East Coast Road (ECR) – a two-lane highway which connects Chennai with Cuddalore via Pondicherry. The other areas which fall between this road in Chennai include Thiruvanmiyur, Kottivakkam, Palavakkam, Neelankarai, Injambakkam, Panaiyur, Uthandi, Muttukadu, Kovalam and Vilambur.
While traveling from this road, a person gets to see some of the mesmerizing views of Chennai that include temples, museums, and other places interest. Because of these scenic surroundings, the property market of ECR has become a prime residential destination in today’s time.
Many real estate experts say that since the road enjoys a close proximity to OMR, which runs parallel to it, makes it a recreation spot apart from residential hub for people who work and live along the IT corridor.
So let’s understand that why ECR is emerging as a prime real estate destination of Chennai:
Connectivity
The region enjoys good connectivity to the other parts of the area and that’s why it attracts many home buyers and developers to invest in this region. The closest railway station is situated in Velachery. Also, its proximity to the airport is another reason home-buyers prefer to buy in this locality.
Business prospects
ECR connects Chennai to other important commercial cities such as Cuddalore and Puducherry. Also, it is a vital connecting link for the southern suburbs of Chennai which host many important commercial hubs. Because of all these facilities and well-developed social and physical infrastructure, the area has attracted many home-buyers and investors in the past few years.
Real estate market
Because of tranquil surroundings, many renowned relators are coming here with a number of high-end villas and apartments projects which offers a sea view element. The region has seen an influx of people in recent times, who relocated from hectic city life to tranquil spacious 2-3 BHKs. Apart from this, gated communities, individual houses, row houses, villas, and duplex homes are among other options which a home buyer can avail here easily. Localities such as Neelangarai, Injambakkam, Sholinganallur, and Akkarai are gaining momentum among many property buyers.
Talking about the property prices in the region, it ranges between Rs 4,000 and Rs 7,600 per sq ft, whereas rentals are in the range of Rs 15,000 and Rs 25,000 per month. So we can say that it easily fits into the budget of a middle-income group. However, for High-income group buyers, the market is fully open.
Future prospects
In a recent report, it has been announced that the Railway Board has allocated Rs 1200 crore for the 179.28 km railway line, connecting Chennai and other towns around ECR. Because of these features as well as improved and better connectivity and social infrastructure, the East Coast Road is being touted as the growth corridor of Chennai.