Residential homes, PG stays swell on OMR in Tamil Nadu, Real Estate News, ET Real Estate

ChennaiKeerthan, a software engineer, was working from home till a few months ago when she was asked to return.

she has shared accommodation OMR 8,000 per month at a rent of Rs. On OMR, Siddhesh, the HR manager of an ITES company, returned from Pune and bought a two-bedroom house for Rs 17,000 a month.

The traffic on this stretch has increased due to several companies asking employees to return to work. Hence there is a demand for homes, especially rental and paying guest accommodation.

“With the world moving towards a hybrid model of working, OMR has become one of the most preferred locations where commuting is easy. Micromarkets like Navalur, Karapakkam, Sholinganallur, perumbakkam “And Thoraipakkam continues to see good interest from homebuyers,” says Vimesh P, senior vice-president (marketing), Casagrand.

Property consultants and residents say that the rent for a two-bedroom flat, which was 15,000 to 20,000 in pre-Covid times, has now come down to half. V Parthiban, general secretary of the Confederation of Sholinganallur Residents Welfare Association, said, “Demand has increased in the last three months and rents have reached pre-Covid levels. Hostels are also full. Every day we get inquiries from youths.”

Nageswara Rao, former secretary of the Tamil Nadu Paying Guest and Hostel Owners Association, said there are over 2,000 hostels on the OMR. Kumar Maharaja, who works in the IT segment of an automobile company, bought a house at OMR in 2020. ,

Anoop Vasanth, MD, Savills Chennai, said that the gross absorption of office space across Chennai was 7 million sq ft, the majority of it on the OMR pre-toll market (up to Thoraipakkam). “Companies are shifting their offices from old buildings to Grade A+ complexes to provide better experience to their employees,” he added. Sanjay Chugh, City Head (Chennai), Anarock Group, said that this has increased the demand residential Buying and Renting.

“While the migrant crowd is renting out homes, those with an expectation of longer stay are looking to buy properties.” Though there is a problem of water and sewage, people prefer OMR because of the social infrastructure.

“It’s a metropolitan area with lots of shopping and dining options.” Vimesh said OMR is conveniently close to all places of interest, with ample transport options including bus and rail. “The metro construction is attracting many people from other parts of the city.”