With a sound social infrastructure and residential development that fuels the growth of the commercial sector here, ECR is becoming a safe bet for homebuyers and corporate.
Once this area was considered the back of beyond. Severely lacking in infrastructure, and barely with any amenities, not many would have imagined buying a house in the locality. Today, East Coast Road, popularly abbreviated as ECR, has come a long way. Constructed along the scenic Bay of Bengal stretch, ECR cause of the area’s proximity to the coastline, were popular earlier, now other high-rise apartments are being developed in ECR,” says a Chennaibased realtor.
According to Magicbricks, the prices of multi-storey apartment in the area vary from ‘4,099 to ‘5,302 per sqft.
The average price of residential plot is ‘46,093 per sq yard. The residential houses will apis a popular hangout spot for the locals from the city and also foreigners who head here for fresh sea food and some good sea breeze.
It is known as the city’s entertainment and leisure hub and has also become one of the most sought-after residential localities. It is no longer just a weekend getaway that it was a couple of decades back. The neighbourhood has seen a steady transformation over the years. “This area was once a prominent weekend destination. But now, it is seeing an influx of people who want to relocate from the busier parts of the city to villas or high rise apartments here. While the sea facing villas, beproximately cost ‘8,768 per sqft.”
Shreya V, a corporate communication professional and a resident of ECR, says, “The real estate boom here is unbelievable. There are all kinds of property here, ranging from individual homes to studio apartments and spacious villas. The infrastructure has improved but it can become better. The social infrastructure here as also improved by leaps and bounds. The connectivity to this part of the area and also the roads here need to improve.” Thankfully, the proposal of widening of ECR road will now become a reality. The TN government is working on the six-lane road widening from Thiruvanmiyur to Akkarai in Injambakkam. Additionally, there is a project in the pipeline to lay a four-lane national highway on the ECR from Chennai to Kanyakumari.
The residential landscape in the area has indeed changed. “When it comes to luxury segment, on the outskirts of the city, ECR is a popular choice. The area has uninterrupted supply of electricity and does not have shortage of water. This is what has attracted homebuyers to invest here. Gated communities have come up here. For some, a house here becomes their weekend homes, especially if they have bought a house here despite having to live elsewhere. Other than that, there are plots available which a few homebuyers are keen on buying and building a house of their choice,” informs a developer.
East Coast Road is also an important road in the state that connects Chennai with Cuddalore through Puducherry. According to Tamil Nadu Road Development Company Ltd (TNRDC), “The road was formed in 1998 by interlinking and improving a series of small village roads that were connecting the fishing villages along the coast of Bay of Bengal.” ECR is an important road, and it also witnessed residential growth, and hence it was not surprising to see commercial growth in the area.
Prominent localities such as Neelankarai, Panathur, Injambakkam, Thiruvanmiyur, Palavakkam and Uthandi are preferred locations on the ECR. Developments along the ECR definitely offer opportunities for both buyers and developers.
Source: Times Property, The Times of India, Chennai