Chennai bears a New Face. Luxury Realty has come of age in Residential and Commercial Landscapes

Luxurious residential apartments in OMR Chennai are no longer an alien concept. Chennai has transformed and expanded so as to incorporate several other suburban markets within its landscape. The suburban markets are interestingly observing real estate demand as much as the Central Business District. When there is such high demand, the landscape in these regions is abundant with luxurious apartments and villas that are rapidly filling up. OMR is the city’s famous IT corridor. Rapid advent of numerous international IT and ITES organizations accelerated housing demand in the city. Since the IT corridor employs a large number of top management professionals that seek luxury homes in the vicinity of their workplace, several builders are engaged in the construction of premium luxurious apartments and villas in places like OMR and ECR.

Why OMR is a preferred Real Estate Destination

Besides the establishment of IT parks, OMR is also connected to many other important places of Chennai. The scenic coastline and the more serene and less polluted ambience have increased the appeal of the region tremendously. At the moment, residential activity on this road is largely seen until Kovalam but in the years to come, a lot more real estate development can be observed even beyond Kovalam. Therefore, those who work in OMR, ECR and other adjoining neighborhoods or even in the prime areas of Chennai like Thiruvanmiyur, Besant Nagar and Adyar find staying at OMR a more desired choice. 

1. OMR has homes with large spaces and ability to expand further. Villas, integrated townships, farmhouses and sprawling apartments can be seen only in these suburban markets.
2. Luxurious residential apartments in OMR, Chennai are not just a class apart but are also more affordable than the real estate market in the Central Business District (CBD) of the city.
3. Properties in this region observe an overall lower cost when compared to the CBD. Lower prices are because of easy availability of land at lower rates. 
4. Capital appreciation is expected to be exponential since the scope of development is bigger.
5. Saturation will naturally take longer since these are the newly developed areas unlike the CBD.
6. It is closest to the IT corridor and other industrial parks of the city.
7. Great connectivity and exceptional infrastructural development facilitate easy access to all important parts of the city.

 Image Credits: commonfloor

The Market for Luxury Realty in Chennai

Chennai was once known for its conventional expectations and preferences in every field and real estate was no stranger to this concept. However, the mindset of the population today has undergone a paradigm shift. The modern real estate investor seeks luxury in residential real estate and there are numerous reasons that support their changing preferences.

1. Rising income levels. Numerous multinational companies have taken affordability to a new high with high remuneration.
2. Migrating population has a different lifestyle standard and the rest embrace the new lifestyle.

The rapidly increasing number of luxurious residential apartments in OMR, Chennai is a standing testimony of the lifestyle expectations the city has prepared itself for.