June 6, 2014

About Locality & Projects of OMR, Chennai

Real estate business has seen unprecedented growth at Old Mahabalipuram Road (OMR) in Chennai. Being the major information technology hub, it has also encouraged real estate market significantly owing to high demand of residential property from IT professionals. Simultaneously speedy construction of retail malls, shopping complexes in various parts of OMR like Whites Road, Vadapalani, Velacheri, etc. has made OMR the hot property investment destination. These are some of the common factors that have left remarkable positive impact on OMR realty market resulting continuous rising demand of property.

About Locality & Projects of OMR, ChennaiOn the other hand, easy connectivity with the nearby locations also attracts residential buyers from various walks of life. In Chennai, OMR has been experiencing unbelievable realty boom comprising both residential as well asand residential commercial developments. Many prominent developers have made their presence in at OMR with a number of mega residential township projects promising unpolluted environment, clean water, peaceful atmosphere, round the clock security, and so on.

Connectivity of the Locality

Projects of OMR, Chennai

Beginning from the Madhya Kailash Temple in Adyar and continuing to south till Mahabalipuram, Old Mahabalipuram Road (OMR) is the major road in suburban Chennai. It is merged with the East Coast Road (ECR), which connects it with all important areas easily. OMR has five link roads that give accessibility to the luxury residential locations of East Coast Road. It is well connected to Velachery, Adyar, Perungudi, and Thiruvanmiyur. Apart from it, other six link roads connect it to the commercial and industrial GST Road.

Property availability chart of OMR, Chennai

Availability of Residential Units as per Unit Type

Supply of 2 BHK apartments in at OMR is 55% of the total supply. Whereas, there is 37% supply of 3 BHK apartments. Supply of more than 3 BHK apartments is 3% and 5% of 1 BHK apartments.

Availability of Residential Units as per area:
 Apartments covering 1000-1500 square feet area have 49% property availability and less than 1000 square feet have 38% property availability in at OMR. While, there is 7% property availability of apartments that cover 1500-2000 square feet. Flats spread over more than 2000 square feet have lesser availability, which is  that includes 5% only.

Availability of Residential Units as per budget
 
Above graph gives the authentic information regarding property availability according to the budget of home buyers. Availability of properties ranging between Rs. 20 to 50 lakhc is 71%. Apartments between the ranges of Rs. 50 lac to 100 lackh have 14% units. Whereas, there are 6% flats that range from Rs. 10 to 20 lackh. In addition, flats less than Rs. 10 lackh have only 9% availability.  
Price Trend in OMR


2011 (Price range)
Locality
Min
Max
Avg
% change
OMR
2000
6000
4000
21%
   
           
As compared to the year 2009, OMR  hasOMR has witnessed a continuous appreciation in property prices in 2010 and 2011. Average residential property price in 2009 was about Rs. 2400 per Sq.ft.,  which increased to Rs. 3160 per Sq.ft. in 2010 and Rs. 4000 Sq.ft in 2011 respectively. The tremendous rise in property prices over the past two years is 21 percent.

Major Builders &Projects:

Builders
Projects
Size of Project
Mantra
Synergy I
2 BHK
Mantra
Synergy II
2 BHK
Olympia
Panache
4 BHK
Puravankara
Provident Cosmo City
2/3 BHK
Unitech Group
Uniworld City
3 BHK
 
Major Commercial /Industrial Establishments


Builders
Projects
Status
P.S.P Property
Commercial Showrooms
Completed
Madhaji Estates
Plot
Completed
Vimal Realtors
Plot
Completed

OMR-Real Estate Profiling–Neighbourhood Info:

Category
Names
Restaurant
24x7 Bytes, Adupankarai Chettinad Cuisine, Agasthya Restaurant, Andhra Ruchee, Annalakshmi, Aramexinn, Arun Unlimited, Asia Garden, Atrium Restaurant, Barista, Barista Espresso Bar, Bella Ciao, Bhavani Andhra Mess, Cafe Coffee Day, Cafe Pascucci, Caramel,  China Terrace, Domino's Pizza, Dot.Yum, McDonald's, Malgudi, Maggie's Multi-cuisine Garden Restaurant, Lydie's, Liou's Waldorf, Lavanya Ice Cream,  Kipling Cafe, Java Green, Kayal, KFC, Fruit Shop on Greams Road
Theater
AGS  theater
College
Thangavelu Engineering College
Supermarket
Viveks
 
Return on investment at OMR:

 
The above chart depicts the approximate Return return on the investment in Real Estate in OMR real estate market  over the for past 8 quarters. At an average for every INR 10 lakhs invested in a property at OMR will would give you a return of INR 13.16 lakhs in the year 2010 and a return of INR 16.66 lakhs in the year 2011.

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