27th Aug 2024 Chennai, Tamil Nadu, India Chennai’s real estate market is always on the cusp of transformation due to its persistent infrastructural developments. One such major development that is making headlines is the recently announced upcoming elevated corridor, which is set to be completed within the next 18 months along the East Coast Road (ECR). This extensive project is reported to hurl the localities along ECR into a wave of social and infrastructural development.
The elevated corridor upon execution will span approximately 15 kilometers, at an estimated cost of Rs.1,075 crore. It will promise to ensure seamless connectivity, reduced travel time, high real-estate appreciation, and enhanced accessibility to key areas, particularly to the neighboring IT corridors and prime localities like Tidel Park, Thiruvanmiyur, Taramani, Adyar from the extreme ends of ECR.
ECR’s Elevated Corridor – The Game-Changer
The corridor is expected to set off a chain reaction, driving up demand for both residential and commercial properties, bolstered by ongoing infrastructure projects. Additionally, several developments are planned along the corridor, thanks to the presence of major IT parks and office spaces on the parallel OMR. This will further stimulate the real estate market in Uthandi, Akkarai, and surrounding areas, attracting more people to settle in these localities, where the thriving IT hubs meet the tranquility of the seaside.
Numerous real estate analysts indicate that Thiruvanmiyur, Adyar, and areas closer to the city center command higher prices due to their developed infrastructure and established amenities while regions like Uthandi and Panaiyur along the farther ends of the ECR stretch offer more affordable prices with regard to real estate.
Hence, investing in lands and buying properties in these areas would not only provide value for money but will also guarantee the potential for substantial returns as the infrastructure developments take shape in the near future.
Moreover, the serene environment, coupled with enhanced connectivity and upcoming infrastructural developments, makes these localities attractive for both end-users and investors alike.
No More Longer Distant
The elevated corridor is mainly designed to ease traffic congestion and provide seamless travel from Thiruvanmiyur to Uthandi, which will drastically reduce travel time to key IT hubs and main parts of the city. Thiruvanmiyur and its neighboring localities are currently the preferred residential choice for many, given that Uthandi, Neelankarai, Panaiyur, Injambakkam, and areas further south along the ECR are relatively distant from the city.
However, the arrival of the elevated corridor will change this dynamic as it will pass over the congested route connecting localities such as LB road junction, Kottivakkam, Neelankarai, Injambakkam, and Akkarai with strategically placed on and off-ramps to ensure easy access for the local residents as well. The five strategically placed entry and exit points on the corridor will offer direct access to the major IT parks, office spaces, and commercial hubs, for daily professionals and travelers who commute regularly on the ECR stretch.
The completion of the elevated corridor is mainly estimated to reduce the travel time from Thiruvanmiyur to Uthandi by less than 20 minutes compared to the current 45 to 60 minutes.
Invest in the present with an eye on the future
The forthcoming elevated corridor on the ECR is set to be more than just an infrastructure upgrade; it’s a driver for the next surge in real estate growth in Chennai’s expanding ECR region. Property values in emerging areas such as Uthandi, Akkarai, Injambakkam, and Panaiyur are expected to rise as a result. Plotted developers are already initiating several projects along this corridor. This is an ideal opportunity for investors to secure a stake in one of Chennai’s most promising real estate markets, which are poised to become key residential and commercial hubs.