Chennai’s OMR abuzz with Real Estate activity

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 year’s 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.

Photo: Skyscraper under construction at Powai Mumbai by Sneha G Gupta, licensed under CC BY-SA 4.0, via Wikimedia Commons.