The surge in manufacturing and industrial units in the city has had a positive effect on the Chennai’s real estate market. For the past few years, the real estate has been rapidly developing in the areas located along OMR due to its closeness to and the development of IT parks. Nowadays, with the formation of the new government and with the Make in India movement fast picking up, many manufacturing and industrial sectors have started having demand in the city. People working in such places have started looking out for houses in this area.
There are many new apartments in Chennai which are being promoted along the Grand South Trunk (GST) Road because it has many industries, already set up or in the process of getting set up, and due to its close proximity to Sriperumbudur which is the main industrial hub of Chennai. The development along the GST Road is clearly obvious in the past quarter with many flats being promoted in areas like Pallavaram, Urappakkam, Tambaram, Chrompet, Guduvancheri and Singaperumal Koil. It has been noted that people buying flats in these areas are on the lookout for flats in a range of Rs. 30 to Rs. 40 lakhs which is affordable to most of the people in the industrial sector. The areas in this stretch are supposed to have a good appreciation down few years also.
OMR definitely was a thriving residential destination during the IT industry boom but due to the shift in focus to manufacturing industries, OMR may not be the most sought after residential area in Chennai for very long. GST Road has many advantages over OMR starting with the infrastructure. GST Road has a well developed infrastructure and connectivity to the city while some areas in OMR are not well developed nor well connected. The price is also another factor which will attract people to GST Road as the flats are much affordable here when compared to flats in the OMR stretch. OMR sure has scope for development but with the new government policies and industrial boom, GST Road is sure to be one of the most sought after residential areas in Chennai.
