Residential houses, PG stays swelling on OMR in Tami Nadu – Indiatimes.com

Chennai News

CHENNAI: Software engineer Keerthana had been working from home until a few months ago when she was asked to return.
She has taken a shared accommodation on OMR at a rent of 8,000 a month. Siddhesh, an HR manager of an ITES company on OMR, returned from Pune and took a two-bedroom house for 17,000 a month.
With many companies asking staff to return to work, traffic on the stretch has increased. So has the demand for houses, especially rental and paying guest accommodation.
“With the world shifting towards a hybrid model of working, OMR has become one of the most preferred locations that is easy to commute. Micromarkets like Navalur, Karappakam, Sholinganallur, Perumbakkam and Thoraipakkam are constantly receiving good interest from homebuyers,” says Vimesh P, senior vice-president (marketing), Casagrand. Property consultants and residents say rent for a two-bedroom flat, which was 15,000 to 20,000 in pre-Covid times, has dropped by half. “Over the past three months, demand has increased, and rents have reached pre-Covid levels. Hostels are also full. Everyday we get enquiries from youngsters,” said V Parthiban, general secretary, Confederation of Sholinganallur Residents Welfare Association.
Nageswara Rao, ex-secretary of Tami Nadu Paying Guest and Hostel Owners Association, said there are more than 2,000 hostels on OMR. Kumara Maharaja, who works in the IT segment of an automobile company, bought a house on OMR in 2020. “We still follow a hybrid work style and all my colleagues are back in Chennai. Many have gone back to rental houses,” he said.
Anup Vasanth, MD, Savills Chennai, said gross absorption of office space was 7 million sq ft across Chennai, a majority of it on OMR pre-toll market (upto Thoraipakkam). “Companies are relocating, consolidating their offices from older buildings to Grade A+ campuses to provide a better experience for employees,” he said. Sanjay Chugh, city head (Chennai), Anarock Group, said this triggered demand for residential buying and renting.
“While the migrant crowd is renting houses, those expected to stay for long are looking to buy property.” Though there are water and sewage problems, people prefer OMR due to social infrastructure.
“It is a cosmopolitan locality with multiple shopping and eating options.” OMR is conveniently close to all places of interest, with ample transport options, including bus and rail, said Vimesh. “Metro construction is attracting many from other parts of the city.”

Source: https://news.google.com/__i/rss/rd/articles/CBMieWh0dHBzOi8vbS50aW1lc29maW5kaWEuY29tL2NpdHkvY2hlbm5haS9yZXNpZGVudGlhbC1ob3VzZXMtcGctc3RheXMtc3dlbGxpbmctb24tb21yLWluLXRhbWktbmFkdS9hcnRpY2xlc2hvdy85NzUzOTMwNy5jbXPSAX1odHRwczovL20udGltZXNvZmluZGlhLmNvbS9jaXR5L2NoZW5uYWkvcmVzaWRlbnRpYWwtaG91c2VzLXBnLXN0YXlzLXN3ZWxsaW5nLW9uLW9tci1pbi10YW1pLW5hZHUvYW1wX2FydGljbGVzaG93Lzk3NTM5MzA3LmNtcw?oc=5