INRnews - Indian Real Estate News

The frenetic development on the OMR has so far been on office space for the IT/ITES sectors. With the IT corridor expected to generate over 30,000 new jobs annually, the need to house workers and offer retail and entertainment facilities in the vicinity is kicking off a new round of construction.

Three real estate companies, Allied Group in partnership with Arihant Foundations & Housing, Marg Constructions and Suryavardhan Estates have already confirmed plans to develop malls on the OMR.

A 6.1 lakh sq.ft mall by the Allied Group and Arihant, and a 2.5-lakh sq.ft high-end mall by Suryavardhan Estates are coming up at Navalur on the OMR. Marg Constructions is planning a riverside mall of 4.5-lakh sq.ft.

Meanwhile, prime residential areas on the OMR such as Padur are seeing real estate prices touch Rs. 20 lakhs a ground, a six-fold jump over a few years ago. Large plots of land are being sub-divided into smaller plots for which there are many takers.

With such furious development of the IT/ITES infrastructure, retail and residential spaces, the OMR is fast becoming Chennai’s Gurgaon!