NRI Real Estate and Property Investment in India
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Chennaiís OMR Abuzz with Real EstateActivity
Wednesday, June 20, 2007

The Old Mahabalipuram Road (OMR) is the focus of the real estate Chennai market, as national level real estate developers are homing down to this upcoming IT suburb. Mega residential townships are taking concrete shape, and almost Rs.4000 crore has been poured into the property market in OMR, with investments from foreign equity players coming in for some of the projects.

Pacifica Group is one such, which has invested Rs.1000 crore in an integrated township that will provide 4,500 luxury apartments. The Hiranandani Group is venturing into a Rs.2000 crore project, while Lanco and Purvankara have invested Rs.600 and Rs.200 crore each in their real estate projects on the OMR.

Indus Cityscapes has announced its Rs.125 crore project near Navalur, which would appeal to the aesthetics of the high-end customer. The 192 apartments would be supported with eco-friendly technology and comprehensive facilities including a mini amphitheatre and a jogging track.

Current bookings are on, with special incentives for early birds. The residential properties on OMR are riding high on the IT Corridor here that will bring 4 lakh professionals who would choose to relocate.

Property prices in OMR have doubled since December 2006 - an acre of land costs Rs.30 crore today as against Rs. 15 crore six months ago.

Property rates of apartments on OMR are already fetching Rs.4, 500 per sq. ft, and are expected to appreciate by 10 to 15% in a yearís time.

The Chennai property market has caught the attention of Indiabulls Real Estate too, as it moves ahead to acquire 50 acres in Jalladianpet for a residential project, and another 241 acres for an integrated project near NH 5.

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