Old Mahabalipuram Road (OMR), now officially named Rajiv Gandhi Salai, is a major arterial road connecting Chennai with Mahabalipuram in Tamil Nadu. It is 45 kilometers long, stretching from Madhya Kailash to Mahabalipuram. You might get the idea that OMR seems like an outskirt area and sort of old, as the name suggests. In fact, if you think so, you are wrong. Yes, OMR is one of the most happening areas in Chennai, and you cannot measure the amenities it offers. In recent years, more commercial establishments have targeted OMR to enhance their portfolios. Ultimately, it is evident how these establishments cater not only to residents but also to anyone who plans to invest in this thriving region.

Real estate investment is always synonymous with growth and development. The rate at which establishments develop is crucial for the growth of the real estate sector. This article will explore how the infrastructure development in OMR is boosting it’s real estate value.

Importance of Infrastructure in Real Estate Value

Have you ever thought about what makes a neighborhood well-developed? It's the essential and modern amenities that help people make their everyday lives easier without any discrepancies, right? Good infrastructure is key for the growth of real estate too. This includes things like well-kept roads, effective public transportation, hospitals, schools, colleges, and recreational amenities. All of these aspects significantly impact the value of properties in a given area. When there is good infrastructure present, property values tend to rise quickly. This is why people are more willing to invest in properties in such neighborhoods with reliable infrastructure, as it improves their quality of life and makes getting around easier.

Infrastructure Developments in OMR

The development of OMR is constantly progressing and it continues to evolve. One of the advantages of a developing neighborhood is that these areas get to enjoy modern infrastructure. In simple terms, they have updated establishments that serve the current generation and significantly enhance the overall living standards of the public. As you might be aware, OMR is one of the most happening regions in the entire city of Chennai, and thus the developments are also quite dynamic. Over the past decade, OMR has witnessed substantial infrastructure development, contributing to its rise as a prime real estate destination. Key infrastructure projects include:

Chennai Metro Phase II Expansion:

The Chennai Metro Phase II project is currently underway to enhance city-wide transportation. Key details of the project include:

- Coverage of 118.9 kilometers across three corridors with 112 stations in total.

- The third corridor will connect Madhavaram and SIPCOT, spanning 45.8 kilometers.

- The fourth corridor will link CMBT to Poonamallee bypass over 26.1 kilometers.

- The fifth corridor will run between Madhavaram and Sholinganallur, covering 47 kilometers.

- OMR is poised to become a major Metro hub with lines passing through key junctions like Okkiam Thoraipakkam and Sholinganallur.

- Future plans include extending lines to connect East Coast Road (ECR) and Velachery from either Okkiyam Thoraipakkam or Sholinganallur stations.

Road and Connectivity Improvements:

The expansion of OMR into a six-lane highway has significantly improved traffic flow and reduced travel time. This development has made commuting to and from OMR more convenient for residents and professionals working in the area.

Educational Institutions:

In addition to attracting professionals, OMR is also a popular choice for families due to its renowned educational institutions. Esteemed colleges in OMR, such as SSN College of Engineering, Hindustan University, Sathyabama University, and St. Joseph's College of Engineering, provide a robust foundation for students to advance in their careers. Furthermore, schools in OMR, including Gateway Group of International School, Shishya OMR, and PSBB Millennium School, are well-regarded, making the area a desirable location for families seeking high-quality education for their children.

Healthcare Facilities:

You've probably heard of Chennai being called the "Healthcare Capital of India," but did you know that many well-respected hospitals are located along the OMR road? Having top healthcare institutions such as Apollo Speciality Hospital, Chettinad Health City, and Global Hospitals in the area has made it even more attractive, providing residents with excellent medical services. The presence of these hospitals in OMR ensures that residents have access to high-quality healthcare close to home.

IT Corridor:

OMR, also called the IT Expressway, got its nickname because there are a lot of IT companies there. That's why people sometimes call it the "Silicon Valley of Chennai." The many IT parks spread out within a 2-kilometer radius in this area show how important it is as a tech hub. Each IT Parks in OMR contributes to the area's reputation, creating a concentrated hub of IT infrastructure and businesses. This clustering of technology enterprises has turned OMR into a top spot for people looking for jobs in the tech field, making a significant impact on the city's economy and innovation.

Commercial and Recreational Facilities:

The growth of shopping malls, movie theaters, restaurants, and entertainment venues such as Marina Mall and Vivira Mall has greatly improved the overall quality of life on OMR. It has turned the area into a lively and desirable place to both reside and work.

Impact on Real Estate Value

Now that you have understood the developing progress in OMR, now lets take a look at how it impacts the real estate value. The robust infrastructure in OMR has had a direct and positive impact on real estate values in the region. Key impacts include:

Increased Demand:

Who wouldn't want to live in a place that has everything you could possibly need? As a result of this OMR in Chennai is experiencing high rental demand due to its status as the city's IT corridor, hosting numerous tech companies and business hubs. This attracts professionals who prefer living close to their workplaces. Additionally, the presence of reputed educational institutions, significant infrastructure developments, and a range of residential projects cater to diverse income groups. Enhanced amenities like shopping malls, healthcare facilities, and entertainment centers, along with the area's proximity to the beach, further boost its appeal. According to recent real estate data, rental rates in OMR have seen a steady increase, with average monthly rents for 2 BHK apartments along OMR ranges from INR 15,000 to INR 30,000, reflecting the area's desirability and growth prospects.

Appreciation of Property Values:

Properties in OMR have seen significant appreciation over the years. The development of infrastructure projects like the Chennai Metro and the expansion of the IT corridor has contributed to this upward trend.

Commercial Real Estate Boom:

The presence of numerous IT parks and commercial complexes has attracted multinational companies and startups, boosting the demand for office spaces. This commercial boom has further propelled the value of real estate in the area.

Investment Opportunities:

Investors are increasingly eyeing OMR for its potential for long-term capital appreciation. The ongoing and planned infrastructure projects are expected to sustain this growth trajectory, making OMR a lucrative investment destination.

Conclusion

There is no doubt that if Chennai is thriving in the real estate market, it is evident to acknowledge the influence of OMR and its overall contribution to it as well. We hope you get a clear picture of OMR’s development and its significant impact on boosting the real estate value. Evidently, OMR's strong infrastructure has played a crucial role in increasing its real estate value. With great connectivity, top educational and healthcare facilities, and a growing business sector, OMR has become a sought-after location for real estate investments. The availability of various housing options, including flats, individual House, and plots, caters to a wide range of preferences and needs. Both investors and potential homeowners have a lot to gain from OMR, offering long-term value appreciation and high-quality living standards. Understanding the real estate in Chennai might allure to invest, so check out the trending projects in Chennai without further delay.