Tamil Nadu: Mount-Poonamallee Road could turn into OMR 2.0 for IT firms
TNN | Feb 27, 2020, 05.53 AM IST
TNN | Feb 27, 2020, 05.53 AM IST
Poonamallee, the western gateway to Chennai, could soon emerge as the city’s second IT highway. The arterial road is attracting several realtors interested in developing IT parks.
Interestingly, a new trend of housing projects being transformed into office spaces for IT firms is shaping up, with metro rail connectivity being the key driver to spark interest in real estate along the Mount-Poonamallee Road.
Interestingly, a new trend of housing projects being transformed into office spaces for IT firms is shaping up, with metro rail connectivity being the key driver to spark interest in real estate along the Mount-Poonamallee Road.
At least two residential projects on land parcels at Porur and Poonamallee, which had applied for planning permission with the Chennai Metropolitan Development Authority (CMDA) for housing projects, were withdrawn to build multi-storeyed buildings to accommodate IT companies.
R Murugesan, MD of ARAM Realty, said plans are afoot to convert a 15-acre plot at Poonamallee into an IT special economic zone. “We are developing an IT SEZ spread over 1.3 million square feet on the land parcel, which was earmarked for a residential- cum-mall complex three years ago,” he said.
In fact, the developer had applied for planning approval to construct apartments, but changed his plans in the wake of the state government announcing a metro rail corridor linking Poonamallee with the rest of the city. “This has transformed the dynamics of utilising it for office space to house IT companies,” he said.
A study conducted to explore the commercial potential of Mount-Poonamallee Road said that the metro rail line has made Poonamallee accessible for city residents as the travel time will be reduced. “Even rentals would be 50% lesser than IT parks on OMR and the core city that could attract mid-level multinational companies, BPOs, IT and ITES firms,” Murugesan, former CEO of Shriram IT SEZ said.
The 15km stretch between St Thomas Mount and Poonamallee is witnessing an expansion of office space, with three IT parks offering 3.5 million square foot office space under construction at Porur.
While the Mount-Poonamallee stretch has better groundwater availability as compared to OMR that depends on tankers for water supply, the proposed bus mofussil terminus for west-bound buses at Thirumazhisai
and the second airport at Parandur off Chennai - Bengaluru highway could prove to be the icing on the cake.
Aslam Mohamed, joint managing director of Allied Investments and Housing Pvt Limited, who is executing a joint venture IT park project at Porur, said that their facility will be coming up in an area of 7,00,000 sq ft.
“We sought planning permission from CMDA to construct an apartment complex in 2017. We switched over to building an IT park after the declaration of metro rail link to Porur,” he said. The development comes against the backdrop of the city recording high absorptions of commercial space in recent years -- more than 60 lakh square feet in 2019. Sanjay Chugh, city head, ANAROCK Property Consultants, said the rental yield at Poonamallee was 3.15% last year.
“As long as connectivity via metro rail improves, there are higher chances of more projects coming up beyond Poonamallee,” he said.
Another real estate consultant, Savills, said that there has also been a rising interest from co-living operators for this micro market given the sheer size of the workforce in the locality.
“We are witnessing upcoming residential developments around these large IT parks, primarily to cater to the workforce, extending beyond Porur junction,” said Anup Vasanth, the firm’s Chennai managing director.
With realtors showing preference for setting up IT parks in the suburbs, software companies could soon have a new address – OMR 2.0
R Murugesan, MD of ARAM Realty, said plans are afoot to convert a 15-acre plot at Poonamallee into an IT special economic zone. “We are developing an IT SEZ spread over 1.3 million square feet on the land parcel, which was earmarked for a residential- cum-mall complex three years ago,” he said.
In fact, the developer had applied for planning approval to construct apartments, but changed his plans in the wake of the state government announcing a metro rail corridor linking Poonamallee with the rest of the city. “This has transformed the dynamics of utilising it for office space to house IT companies,” he said.
A study conducted to explore the commercial potential of Mount-Poonamallee Road said that the metro rail line has made Poonamallee accessible for city residents as the travel time will be reduced. “Even rentals would be 50% lesser than IT parks on OMR and the core city that could attract mid-level multinational companies, BPOs, IT and ITES firms,” Murugesan, former CEO of Shriram IT SEZ said.
The 15km stretch between St Thomas Mount and Poonamallee is witnessing an expansion of office space, with three IT parks offering 3.5 million square foot office space under construction at Porur.
While the Mount-Poonamallee stretch has better groundwater availability as compared to OMR that depends on tankers for water supply, the proposed bus mofussil terminus for west-bound buses at Thirumazhisai
and the second airport at Parandur off Chennai - Bengaluru highway could prove to be the icing on the cake.
Aslam Mohamed, joint managing director of Allied Investments and Housing Pvt Limited, who is executing a joint venture IT park project at Porur, said that their facility will be coming up in an area of 7,00,000 sq ft.
“We sought planning permission from CMDA to construct an apartment complex in 2017. We switched over to building an IT park after the declaration of metro rail link to Porur,” he said. The development comes against the backdrop of the city recording high absorptions of commercial space in recent years -- more than 60 lakh square feet in 2019. Sanjay Chugh, city head, ANAROCK Property Consultants, said the rental yield at Poonamallee was 3.15% last year.
“As long as connectivity via metro rail improves, there are higher chances of more projects coming up beyond Poonamallee,” he said.
Another real estate consultant, Savills, said that there has also been a rising interest from co-living operators for this micro market given the sheer size of the workforce in the locality.
“We are witnessing upcoming residential developments around these large IT parks, primarily to cater to the workforce, extending beyond Porur junction,” said Anup Vasanth, the firm’s Chennai managing director.
With realtors showing preference for setting up IT parks in the suburbs, software companies could soon have a new address – OMR 2.0
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