ECR: A luxury residential hub
Chennai- The East Coast Road (ECR) in Chennai continues to witness development of premium and luxury projects which is serving the needs of High Net Worth (HNW) segment. In past twelve months, the region has reported price appreciation of around 10 percent. There is an inherent demand of sea facing properties and independent bungalows.
Geographical location:
ECR (State Highway 49) is a 690 km two lane highway which is developed along the coast of the Bay of Bengal. The stretch was developed in 1998 by connecting many small villages roads.
It connects Thiruvanmiyur in Chennai with Cuddalore through Pondicherry. The stretch has been extended to Thoothukudi covering Chidambaram, Karaikal, Nagore, Nagapattinam, Thiruthuraipoondi, Muthupet, Adirampattinam, Meemisal, Thondi and Ramnadapuram.
The ECR Link Road (2.1 km) connects East Coast Road at Kudumiyandithoppu and IT Corridor at Sholinganallur.
ECR is expected to expand till Kanyakumari via Tiruchendur and Koodankulam. In this regard, an amount of Rs 257 crores has been sanctioned.
Government has also plans to widen the stretch uniformly to 30.5 m wide at a cost of Rs 3,540 million including six lanes, a 1.2-m-wide median, footpath-cum-stormwater drain.
Premium Location
The ECR is one the most happening region which has emerged as luxury residential corridor. It also embraces luxury hotels, resorts, restaurants, pubs, etc. Sea facing view and lack of space has pushed up prices in this belt. The villas projects along ECR in a price range of Rs 1 crore to Rs 7 crore are continuously evincing buyers interest.
Coastal regulation along ECR
Following the Tsunami tragedy, the state government implemented Coastal Regulatory Zone (CRZ) act which includes stringent development rules for land near sea. Depending upon the vulnerability, the government divided the coast of Tamil Nadu into four zones-CRZ I, II, III and IV
CRZ I (Ecological sensitive)- Non development zone
CRZ II (Built-up area) – Areas falling under this zone can be developed but with some strict development norms.
CRZ III (Rural area)- Areas along the coast that have been relatively undisturbed.
CRZ IV (Water area)- Area from the low tide line to twelve nautical miles out into the sea.
These norms allow construction on areas beyond CRZ . Construction can only be done in CRZ II if the distance of the development is marked above the 500 meters from the High Tide Line (HTL) and around 100 meters away from the banks of canal, rivers and backwaters.
Residential development along ECR
ECR is a luxury residential corridor which has been identified by builders and investors. In past two to three years many leading real estate developers and construction companies have launched series of luxury villa projects on this belt.
Some of them include Adityaram, Ceebros, Casa Grande, Roshan Foundations, NAPC, BBCL, Vijay Shanthi, etc. Some of the areas which house high end luxury villa projects are Palavakkam, Neelankarai, Injambakkam, Akkarai, Panayur, Uthandi and Muttukadu.
The strategic location of Velachery-Tambaram road on ECR offering good connectivity to Velachery has attracted buyers interest. In past twelve months, this belt has witnessed price appreciation of around 10 percent. Many experts opine that this trend will continue in the coming quarters.
On one hand Kovalam on ECR is witnessing launch of few luxury villa projects and on the on the other hand the Sholinganallur-ECR link road is likely to witness launch of luxury projects in coming months.
Some of the latest residential projects along the stretch are Bay Pristine, ECR Springs Field, Boat Club II, The Edge, Brammadesam, Opulent Gardens, Pelican Belfort, Pelican Belfort, Venus Riviera, Cerunti and many more.
Recently, VGN developers launched its premium residential project named “VGN Coasta” on the ECR with apartments priced between Rs 2 crore to Rs 3 crore.
The continuous efforts of the government has made ECR a developed region. The government has more plans to make this region one of the most preferred destination in all terms. The excellent infrastructral development and fantastic sea view of every product along ECR makes it more demanding and expensive.
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