Don’t we all love a beach in our backyard? If you are a Chennai homebuyer looking for a weekend home or second home, the East Coast Road or ECR is certain to be your number one choice, with the region scoring over other micro-markets in the city. If you are interested in buying a home here, make sure you read this 5-point checklist first.
1) Homes of Every Size and Shape
Homes in the ECR are not your ordinary run-of-the-mill apartments. Luxury and space is the name of the game here, with developers rushing to build gated communities, row houses, villas and duplex homes in the region. Some of the city’s biggest including the likes of Shanthi Builders, Amara AR Group, Prestige, Mantri and Casagrande are launching projects here.
2) Luxury Housing For Every Budget
Homes in the ECR are luxury homes, but are relatively affordable with prices of apartments ranging from Rs 5,300 to Rs 9,500 per sq. feet and villas ranging from Rs 6,800 sq. feet to Rs 15,400 per sq. feet. What’s more, with prices appreciating by 8% to 10% on an annualized basis, the ECR makes a good bet for both end-users and investors.
3) Tourist Hot-spots Are Nearby
The ECR leads to tourist hot-spots like Mamallapuram and Pondicherry and runs parallel to the city’s IT corridor. This makes it a popular option for NRIs, IT Professionals and businessmen who are looking for weekend homes that are well-connected. The ECR’ coastal norms were also relaxed recently allowing more high-rises to come up here. A move that experts say will lead to a rise in investor interest in the area.
4) Growth In the Region Is Slow
The only drawback is that the current real estate slump has taken its toll on the ECR as well. There have been reports of delays in project deliveries with many developers going slow on new launches until demand picks up. That demand will depend on industrial and investment activity in the state picking up, provided the government uses its second terms to boost investments in the state.
5) Do Your Homework
Many of the beach houses and farm houses in the area are located within CRZ zones and may not have been approved by local authorities. So if you are planning on buying a home here, make sure you the titles and paperwork is clean. Try and invest in projects that have good track records and have all approvals in place.
Reporter : Smitha TK, NDTV
Web Editor : Nikhil Narayan Sivadas, NDTV