Real Estate Developments in Kochi

With no industrial history to speak of, the current developments in Kochi are driven by the thrust from NRI remittances and the tourism sector. Restricted by the sea on its western coast, Kochi is spilling over to the neighbouring towns and villages, where land prices have made impressive gains. Once considered distant, neighbourhoods like Edappally and Tripunithura have appreciated from Rs.25, 000 to Rs.2 lakh for a cent.

The growing demand for housing units and the constraints on space have induced city builders to focus on building apartments in Kochi. Local builders are offering top-of-the line fittings and lifestyle add-ons like clubs and swimming pools to apartment complexes to woo home makers who prefer these homes for the security and convenience they offer.

The Kochi real estate market has prompted national level developers like Puravankara Projects, Sobha Developers, Prestige Group, Emaar-MGF and Brigade Group to invest in the city. Unitech with 670 acres, Sahara Infrastructure & Housing and L&T have also pitched for Kochi property with niche projects.

Appreciation

Satellite townships are being absorbed into the city as better connectivity gives them easy access to the new IT locations. As large-scale companies relocate to the city and NRIs pour their dollars into luxury projects, real estate prices in Kochi have been zooming upwards.

In 2005 almost a 400 % appreciation in land prices in Kochi was observed, especially on the NH 47 Bypass Road. This locality is proving to be a strong contender for M.G. Road, the city’s business district. Property prices in Kochi start at the upper end of Rs. 1 crore a cent on M.G.Road, though no transactions are taking place in this area. Property sales are happening only in the by-lanes of M.G.Road, fetching between Rs.40 lakh and Rs. 80 lakh a cent.

Property prices in Kochi’s Marine Drive have also skyrocketed over the years to Rs.1 crore a cent, and luxury apartments in the neighbourhood are commanding similar rates. Real estate deals for 25 acres and 70 acres have been struck at Rs.112 crore and Rs.91 crore respectively near Goshree bridges by Mumbai real estate developers.

In Ernakulam South and Ernakulam North, a cent fetches half a crore, as do Shanmugham Road, Panampilly Nagar and Kaloor. Chittoor, Palarivattom Junction and Thevara fall in the Rs. 30 lakh range, while Vyttila is available between Rs.20 lakh to Rs. 30 lakh. Kakkanad’s proximity to the Smart City is being used to advantage by owners wishing to sell their property where land rates range between Rs.15 lakh to Rs.20 lakh.

Places to look out for are Puthiyakavu, beyond Thripunithura and Chottanikkara where land values will show much appreciation after the airport-seaport road is completed. Thripunithura, Kakkanad and Alwaye are safe bets for investment in property in Kochi

NRI Real Estate Trends

NRI investments in Kochi have propelled the demand for residential flats in Kochi – almost 60 to 80% of all residential properties booked in the city are registered by Keralites living overseas.

A range of premium residential properties in Kochi by local and national real estate developers are in various stages of construction to cater to the aesthetics of the returning NRI.

Kakkanad is Kochi’s most preferred destination, with DLF, Sahara, and Great India Estates amongst others establishing their presence. Puravankara’s Eternity is available from Rs.27 lakh upwards, and is likely to be completed by December 2009. Purva’s Grandbay project on Marine Drive is also likely to come up by then, but starts with a hefty price of Rs.68 lakh. The builder has recently launched its 3 bedroom apartment complex on the Seaport-Airport Road at a price of Rs. 47 lakh.

Skyline Foundations would be launching their Silicon Park apartments in Kakkanad shortly while their Silicon Drive project in Kakkanad and Eternia in Edapally are under construction. Aqua Greens in Alwaye is expected to be launched soon, while luxury apartments are coming up in Kallor priced between Rs. 1,700 to Rs. 2,600 per sq. ft.

For those looking for luxury villas, Anzera Properties has Brookside under construction at Kakkanad in the range of Rs.48 lakh to Rs. 82 lakh. The Lavender is another premium residential project from the builder. Anzera has also announced a premium residential project for senior citizens in Chengannassery.

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