Malls with retail stores, hyper markets, food courts, multiplexes and other entertainment enclaves will dot Chennai's IT corridor within the next two years. While the IT firms that have sprouted along this route welcome the new inhabitants, investors can rejoice in the inevitable rise in land prices on the Old Mahabalipuram Road (OMR).
With such furious development of the IT/ITES infrastructure, retail and residential spaces, the OMR is fast becoming Chennai’s Gurgaon!
By ChnPRPTalks Correspondent
The frenetic development on the OMR has so far been on office space for the IT/ITES sectors. With the IT corridor expected to generate over 30,000 new jobs annually, the need to house workers and offer retail and entertainment facilities in the vicinity is kicking off a new round of construction.
Three real estate companies, Allied Group in partnership with Arihant Foundations & Housing, Marg Constructions and Suryavardhan Estates have already confirmed plans to develop malls on the OMR.
A 6.1 lakh sq.ft mall by the Allied Group and Arihant, and a 2.5-lakh sq.ft high-end mall by Suryavardhan Estates are coming up at Navalur on the OMR. Marg Constructions is planning a riverside mall of 4.5-lakh sq.ft.
Meanwhile, prime residential areas on the OMR such as Padur are seeing real estate prices touch Rs. 20 lakhs a ground, a six-fold jump over a few years ago. Large plots of land are being sub-divided into smaller plots for which there are many takers.
This is something very true. I work in CTS siruseri,the roads i pass by everyday along the omr i find it everyday new after new experience in the infrastructure development which makes me feel getting a property in omr. :)
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