OMR Chennai Emerging as Chennai’s IT hub
Chennai City is witnessing a change in the concept of development of large-scale projects with the entry of big developers from outside the city planning integrated townships here. Old Mahabalipuram Road (OMR) has attracted most of the real estate development in Chennai in the last 3 years after being declared as the Chennai IT Corridor. The IT Corridor, on Old Mahabalipuram Road in the southeast of the city houses several technology parks, and will provide employment to close to 300,000 people.
 Apartments in Old Mahabalipuram Road Chennai |
Realty sector in Chennai is growing slowly and developers want the growth to be gradual rather than the unprecedented one witnessed during the boom, according to a developer.Launching a residential project ‘Alta Vida’ at OMR Chennai, R Viswanathan, president of Yuga Homes, said the realty sector was gaining momentum and predicted a boom in OMR area, which is emerging as Chennai’s IT hub.
Alta Vida Yuga Homes is designed as a high-end residential project and will consist of 600 apartments in 1, 2 & 3 BHK options.It is located in Thaiyur, opposite SSN Engineering College on the Old Mahabalipuram Road. The company will develop approximately six lakh square feet in five acres of land, said Viswanathan.
Old Mahabalipuram Road (OMR), as an IT corridor has emerged to meet the growing demand. This area is witness to extensive real estate activities in both residential and commercial sectors. OMR Chennai is the latest beehive for real estate development. Property prices here are shooting up. The road is, in fact, a lot better today than what it was about one year ago. And things are bound to get better still. To reach the number one spot as an IT destination, the State Government has set in motion the process of setting up a Knowledge Industry Township and a third IT park on the IT Highway.
“Earlier, people bought land here as an investment, now they do so to live here.” says Azeem Ahmed of Property Care
Old Mahabalipuram Road also known as Rajiv Gandhi Salai is popularly called as the ‘IT Corridor‘ because this stretch has become home to many IT/ITES companies. Tamil Nadu Government’s TNHB has created a satellite township at Sholinganallur with IT Parks,arterial roads,schools,parks,play grounds and bus Terminus.The TNHB township of 4000 dwellings is situated next to the up coming 200 acres (0.81 km2) Rs1000 corer National Maritime university complex.
Most of the developers are also offering amenities like health clubs, sports facilities, supermarkets etc. in this belt so that the residents don’t need to travel to the city for those. Construction of a state-of-the art shopping mall with a hotel and cinema is also in progress. There are currently about 70,000 people employed in the IT and BPO companies along this corridor alone.
The Metropolitan Transport Corporation (Chennai), which runs nearly 400 trips on this stretch daily, plans to augment the service by introducing more air-conditioned buses. Most MTC buses terminate at or before Sholinganallur, which roughly defines the official city limits. The buses that go beyond Sholinganallur are headed for Kelambakkam.
OMR being an IT corridor is fetching good demand and supply in the residential sector as well. Sixty per cent of property buyers in OMR Chennai are software professionals. Buyers are looking for a lifestyle, not just cosy flats to live in. There is also a trend of software companies approaching flat promoters to buy entire blocks. Software companies provide these flats as office accommodation. Another feature that strikes you is the presence of small industries built around the silicon money.
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[...] R Viswanathan, president of Yuga Homes, after the launch of a residential project ‘Alta Vida’ at OMR, Chennai, said the realty sector was gaining momentum and predicted a boom in OMR area, [...]