Real Estate

Tamil Nadu’s first IT corridor

Chennai,13/01/2022, For City: Chennai Metro Rail Work traffic diversion near Tidel Park, Taramani, Thiruvanmiyur MRTS Station, Rajiv Gandhi salai, OMR. Photo: Karunakaran M

Ample features make Old Mahabalipuram Road a home buyer’s preferred destination

Fifteen years ago, crossing Adyar towards the Old Mahabalipuram Road (OMR) in the evening was deemed risky. Tall shrubs blanketed the terrain near Taramani. On this stretch, the only option to get around was to take the intermittent buses to Taramani.

However, the opening of Tidel Park, the Technology hub, in 2000, revolutionised not only Taramani’s scenery, but also paved the way for a 30-kilometre stretch of the OMR from Madhya Kailash in Adyar to Siruseri Information Technology Park in the south. With this transformation, OMR gave rise to Tamil Nadu’s first IT corridor, and the region has only progressed since then. It is currently one of the city’s crown jewels, offering multiple benefits to its inhabitants, including interconnectivity, social infrastructure, and return on investment, to name a few.

Now with pandemic and hygiene concerns, location remains a key consideration for first-time homebuyers since it helps determine their lifestyle in terms of easy access to schools, offices, entertainment hubs and much more. With OMR, emerging as a real estate micro-market hotspot, it has become a sought-after location in recent times, owing to the same.

Connectivity

Conveniently positioned near all significant places of interest in Chennai, OMR is an expedient avenue with public transportation options including a railway station, metro rails, bus stations, and an airport. Sholinganallur, on OMR in South Chennai, is one of the city’s newest real estate hotspots. This self-contained suburb is one of the most sought-after locations in the city, owing to its vicinity to the coastline, beaches, and a lake, as well as its closeness to the IT corridor, commercial institutions, and business and leisure centres. The region has strong social and physical infrastructure, making life easier for its residents, enabling access to suburbs such as Thoraipakkam, Navalur, Medavakkam, Karappakam, Velachery, Chromepet, Perumbakkam, as well as destinations outside the city. The region also allows seamless connectivity to vital necessities such as top-rated schools, commercial hubs, hospitals, and IT/ITES.

Affordability

With affordable housing getting a boost, OMR, Chennai’s fastest expanding residential centre, is quickly becoming one of the most popular destinations for both residents and NRI home buyers owing to its affordable prices. In contrast to any other area in Chennai, the region offers residences in all price ranges at a considerably lower cost.

Planned residential region

With the shift from premium properties to affordable mid-priced segments, micro markets are burgeoning as residential regions in recent years. In accordance with the same, living in OMR has many tangible benefits, including a well-developed economic and social infrastructure. In contrast to other developing areas, the area has been meticulously developed as a residential region with well interconnected roads, and the intricately designed housing complexes. Owning a home here is seamless because sewage lines, storm water drains, and power lines are fixed accurately. Provision stores, grocery stores, salons, gyms, and other essential establishments abound throughout the region. OMR also comes with the added benefit of a well-planned green cover that encompasses the entire region along with public parks in the area. It also hosts a pollution-free environment for residents, allowing residents to live a healthy and holistic lifestyle.

Government projects

Professional interest in housing has shifted away from documentation of static conditions and toward the system’s ability to respond to and adjust to changing economic and societal conditions.

* With the government playing a crucial role in augmenting the real estate sector; the proposed infrastructural developments in OMR by the state government of Tamil Nadu and Chennai Metropolitan Development Authority to ease traffic congestion, like the construction of phase II of Chennai Metro Railways connecting Madhavaram to SIPCOT.

* Phase II is the third corridor of the Chennai Metro, which runs from Madhavaram to Sipcot. Ahead of the SRP Tools intersection, the Metro project will become an elevated segment. Similarly, the State government has proposed a two-phase elevated corridor along the OMR, running from Taramani to Siruseri in Phase I and Siruseri to Mahabalipuram in Phase II. According to official sources, the Chennai Metro and State government projects would be amalgamated, and the Old Mahabalipuram Phase-I project, which spans 18 kilometres from Taramani to Siruseri, will be brought up first.

* A road project connecting four National Highways (NH5, NH205, NH4, and NH45) and eight state highways is set to accelerate smooth connectivity from the suburbs to heart of the city. While the development of new IT parks and commercial centres will uplift the local economy and the quality of life at OMR.

* The OMR runs parallel to East Coast Road (ECR) and enables a convenient travel to locations along the OMR section as well as areas located outside the city boundaries. The Thoraipakkam–Pallavaram radial route offers an easy journey from Thoraipakkam, which is located on the OMR section. Other significant connecting roads, like as the Maraimalai-Adigal Bridge and the Medavakkam-Karapakkam Road, improve connectivity from the OMR.

Return on Investment

Real estate is not just a smart asset class, but it also offers better returns on investment than other investment options. Good rental yields and capital appreciation have enticed both local and non-resident home purchasers to invest in OMR. The area is predicted to see an increase in capital appreciation homeowners who regard real estate as a long-term investment choice because of the existing and prospective infrastructure upgrades. Owing to the inherent residential demand in this area, OMR now offers strong rental yields and outstanding resale value.

It has some of the finest amenities for living a luxurious and serene lifestyle. Finding a property in this area is easy, due to the abundance of new residential projects. The region is designed for people from all walks of life, guaranteeing balance. OMR is a haven away from the city’s hustle- bustle, and suitable to residents of all ages, making the region a highly sought-after location because it caters to everyone’s different needs.

The writer is VP, Marketing, Casagrand.


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Printable version | Mar 11, 2022 7:45:30 pm | https://www.thehindu.com/real-estate/tamil-nadus-first-it-corridor/article65210862.ece