The way developments are gradually albeit slowly taking place, it is bound to happen.
Already TIDEL/Ascendas/Ramanujam IT park location is the largest job creating place.
Now with Sholinganallur Elcot Park and Siruseri SIPCOT providing further largest job generation, and many star hotels opening their shops and non IT compaies also opening their offices, OMR will be the next CBD
Please tell me other locations & businesses within city that has so much employment opportunities with higher income range (compared to the so called cheap offshoring).
Hard to argue with above. CBD or no CBD means nothing to OMR. It will continue to thrive as a focal point of *high quality* job creation (per capita income). Initial saplings and this self-reinforcing eco system will beget more high quality jobs from other industries (non-IT) over time.
Job creation and more importantly, high quality income generation belt is a fulcrum for any RE development. This "fundamental" is very fundamental to how RE catches up and OMR has this firmly in place. Rest of what will need to make this happen is a mere gravitation over time - in burst or a grinding action. Compare the % of high quality jobs with in a 5-7 km radial distance anywhere along the OMR and you will get the gist. Try the same for Pallavaram/Chromepet and Vandalur/Perungalathur and see what you pay for what it offers in terms of important "fundamental" of high quality jobs in the area.
If omr is the new CBD in future what will happen to the city areas lke tnagar nungambakkam etc
T-Nagar has a unique identity, which cannot be replaced by OMR. T-nagar enjoys the benefits of strong local business (Gold, textile) to meet the needs of local population. Many in chennai prefer to buy their Gold in t-nagar despite crowd. Many feel its a shopping experience, which you wont get it in other parts of city. Recent report also suggest T-nagar is the most revenue making region beating similar places in Delhi, Mumbai. OMR will have Malls, period.
The shopping experience in T-Nagar, come on. People go there for discounted/cheap products.
Also OMR can not be replaced by T-Nagar. But you can bring all those gold shops (as their branches along the OMR, may not in same peice of land) and Ppl living in OMR (majority) will not be interested to buy cheap or Low quality prods, so no need of those shops. I dont think TCS will plan a branch in T-Nagar.
Since the business running here is different in nature compared to T-nagar, OMR can be modern commercial and residential area, need not to be similar CBD like T-Nagar.
But if India continues to grow depending on services industry, OMR may beat T-Nagar in future. You can not compare it on Price per sqft, u need to compare it on income genrated/productivity per unit of land.
Looks like some of our fellow member are obsessed with skyscrapers. It may be something new to Chennai, please make a tour of places like Gurgaon or Noida which had plenty of skyscrappers all around even 7-8 years back which only led to oversupply of residential units with not many takers and put a big strain on the existing infrastructure. Place like London have only a very few skyscrapers in Canary wharf. What do you make out of it?
As far as the IT outsourcing, India is heavily dependent on US & Europe and had a dream run in the last 15 years or so because it was competitive interms of rate. With the salaries sky rocketing in the last 5-10 years and if it continues at this pace, do we still have the competitive edge in the future (say in 10 years time)?