilet Door Hard  wood frame with Flush Door
WINDOWS
Aluminium – Glazed Sliding window with Fixed MS grills
LIFT
Lift  Jhonson /equivalent
 LIFT LOBBY Flooring Kota
LIFT LOBBY -Walls Tractor Emulsion Paint  (Asian/equivalent) )
STAIRCASES
Flooring Kota
Walls Tractor Emulsion Paint  (Asian/equivalent) )
Railing MS Hand Rail
ELECTRICAL
Fixtures and Fittings Anchor ROMA or equivalent
Power Backup 100% back up for common areas & (500Watts per Unit) for 2bhk & 3bhk units
PLUMBING
CPVC / PVC Pipes
Water Supply
Gravity system
Water treatment plant provided
Rain water harvesting system provided
Drainage
Sewage treatment plant provided

Amenities

Pushkara comes with all basic and modern day amenities to satisfy the aspirations of just about anyone! Some of the key amenities of this project include

  • Club House
  • Gym
  • Swimming Pool
  • Indoor Play Area
  • Outdoor Children Play Area
  • Plaza
  • Landscape Area
  • Landscaped deck consists of : Pergola, Swings, Amphitheatre, Fountain, Landscaped gardens, Barbecue Corner

Payment Schedule :

Pushkara Payment sch

pushkara payment sch1

For Enquiry :

Growth of OMR


OMR, or Rajiv Gandhi Salai as it is called today, had its origin during the British era, and was laid alongside the Buckingham Canal from Adyar to Muttukadu. The original OMR is still visible in parts as a panchayat road parallel to the existing one. Till 2005, the OMR extended only up to Sholinganallur, and primarily catered to the growth of the IT Sector in Chennai. Most IT Parks came to be developed on this stretch starting with the Tidel Park, and soon, companies like Ascendas, ETL, TEK, DLF, RMZ and others streamed into setting up similar IT Parks which led the road to be re-named IT Corridor stretching from Madhya Kailash up to Siruseri, at a distance of around 35 km. The growth also had its downside when the government and private sector woke up to the realities of the inadequacy of related social infrastructure in that area where the prices of land had skyrocketed, which meant that the whole area came to be developed in an haphazard manner, which continues even till today.

The IT Expressway, a 6-lane project stretching across the OMR is still in limbo, with only Phase I of the project from Madhya Kailash to Siruseri becoming operational. Phase II of the project extending up to Mahabalipuram near Potheri is yet to see daylight. The project has repeatedly been a victim of successive government apathy, cost escalation and land acquisition problems. Nearly 270 million sqft of IT space has been developed on the OMR IT Corridor so far, housing more than 1,20,000 IT/ITES employees at present. This number is set to quadruple to 200,000 with companies from the banking, finance and insurance industries likely to set up office on this stretch in the next 3-4 years.

“Till the beginning of 2005, OMR did not really boast of a plausible social infrastructure, as there was not much of an incentive for developers to pursue large-scale residential projects in that area,” says Muralikrishnan, a Chennai-based realtor. “The IT boom between 2001 and 2007 encouraged IT firms across the country and the globe to set up office on this belt,”he added. In addition, the Government of Tamil Nadu, in order to propel the growth of the IT Sector, has increased the Floor Space Index (FSI) to around 3.75, roughly 1.5 times the prevailing value, for IT-related development projects on certain portions of the belt. Therefore, the incentive to build commercial property augmented even further. This led to the growth of a residential segment beyond Sholinganallur, where the availability of land was adequate and prices reasonable. The slowdown in the IT industry also put a temporary growth in the development of IT parks on the stretch, and the focus shifted back to residential and commercial developments. While certain commercial developments like boutique hotels and shopping malls are expected to do well, the same cannot be said about IT & ITES developments, where there is still an over-supply of more than 4-5 million sqft of commercial IT space with no takers. The increase in residential development beyond Sholinganallur has helped in boosting the region’s social infrastructure. Three reputed schools, namely Hiranandani Upscale School, PSBB Millennium School and Bala Vidya Mandir are located in the area with another 6 schools to be made operational in the next 2-3 years. In the realm of health infrastructure, multiplexes like the Riverside Mall, for instance, are quickly sprouting, making it a more independent and significant entity on the city’s map.

There are currently about 1,20,000 people employed in the IT and BPO companies along this corridor alone. The impetus for real estate development has come from a projection that about an additional 2,00,000 people will be employed in the IT belt in the next 3-4 years. Property prices have risen by 50 percent in the whole belt in the last two years, and an unbelievable 80-100 times more in the last 10 years. In 2000, the cost of a plot in Thoraipakkam was र 15,000, and is र 100 lakh today!

Source :chennairealty

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Marg Savithanjali

Low Budget Flats in Chennai at OMR Starting from 20*Lakhs

MARG SAVITHANJALI APARTMENTS :

  • Apartments ranging from 578-3149 Sq.ft
  • Studio apartments starts from 19 Lac onwards
  • 2 & 3 BHK starts from 42 Lac onwards
  • Duplex & Pent house starts from 70 Lac onwards

Old Mahabalipuram Road paves the way for realty development


The setting up of TIDEL Park on Rajiv Gandhi Salai or Old Mahabalipuram Road (OMR) in 2000 changed the landscape of the stretch forever, paving the way for the development of the IT corridor, as we know it, today. This development, naturally, led to the creation of a premium residential housing market along the belt starting from Madhya Kailash, all the way to Thiruporur, and beyond. OMR may have seemed like a distant suburb a few years ago, but now, it is very much a part of the city.

“OMR, up to Sholinganallur, is essentially an extension of the city, and should not be considered a suburb anymore. Take Velachery, for instance. Until recently, it was considered a low lying suburb that was only in the news during monsoons. But now, it’s a thriving residential and commercial zone, and very much a part of the city.”

The location of OMR – its proximity to Adyar, for example – has attracted large scale residential development here. This gives the area a distinct pricing advantage, says Chiity Babu. “The prices (per sq ft) are almost half of that in Adyar,” he adds, “So, at a
distance of less than 5km from Adyar, one can procure an apartment for half the price.” Another factor that works to its advantage is its proximity to ECR. Badal Yagnik, MD, Jones Lang LaSalle, Chennai, says, “Prices on ECR are 50-60% higher than that along OMR. And both corridors are witnessing plenty of development in the residential/ commercial sectors.”

Although it was the IT sector that initially fuelled growth along OMR, it’s no longer the sole growth driver. As Badal Yagnik says, “It’s the demand for housing that has been driving growth in this area over the last few years.” He continues, “Last year, for instance, the city saw office absorption to the tune of 5 million sq ft, while this year, it is only 2 million sq ft. A large chunk of this space lies on OMR. Despite the fall in absorption rates, the demand for housing has been soaring along the OMR.”

While the stretch from Madhya Kailash to Sholinganallur has been witnessing maximum demand, even beyond Sholinganallur, the demand, though not as robust, exists. Badal says, “Prices along the Madhya Kailash-Sholinganallur belt have been increasing by 20% year-on-year. However, some of the best schools are coming up in large townships planned in the latter half of OMR.

Places like Padur, for instance, are set to grow, with malls like Marg Junction, and residential projects planned in the vicinity.” Any further development on OMR is bound to happen after the toll gate, due to non-availability of land on the stretch from Madhya Kailash to the toll gate.while prices (per sq ft) range around 7,500 until Sholinganallur, they are about 3,000 to 4,000 in the area from the toll gate to Thiruporur, and lesser as you move further.

Source: Times Property, The Times of India, Chennai