ECR property market: An overview


ECR or the East Coast Road, is one of the rapidly developing areas of Chennai and is located very close to the industrial zones and the IT corridor of Chennai. It starts from Thiruvanmiyur in Chennai and remains a part of Chennai till Uthandi. After that, the road passes by scenic beaches of the Bay of Bengal upto Puducherry and finally Cuddalore. Recently, the road has been extended upto Kanyakumari via Chidambaram and other noted districts of the state of Tamil Nadu. The area has good civic amenities and is very well-connected to the other parts of Chennai

The East Coast Road is a highway which connects Chennai to Cuddalore via Puducherry. This road runs along the coast of the Bay of Bengal and has many picturesque locations. Many areas in and around the highway, have been developed into residential and commercial zones. Nearby ECR localities include many famous areas of Chennai, such as Thiruvanmiyur, Sholinganallur, Palavakkam, etc.

  • Thiruvanmiyur – It is one of the largest residential areas of Chennai, located in its southern part. The first technology office space of Chennai, Tidel Park, was developed here.
  • Palavakkam – It is one of the residential areas close to Chennai, to the south of Adyar and is located in the Kancheepuram district. The area is very close to the IT parks of Chennai and is fast becoming a real estate hotspot.
  • Kottivakkam – This area was recently included within the ambits of Chennai Corporation and is becoming one of the residential and commercial zones of the city.

The ECR real estate market has projects ranging from affordable to luxury housing. There are a lot of reputed builders like the Ramaniyam Group, Navin Housing and Mantri Group, who are working on different projects in ECR. Some of the premier projects in ECR include Navin Housing Maris Dale, Ramaniyam Gauravv, Mantri Group Solitude, etc.

The area enjoys close proximity to the IT hubs of Chennai. As a result, there has been a surge in the demand for residential apartments in ECR. Although the prices of the flats in ECR are going up at a rapid pace, affordable housing to suit the needs of the mid and the junior-level executives of the various companies, can still be found here.

Many areas along the ECR have been recently brought under the purview of the Corporation of Chennai and the plans for a number of infrastructure projects have been drawn up. The civic amenities have also improved. The industrial growth and the growth of the IT sector, have also led to the development of retail and hospitality sectors in the area.

 

Connectivity with nearby ECR localities

Demand for apartments in ECR has reached the sky, due to the connectivity advantages for the residents. Here are some of the key connectivity factors:

  • There are a few major roads which run through the area – the Old Mahabalipuram Road, the Velachery-Tambaram Road, the Rajiv Gandhi Salai and the Kalaingar Karunanidhi Salai.
  • The area has an extensive bus service and the Thiruvanmiyur Bus Stand, the Palavakkam Bus Stand and the Sholinganallur Bus Stand and many others lie in its vicinity.
  • There are railway stations at Tambaram and Guindy, from which the railway services can also be availed. There are other railway stations also, which can be accessed from ECR.
  • The Guindy Metro Station and the St Thomas Mount Metro Station lie at a close proximity.
  • The international airport is located at a close vicinity.

 

Tourist spots near ECR

  • Cholamandalam Artist’s Village, is a well-known tourist spot that is easily reachable from here.
  • The well-known UNESCO world heritage site, Mahabalipuram, can be visited from here.
  • Puducherry is a famous tourist spot located on this road.
  • There are many famous beaches on this stretch like Tiruvottiyur beach, Netukuppam beach, etc.

 

Employment hubs near ECR

There are several employment hubs in the vicinity, mostly the IT giants:

  • The TEK Meadows and the TECCI Park are located nearby.
  • Bahwan Cyber Tek IT Park, the Pacifica Tech Park and the Alpha City SSPDL, are also located very close.
  • ASV Suntech Park and the Prince Infocity are two other hubs located at a close proximity.
  • The MPL Towers is located at a close proximity from the area.
  • Shapoorji Pallonji Infocity and the Arihant Technopolis, are located very close to the area.

 

Schools in ECR and other social amenities

Social infrastructure is a major contributor to the huge growth of ECR, along with the IT corporate offices.

  • Educational institutions in ECR – the Government Higher Secondary School, Amelio Early Learning Center and Ellen Sharma Matriculation Higher Secondary School.
  • Hospitals in ECR – the Global Hospital, Chettinadd Hospital and Swaram Hospital.
  • Shopping Malls in ECR – the Vantage Plaza, DLF Mall, Phoenix Market City, etc.

 

Price trends in ECR

The average property rates in this area is about Rs 6,743 per sq ft as per Q2 2016, although buyers can also find residential properties at both, the lower and higher side of the average price in this regard.

 

Reasons to invest in ECR

Buying property in this part of Chennai can be wise, based on the growth potential of this locality, as per experts. There are many housing spaces here and one should see healthy appreciation of property rates with the upcoming infrastructural developments. Moreover, the area is also located in close proximity to the industrial zones and IT/ITeS hub of the city. Demand for residential spaces will continue to rise and so, it also makes for a good investment option.

Connectivity, along with access to all world-class social infrastructure and competitive property rates, are the major attractions. Traffic congestion during rush hours, is still considered to be an issue in this stretch. However, this is likely to improve over time.

 

Check properties in ECR

 

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