Buying A House Along The Beach Is The New Trend
Buying a house along the beach around Chennai is the new trend among those looking for an investment away from the city. This trend has led to development of the East Coast Road (ECR), Old Mahabalipuram Road (OMR), and the Grand Southern Trunk (GST) Road. While OMR Chennai has highrise buildings, ECR Chennai has sprawling bungalows and villas, with a lot of outdoor space. Properties like Fisherman’s Cove, Radisson Blu Temple Bay Resort and VGP Golden Beach have transformed the entire stretch into a veritable tourist spot.
In 1980, the government prohibited construction and housing layouts along the ECR to protect the aquifer recharge potential on the stretch. The lifting of the ban in 2007 has contributed to real estate development in the area. The new master plan has made provisions to permit construction activities only on plots that are larger than 4 grounds (9,600 sq ft) with a maximum height of ground plus three floors.
The functionality of beach houses have made them more than just a summer home. They are now being used as venues for weddings, engagements and reception ceremonies. They have also become increasingly popular as partying destinations.
Earlier, funding for real estate driven projects was minimal. But, banks are now willing to extend financial assistance to those keen on investing in property. Nina Reddy, Executive Director, Savera Hotels, who owns a beach house close to the city says, “Personally, owning a beach house is therapeutic – the sight of water and long walks along the beach give me peace and comfort. I go there with my children during weekends, especially in summer.”
According to Uma Mahesh, co owner of a city-based hotel, “We often organize parties at our private beach house located on Drift wood Avenue in Sholinganallur. A beach house is a perfect get away from the hustle and bustle of the city.”
Apart from recreation, beach houses are also economically viable and a solid investment option. The value of such properties multiplies over the years. Plots can be purchased and later developed into independent houses as per one’s requirements. Another option is investing in gated community projects which offer company in solitude. Many often give their beach houses on lease for various time periods. Employees living there ensure that the place is well-maintained and is ready for use as and when required.
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