The mere mention of the state of Kerala conjures up images of a place that is blessed with scenic landscape, and calm & soothing ambience. The place is the favorite retreat of an endless number of people who make regular trips to take a break from their maddeningly fast-paced lives. The beauty and tranquility of the surroundings helps them unwind and get charged up to return to the rigorous routines.
In the past few years, Kerala has made a lot of progress and is witnessing an increase in commercial activity. The development has made the state a very attractive place for making home and buying property. Talking about Real Estate Kochi is one city in Kerala that is witnessing hectic growth.
There are numerous residential, commercial, retail and infrastructure projects being launched all over the city. Both the capital and rental values of property have experienced a significant growth in the first half of the year. While the prices of residential property in the prime localities of Kochi have risen by 12 to 15%, the rentals have gone up by about 25%. And it is expected that the rates will rise even further in the coming months.
The key driver of this increase in demand for property and the consequent increase in the value of real estate in Kochi is the rapid expansion of the IT sector in the city. Along with the UL Cyberpark in Kozhikode, and IT SEZ in Malabar, Infopark in Kochi is among the prestigious projects that are writing Kerala’s real estate growth story.
In Kochi, Kakkanad, Vytilla, Airport Road, Kadavanthra and Aluva are some of the prominent localities that have recorded an impressive hike in realty values. Excellent connectivity, and well developed infrastructure make these the preferred areas of the city. Apart from the boom in the IT/ITeS sector that has brought an influx of workforce migrating to Kochi and boosted the property market, another factor that has acted as a catalyst in the development of real estate market in Kochi is the proposed KMRL, Kochi Metro Rail Limited, project. The project is to be completed in 3 years and will be connecting the outskirts to the city centre.
The areas neighbouring the metro stations are witnessing the coming up of hospitality and retail projects, including five star hotels, entertainment hubs, convention halls, etc. The launch of the rail project has already led to enhanced real estate values in localities like Edapally, Kaloor, Vytilla, Pallarivattom, South Ernakulam, Kalamassery, etc.
The realty scene in Kochi is a proof of the fact that real estate growth in India has moved beyond the metropolitan and Tier I cities. With improved infrastructure development, life in the Tier II and Tier III cities is becoming easier and more comfortable than before. In fact, with a considerable lesser amount of investment, you can enjoy a much better lifestyle here. Investing in the realty sector of Kochi is a very good idea for those who do not hanker after living in metro cities, and instead want to lead a normal working life while living in a clean and beautiful place.