Tech parks and commercial spaces for IT firms are springing up at a fast clip in Poonamallee, the western gateway to Chennai. A report in The Times Of India said it could soon emerge as the city’s second IT highway after OMR. Lower rentals, less traffic congestion, and other factors could prove to be a major attraction factor for mid-level multinational companies, BPOs, IT and ITES firms.
One of the key drivers for the increased interest in real estate along Mount-Poonamallee Road is the metro rail connectivity. An IT SEZ spread over 1.3 million square feet is likely to come up at Poonamallee and three IT parks offering 3.5 million square foot office space under construction at Porur on the 15km stretch between St Thomas Mount and Poonamallee.
The Chennai-Bengaluru Highway connects these fast-growing stretches with Sriperumpudur and of course, Oragadam home to Hiranandani Parks, Chennai’s first sports integrated township. Further ahead is Parandur where the proposed second airport for Chennai is likely to be coming up.
Oragadam is the nerve center of Chennai’s industrial corridor where over 20 Fortune 500 companies are located. Easy access to emerging job opportunities with existing companies and IT parks that are coming up makes Oragadam doubly attractive for professionals and their families.
Meanwhile, 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.
“As long as connectivity via metro rail improves, there are higher chances of more projects coming up beyond Poonamallee,” a real estate expert told the newspaper.
Another real estate consultant said that there has also been a rising interest in this 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,” he was quoted as saying in the report.
With realtors showing a preference for setting up IT parks in this stretch software companies could soon have a new address – OMR 2.0.