East Coast Road becoming top residential locality in Chennai
East Coast Road (ECR) is fast becoming a top residential locality of Chennai. The property values have crossed the mark of Rs 11,000 per sq ft at prime locations near beach and are still on the rise.
The expansion of IT/ITeS sector is the main fuel in the real estate growth. Revival of demand for luxury villas, increase in property prices and launch of new projects have made the area a prime destination.
The demand for luxury homes is on the rise primarily towards the peripheral locations of the city due to availability of homes in an affordable range. Capital values of premium apartments and luxury villas have noted a hike of 10-15 per cent in past six months. The stretch from Palavakkam to Mamallapuram is the key locality which has been witnessing exponential demand and supply in the residential sector.
On an average, the capital values at ECR vary from Rs 2,000-6,000 per sq ft depending upon location and connectivity.
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