The correct statement is "1. It is located in the Eastern Ghats."

Seshachalam Biosphere Reserve is indeed located in the Eastern Ghats, which is a mountain range in South India. It is specifically situated in the states of Andhra Pradesh and Tamil Nadu. The Eastern Ghats are known for their rich biodiversity and serve as important ecological hotspots.

However, the second statement is incorrect. The Seshachalam Biosphere Reserve is not a tropical rainforest but rather a combination of different ecosystems, including dry forests, scrublands, and grasslands. It is home to various species of flora and fauna, some of which are endemic to the region. The reserve has been designated as a biosphere reserve to protect and conserve these diverse ecosystems and promote sustainable development efforts.

In conclusion, statement 1 is correct, but statement 2 is incorrect.