The curious case of OMR, Chennai

Once known as Chennai’s golden realty corridor, OMR is now on the path of a fast recovery with buyers showing a renewed interest and leading developers announcing a slew of new residential projects here.

Popularly referred to as OMR by Chennai residents, the real estate story of Old Mahabalipuram Road is a curious one. It began in 2001, when the realty fortunes of this 20-km stretch began to rise, riding the crest of the IT boom that was slowly beginning to make its presence felt in the city.

Within no time at all, developers of every size and pedigree were flocking to this ‘IT corridor’, announcing projects of varying degree of opulence, hoping to cater to a keenly anticipated rise in demand. The logic was sound. Developers were optimistic that even if a small chunk of the approx 1.5 lakh IT professionals employed by big-names in the area like TCS, HCL and Ramco Systems, chose to buy homes here, near their workplace, sales were assured.

And so they were, with developers clocking impressive numbers of about 10,000-12,000 units sold per annum during the golden period from 2001-2008. The twist in the tale happened when non-resident developers began to announce their arrival with even larger, luxury residential projects in a bid to encash the boom. Supply shot up from an estimated 10,000 to a whopping 30,000 units and that’s when disaster struck, in the form of the dreaded recession.

Investors, who had brought property here during the boom phase with the intention of booking huge profits when the prices increased even higher, were now left stranded with buyers refusing to pay premium rates. Developers with lavish projects priced upwards of 1cr were among the worst hit, finding no takers courtesy the huge over-supply in the area. Other issues like connectivity problems and lack of affordability only succeeded in driving potential buyers to other upcoming areas like Kolathur and Ambattur in the west of the city.

However if the current trends are any indication, the worst seems to be over for the OMR belt. Optimism about a reversal of sorts is slowly creeping back among developers in this area. Driving this trend are two key factors namely, the hope for industry-friendly policies given the new government at the centre and a spurt in IT-related activity, which is largely expected to trigger a renewed interest among leading developers in this location.

Already the announcement of major realty initiatives like the proposed 1,500-acre township for Japanese investors at Thiruporur has brought the smiles back on the faces of the builder and investor community here who view it as a precursor to the good times ahead.

Taking the cue, leading developers like Godrej Properties have followed suit. The Mumbai-based developer recently announced the launch of its mega luxury residential project – Godrej Azure here. Strategically located of Padur, OMR Road, the project is slated to offer excellent connectivity to all points of interest in and around the city and is likely to generate considerable interest among the IT professionals in the area.

Also in the fray is Mantri Developers Ltd’s premium residential project – Mantri Signature Villas, on ECR Link Road (OMR). The project is spread across 3 blocks offering a total of 83 spacious 3, 4 and 5BHK villas, measuring 3715-6510sqft and priced from INR 3cr onwards. Located close to popular landmarks like Puthunagar, Perumbakkam and Nesavalar Lake, this signature project also includes multiple amenities like: a massage room, gymnasium, billiards & pool table, swimming pool and trained security for the added security of villa residents.  

Hiranandani Seawoods from the House of Hiranandani, opposite the SIPOCT IT park here is also one of the most sought after luxury residential projects in the city. Easily accessible by road and rail, this upscale project at Egattur offers apartments from 2 to 5BHK ranging from 1,295-7,000 sqft. Set in the midst of lush vegetation, the project includes a dedicated clubhouse, swimming pools and multiple restaurants in addition to offering its residents a spectacular view of the Bay of Bengal. 

Those looking for a ready possession property can also check out Hiranandani Oceanic at the same location (Egattur). On offer here are tastefully designed 4 and 5BHK apartments that include some unique interiors amenities like an expansive personal deck area, designer kitchen, bathrooms with contemporary fittings, exclusive study & pooja room and a separate room for the domestic help.

External facilities made available here feature a co-educational English medium school offering CBSE and IB curriculum (in air-conditioned classrooms), swimming pool, heated Jacuzzi spa, yoga and aerobic center, jogging tracks, banquet hall, tennis courts, café and refreshment zone, children’s play area and a snooker and pool room among others. 

Also on the anvil here is a proposed business hotel, serviced apartments and a public plaza. Other forthcoming attractions include star hotels with banquet facilities, high street retail facilities with supermarket and entertainment areas with range of recreational facilities.  

I Sky Villas by the Chennai-based Vijay Shanthi Builders Ltd is one of the more prominent projects at Perungudi, a popular bustling hub of OMR. Spread across 8 grounds, this premium project offers 13 exclusive apartments that are synonymous with ultimate luxury. The 3BHK homes spread across an area of 3,300sqft, are priced at INR 3.25cr (excluding registration and service tax charges), with a floor rise chargeable at INR 5,00,000 (per unit) from the 9th floor onwards.

Targeted at buyers looking for a luxury lifestyle, this project comes fully-loaded with a slew of premium facilities that include: a home theater, gymnasium/yoga hall, indoor games, swimming pool, indoor & outdoor party hall, landscaped terrace with a covered barbeque area, stepped seating area, private guest rooms with family Jacuzzi, outdoor kids play area and landscaped open areas.

While it remains to be seen whether OMR regains its past glory as a preferred realty destination, experts agree that it’s well on its path to recovery. With IT-related activity picking up momentum in the area in recent times and the entry of prominent builders with a bag of new projects, the realty fortunes of this commercial and residential destination are clearly on the upswing for now.

(All prices mentioned above are purely indicative.)