Egattur

 

Egattur, a teeming suburb in the southern outskirts of Chennai, sits parallel to the famous East Coast Road (ECR), with an assortment of beaches lined-up on its east. The locality enjoys a perfect mashup of IT Parks, residential projects, and brawny social infrastructure, generating sizeable real estate traffic.

 

With proximity to areas like Muttukadu, Siruseri, Navallur, and Thalambur, Egattur simultaneously carries the tranquility of a stress-free locale and the fast pace of an industrial hub. The presence of both SIPCOT Industrial Park and Siruseri IT Park within a 1km radius has made Egattur an attractive locality to live in.

 

Given its proximity to the two most developed stretches of Chennai, OMR and ECR, Egattur carouses in a multitude of reputed schools, colleges, and hospitals. The civic infrastructure in the area is also well fed with abundant water and electricity supplied by the Chennai Public Works Department (PWD) and Tamil Nadu Electricity Board (TNEB), respectively.

 

The concentration of residential developments in the area ushered commercial activity, with the establishment of eateries, bakeries, juice corners, apparel stores, book shops, and the like. Because Egattur is bound by geographical contiguity to the coast, many resorts and getaway spots are accessible from the region, enhancing its hold on the real estate market.

 

Connectivity and Transit Points

 

Rajiv Gandhi Salai, popularly called Old Mahabalipuram Road (OMR), pierces through Egattur and divides it into two halves. This elongated stretch of road extends till the central region of Chennai, and further diverges into Anna Salai and a myriad of other roads, connecting Egattur with a number of other localities.

 

Proximity to East Coast Road (ECR) enables excellent connectivity by road. ECR runs through the entire coastal stretch of South Chennai, providing smooth access to various residential areas like Journalist Colony, Netaji Nagar, Kottivakkam, and Neelankarai.

 

Public transport is up and running, as well. With buses plying the widely used SIPCOT Bus Stand, Egattur has good connectivity with its northern and central counterparts. It is well connected to the likes of Broadway, Saidapet, Kelambakkam, CMBT, Velachery, Tambaram, and T Nagar.

 

Rail connectivity in the locality is however not very impressive. The closest railway station is Velachery Railway Station, situated 20km away. Chennai Central, Chennai’s prime railway station is situated 31km from here, and can be reached via OMR and Anna Salai.

 

Chennai International Airport, also called Meenambakkam Airport, is 28km away, and can be reached via OMR and 200 Ft Road. In addition, many cabs and taxis ply between Egattur and the airport. However, direct buses to the airport are not available.

 

Major Landmarks

 

●       Hiranandani Upscale School

●       Tasmac

●       Madhura Hospital

●       HDFC Bank ATM

●       Rajiv Gandhi IT Expressway

●       Chennai Wing House

●       Sri Palandi Amman Alayam

●       State Bank Of India

●       HP Petrol Bunk

 

Factors for Growth in the Past

 

The commencement of the IT Corridor project by the Government of Tamil Nadu, played a pivotal role in directing the real estate traffic from the busy northern and central regions of Chennai to the calm and serene southern region. Egattur’s proximity to OMR made it a focal point of development, especially in terms of growth in residential properties and social infrastructure.

 

When a swell of IT companies and industries set up offices in the vicinity, the demand for residential projects in localities like Egattur shot up significantly. Due to this, a slew of residential apartments were built along the IT Corridor to cater to the growing housing needs of these IT professionals.

 

The formation of a definite residential locality caused commercial infrastructure to pick up, which led to the construction of multiple commercial establishments like pubs, restaurants, supermarkets, cafes, and the like.

 

Residential and Commercial Market

 

Residential Market Trends

 

Given the fact that Egattur real estate market’s  homebuyers mostly comprise IT professionals and cosmopolitan families, apartments dominate the property market in the area. Residential layouts and independent houses are found in smaller proportions.

 

The price of apartments in Egattur have been rising steadily since last year. Currently, the average rate to buy a 2-4 BHK unit is Rs 4,160 per sq. ft., and the average price ranges from Rs 30 lakh to Rs 90 lakh.The average rate for a residential plot in Egattur is Rs 1,800 per sq. ft., and the average price usually ranges from Rs 42 lakh to Rs 2.2 crores.

 

The locality sees plenty of tenant traffic, as well. The average rate for renting a 1-4 BHK unit ranges from Rs 10 per sq. ft. to Rs 17 per sq. ft., and the rent ranges from Rs 18,000 per month to Rs 50,000 per month. 5 BHK apartments are also available here, and the rent goes up to Rs 1 lakh for such apartments.

 

Commercial Market Trends

 

In spite of the large presence of residential properties in the area, many commercial investment options are available, too. The average rate to buy office space in the area is Rs 4,600 per sq. ft. Commercial plots are priced cheaper than office spaces, and sell at an average rate of Rs 2,770 per sq. ft. However, the average purchase price for office space ranges from Rs 10 crore to Rs 37 crore.

 

Major Challenges

 

The pace of development along the OMR has not kept pace with real estate investments in the area. The increasing population, as a result of the high concentration of IT parks, has led to congested traffic in certain parts.

 

Its proximity to the coast sometimes has a negative impact on the locality. Residents especially find the stench of fishes and piled up garbage from the coastal line, unbearable.

 

Additionally, the absence of the suburban rail network in the area poses an inconvenience to the residents, as they have to rely on road travel via MTC buses, which usually get caught in traffic.

 

Factors for Growth in the Future

 

The inception of developments along the OMR and ECR has already benefitted Egattur amply, and the further expansion of these two corridors will improve the growth prospects of the locality. Phase-II of the road widening project of OMR will encourage builders as well as end-users to invest in suburbs like Egattur.

 

The proposal to set up multi-level vehicle parking at Siruseri, and construction of interconnecting roads along the IT Parks will complement the proposed elevated OMR corridor, and further fuel realty demands in the area.

 

With residential projects like Adityaram City Park, Hiranandani Bridgewood, Hiranandani Oceanic, and NAPC Ivy Terrace already completed, and projects like Deccan Square, Hiranandani Siovia and Edina, Hiranandani Bayview, and Hiranandani Amalfi lined up, the residential sector of Egattur will see immense growth, and in turn invite better social and commercial infrastructure in the area.