OMR becomes good investment option in Chennai

Chennai

If you are one of those looking to invest in Chennai, Old Mahabalipuram Road (OMR) is one of the ideal destinations to own a property. And new projects are driving the demand in the area.

Since its inception in 2008, OMR has become home to many IT/ITES companies. “The increase in commercial activities has brought about subsequent development on the residential front, so much so, that today it is one of the wisest destinations to invest in,” says R Murugesan, CEO, Sriram Properties. Upcoming projects at various stages of construction makes OMR a sought after destination.

Under-construction projects

For those who can wait for a year or two, Swanlake by Purvankara Projects Ltd and Jeayam Samraj by Jeayam Shelters Pvt Ltd are coming up with 2-3 BHK units by 2013. While the apartments by Purvankara are sized between 1,000 and 1,800 sq ft and priced at Rs 50-70 lakhs, the apartments by Jeayam Shelters are sized between 800- 1000 sq ft and are priced lower at Rs 30-50 lakhs. Another project, Alta Vida by Yuga Homes in Thaiyur will also be ready by 2013.

Other projects on OMR include Akshaya Developers and Shobha Developers. They are offering 1, 2 and 3 BHK units with an area of almost 600-1800 sq ft. Both the projects are currently priced around Rs 3,000 per sq ft and will be ready by 2015.

With many such projects in the pipeline, demand for residential properties in on a rise. “30-40 per cent of the buyers today want to invest on OMR,” says T R Hari of Bhoomi Developers.

“OMR has seen a capital appreciation of about 50 per cent in the last 5 years,” adds Hari.

Ready to move in projects

It is not just under-construction projects, even ready-to-move-in projects in OMR drive demand. Some of these include Anantya by Indus City, Frangipani by Arihant Foundations and Bollinoni Hillside by BSCPL Infrastructure Ltd. Both Anantya and Frangipani offer 2-3 BHKs of different sizes.

“While Anantya offers sizes varying from 1200 to 1800 sq ft in an average price of Rs 3,800 per sq ft, Frangipani offers 760- 1140 sq ft in Rs 3,600 per sq ft,” says Abhishek Chandak, Infinite Foundations and Realty Services. On the other hand, Bollinoni Hillside offers apartments (1-5 BHKs) and independent houses in sizes ranging from 650- 3000 sq ft in Rs 4,500 per sq ft.

Shradha Goyal, MagicBricks.com Bureau