As filed with the Securities and Exchange Commission on July 23, 2007
                                                      Registration No. 333-29159
--------------------------------------------------------------------------------

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                        POST EFFECTIVE AMENDMENT NO. 1 TO
                                    FORM S-3
             REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                           -------------------------

                           EASTGROUP PROPERTIES, INC.
             (Exact name of Registrant as specified in its charter)

            Maryland                                             13-2711135
  (State or other jurisdiction                                (I.R.S. Employer
of incorporation or organization)                            Identification No.)

                              300 One Jackson Place
                             188 East Capitol Street
                           Jackson, Mississippi 39201
                                 (601) 354-3555
               (Address, including zip code, and telephone number,
        including area code, of registrant's principal executive offices)

            David H. Hoster II, President and Chief Executive Officer
                           EastGroup Properties, Inc.
                              300 One Jackson Place
                             188 East Capitol Street
                           Jackson, Mississippi 39201
                                 (601) 354-3555
            (Name, address, including zip code, and telephone number,
                   including area code, of agent for service)

                        --------------------------------

                                    Copy to:
                             Michael C. Donlon, Esq.
                        Jaeckle Fleischmann & Mugel, LLP
                                12 Fountain Plaza
                          Buffalo, New York 14202-2292
                                 (716) 856-0600

     Approximate  date of  commencement  of proposed  sale to the  public:  This
post-effective  amendment  deregisters  all of the securities that remain unsold
under the registration statement as of the date hereof.
     If the only  securities  being  registered  on this Form are being  offered
pursuant to dividend or interest  reinvestment plans, please check the following
box: [X]
     If any of the securities being registered on this Form are to be offered on
a delayed or continuous  basis  pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box: [ ]
     If this Form is filed to  register  additional  securities  for an offering
pursuant to Rule 462(b) under the  Securities  Act,  check the following box and
list the Securities Act registration  statement number of the earlier  effective
registration statement for the same offering: [ ]
     If this Form is a  post-effective  amendment  filed pursuant to Rule 462(c)
under the  Securities  Act,  check the following box and list the Securities Act
registration  statement number of the earlier effective  registration  statement
for the same offering: [ ]
     If this Form is a registration  statement  pursuant to General  Instruction
I.D. or a  post-effective  amendment  thereto that shall become  effective  upon
filing with the  Commission  pursuant to Rule 462(e) under the  Securities  Act,
check the following box: [ ]
     If this Form is a  post-effective  amendment  to a  registration  statement
filed  pursuant  to  General  Instruction  I.D.  filed  to  register  additional
securities or additional classes of securities pursuant to Rule 413(b) under the
Securities Act, check the following box: [ ]




                                EXPLANATORY NOTE:

                       DEREGISTRATION OF UNSOLD SECURITIES

     This  Post-Effective  Amendment No. 1 amends the Registration  Statement on
Form S-3, Registration No. 333-29159 (the "Original Registration Statement"), of
EastGroup Properties, Inc. (the "Company"),  which was filed with the Securities
and Exchange  Commission  (the  "Commission")  and became  effective on June 13,
1997.  The  Registration  Statement  registered  500,000 shares of the Company's
common stock, par value $0.0001 per share ("Common Stock"), for sale pursuant to
the EastGroup Properties, Inc. Dividend Reinvestment Plan.

     On July 23,  2007,  the Company  filed a  Registration  Statement  with the
Commission on Form S-3  registering  500,000 shares of Common Stock for issuance
under the Company's new Dividend Reinvestment Plan.  Consequently,  the offering
pursuant  to  the  Original  Registration  Statement  has  been  terminated.  In
accordance with an undertaking made by the Company in the Original  Registration
Statement to remove from registration,  by means of a post-effective  amendment,
any of the  securities  which remain unsold at the  termination of the offering,
the Company hereby removes from  registration the 372,602 shares of Common Stock
registered, but unsold, under the Original Registration Statement.

                                   SIGNATURES

     Pursuant to the  requirements of the Securities Act of 1933, the Registrant
certifies  that it has  reasonable  grounds to believe  that it meets all of the
requirements  for  filing  on Form S-3 and has  duly  caused  this  Registration
Statement  to be  signed  on its  behalf  by  the  undersigned,  thereunto  duly
authorized, in the City of Jackson, State of Mississippi on July 23, 2007.

                                   EASTGROUP PROPERTIES, INC.



                                   By:  /s/ DAVID H. HOSTER
                                        -----------------------
                                        David H. Hoster II
                                        Chief Executive Officer

     Note: No other person is required to sign this Post-Effective Amendment No.
1 to  Registration  Statement in reliance upon Rule 478 under the Securities Act
of 1933.