OMR has always been one of the most popular locality for investment in the city. The thriving IT sector had paved way for a real estate wave that took the region by storm and things have ever since been on the right track. This IT corridor has been instrumental in many a development activities in the region and it had opened a whole new suburban market in the city. With a number of IT Parks planned in the city and in and around this region created employment opportunities here, this eventually led to a fleeting population looking for residential real estate in the region. Apartment from investors from the city, the market also opened up to a huge potential rental market. Since then the price of properties in the region has only gone up. SIPCOT, the prime state owned IT Park and regions around it have enjoyed the many benefits of being in such a location. In spite of distance from the city the region still enjoys high real estate prices in localities such as Kelambakkam. “OMR boasts proximity to IT corridor of the city, while Kelambakkam is a connecting junction between East Coast Road and Vandalur Kelambakkam Road and connects to the nearest IT corridor at a distance of 8km,” says Vishesh Rana of Srishti Property Solutions to Times of India.
“Some of the localities in South Chennai witnessed price fall because of mismatch in demand and supply. Majority of the demand is for multi-storey apartments. However, builders are coming up with single-floor units that are expensive and do not offer amenities and features that buyers aspire for,” says Swamy Nath, a local broker to the Times of India.
Inspite of the many drawbacks like distance and slow moving market recently, OMR stills tops the chart in terms of the real estate market. Kelambakkam surely has stood out as a price investment option if you are looking to buy apartments in Chennai for purely investment purpose. Let’s elaborate on the many reasons why one should choose to invest in properties in Kelambakkam:
• Kelambakkam shares close proximity to SIPCOT- one of the largest IT Parks in Chennai today. This state owned IT/ITes Park has a number of multinational companies operating from there and looking at residential accommodation to support their staff.
• Distance of this office space from the city has forced many IT employees to look for properties in the locality itself. Travelling to and fro to the city centre is not a feasible option for anyone. Therefore most of them prefer renting or buying properties in Kelambakkam.
• The area has new and recent developments. Everything around the locality is very brand new. There are a number of gated communities that offer of the facilities within its compound and hence one doesn’t have to move out of the locality.
• The locality is also close to the entertainment and recreation corridor of East Coast Road offering good entertainment and recreational facilities for its residents
• For investors this area poses a great opportunity to earn good and steady rental income. And one ones looking to reside in Kelambakkam, you can invest in individual house for sale in chennai here for almost half the cost in comparision to the city.
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