Luxury Villas rise in ECR Chennai
Upcoming luxury housing to turn ECR into playground of the rich. ECR also has scores of upcoming small villa projects. But even they are priced between 1 crore and 2 crore, putting them out of the reach of the middle class.
The super rich have always headed down the East Coast Road (ECR) for entertainment but now the scenic route is fast turning into a residential hub for them. A number of independent villas, priced at more than 3 crore and promoted by builders, are mushrooming on the stretch between Palavakkam and Mammallapuram.
The East Coast Road (ECR) an important State Highway in Tamil Nadu, starts at Thiruvanmiyur in Chennai and is a part of the Chennai City roads till Uthandi. With rates of more than 10,000 per sq ft, the prices compare to those of posh apartments in upmarket residential areas like Kilpauk, Anna Nagar and Adyar in Chennai. Many leading builders and dozens of smaller players have made a beeline for the ECR.
Builders such as Landmark and NAPC are targeting the top of the pyramid with villas priced between 3 crore and 5 crore. Some of them charge Rs five lakh per villa as the corpus fund for future maintenance. Landmark Construction, is doing two premium villa projects — one at Palavakkam and another at Injambakkam. T Udayakumar, MD of Landmark Construction, made news recently by putting out an innovative three-dimensional brochure, each of which cost 5,500, for ‘Grange’, a 28-villa project coming up at Palavakkam.
A Kolkata-based developer working on ‘Reflections’, a 35-acre development at Thiruvadanthai, about two km from Kovalam, is offering independent covered plunge pools for every villa on the first floor. With 170 housing units, it is one of the biggest housing projects on ECR. NAPC, a leading road-laying company, is doing 11 signature villas near Muttukadu.
Other Chennai-based builders have acquired parcels of land ranging from three acres to 10 acres on and off ECR. They are awaiting approval from the directorate of town and country planning for their projects. ECR also has scores of upcoming small villa projects, promoted by medium and small developers. But even they are priced between 1 crore and 2 crore, putting them out of the reach of the middle class.
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