With the Coronavirus pandemic under control and with just very few cases reported now, the offices in Chennai have been shifting to a hybrid work model. Many IT professionals and professionals belonging to various other fields have been asked to come to their respective offices for work.
As there are numerous IT companies aloging OMR ,the traffic on the stretch in Chennai is now heavier than before. This has also increased the demand for houses, especially rental and paying guest accommodation or PG. Now, OMR has become one of the most favoured locations in Chennai and it is also easy to commute.
According to Mr. Vimal, senior vice-president, marketing,Casagrand, places like Navalur, Karapakkam, Perumbakkam, Sholinganallur etc have been receiving superb offers from the home buyers. After the Coronavirus pandemic, the rents for 2 BHK that was Rs 15000 to Rs 2000 per months (pre-Covid times) was reduced to half. Now, with many going back to their offices, the demand for houses has become high and this has led to increased rents that was witnessed in the pre-Covid times. Not only that, the hostels are also now full.
There are more than 2000 hostels along the OMR and this was as per Mr. Nageswara Rao, former secretary, TN Paying Guest and Hostel Owners Association.
It was brought out by Mr. Anup Vasanth, MD, Savills, Chennai that the gross absorption of office space was 7 million sq ft across the city. He added that the majority of that was on the OMR pre-toll market that was till Thoraipakkam. It is true that many companies are now relocating, consolidating their offices from the older damaged buildings to new campuses with superb facilities for the employees.
This triggered demand for residential buying and renting.It must be noted that the migrant crowd has been renting houses but those people who were expected to be in the city for a long time have been buying property. The social infrastructure at OMR has been superb and for this reason many prefer OMR in Chennai and this despite water and sewage issues here. This cosmopolitan locality OMR with several eating and shopping options is now rocking.