IT Companies Boost Property Prices In OMR, Chennai

IT Companies Boost Property Prices In OMR, Chennai

IT Companies Boost Property Prices In OMR, Chennai

Old Mahabalipuram Road, also known as OMR, is one of the popular housing hubs in Chennai. The area gained prominence because of the presence of IT companies in close proximity. Due to high demand for rental properties, local investors have invested here in apartments and independent villas to earn regular income through monthly rental. OMR is particularly a stretch where several localities have come up, offering properties in a varied price range. The average property price in OMR is Rs 4,400 per sq ft. The average price growth recorded in the past 55 months is 5.5 per cent.

OMR property prices

Apartments In OMR

OMR has a high demand for smaller apartments as a majority of the population in the area are working bachelors and young couples. While 1BHKs are popular because of affordable cost, bigger apartments are available on sharing basis as paying guest accommodation. Investors considering buying a property here can earn attractive returns. A 1BHK apartment in OMR is available at a starting price of Rs 28 lakh while a 2BHK apartment will cost you Rs 48 lakh on an average. A 3BHK flat on OMR is available at an average price of Rs 78 lakh.

Villas in OMR

 Being an old locality, there are a number of independent houses and villas available for sale. The villa properties here are available at a starting value of Rs 51 lakh and can cost you up to Rs 2.5 crore. The average cost of villa property in OMR is Rs 6,000 per sq ft. Currently, there is very less inventory of independent housing options as these are being replaced by apartment projects.

Projects in OMR

Currently, OMR is buzzing with new development as large tracts of land are available for real estate construction. At present, there are over 2,000 projects in OMR which are under different stages of construction and varied budget range. Almost 1,700 projects are ready to move while around 150 are under construction and 70 are launching soon. Some of the popular projects in the area are Indiabulls Infrastate Greens, Olympia Group Opaline Sequel, Godrej Properties Azure etc. There are many luxury as well as affordable projects in OMR available at a starting price of Rs 53 lakh. 

 

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