Dotted with Information Technology (IT) parks, Old Mahabalipuram Road (OMR) has for years been Chennai’s showpiece region, drawing a large number of home buyers and investors. But today that trend is reversing, with people steadily moving away from this hub.

OMR Loses its Sheen

The recent Chennai floods battered OMR, exposing its archaic British-laid sewage and water management system. The area also lacks adequate social infrastructure and connectivity and this has caused IT employees, who constitute the majority of residents in OMR to look at other options.

“Road connectivity is extremely slow. There are tolls in between which are getting expensive. What was supposed to be an IT corridor where you could easily bypass the whole distance has become meandering traffic.” says Arun Kumar, managing director of Casa Grande.

Metro Becomes Deciding Factor

IT professionals migrating from OMR are now looking at regions that have good metro rail connectivity. Here, it is the property markets in North and West Chennai that are benefiting thanks to the new 45-kilometer long metro rail connecting Koyambedu and Alandur. That’s not all. Experts say the completion of a second metro line connecting the railway station to the airport will also see professionals rushing to areas like Vadapalani, Valsaravakkam and Madaaram, further reducing interest in OMR.

Boom time for North and West Chennai

Expecting a population boom in these regions, developers like Casa Grande, Radiance, Appaswamy and Navin’s have already launched several projects along the metro lines and are predicting a significant increase in prices in these regions by the end of the year.

“The metro rail project is bound to increase prices in popular and developed locations like Vadapalani, Anna Nagar, Koyambedu, Ashok Nagar and KK Nagar. I also think locations like Madhavaram and Washermanpet are going to benefit and be the game changers in terms of price appreciation.” claims Seshasayee, chief of business development at Navin’s Housing.

OMR’s fall has clearly been North and West Chennai’s gain. And with developers already claiming record sales in these regions, it is unlikely that this trend will stop any time soon.

Reporter : Smitha TK, NDTV
Web Editor : Nikhil Narayan Sivadas, NDTV