Real Estate Thiruvananthapuram: Commercial & Residential Property Investment
As a location for making investments in real estate, Thiruvananthapuram
offers excellent prospects, especially with the recent boom in
the IT industry. Whether talk of commercial properties or residential
properties in Thiruvananthapuram; the city’s real estate is making
rapid strides in each segment, particularly at Kazhakootam, a
home to the famous Technopark. With more and more IT companies
looking forward to spread their wings in the city, there is going
to be a huge demand for residential apartments.
The new bypass stretching four kilometers between the Technopark
campus and the upcoming campuses will push up the demand for residential
units thereby witnessing the emergence of a comprehensive range
of residential projects in near future.
With the growing awareness for healthy life, no one wants to
be a part of hustle and bustle that the metropolitan cities are
famous for! People want to settle in a quite place with the availability
of all the needed facilities. What better way it could be to escape
the fast glitzy life than to have a home sweet home in the alluring
city like Thiruvananthapuram.
Sharing the same opinion, a number of NRIs are pondering over
to retire back to this amazing part of the South India. This apart,
emotional reason like family attachment is yet another reason
why many NRI Keralites are planning to move back to Thiruvananthapuram
permanently.
As in Kochi, the main reason for this trend is the IT opportunities
in the future, with several major companies setting up their space
in the city.
The market for residential property in Thiruvananthapuram has
also witnessed a gradual movement as the city is seemingly detaching
from its old image of being pastoral. Near about 50 residential
projects are on the construction track. The growing demand for
the apartments both within the city and outskirts is an underlying
reason for such a boom.
Establishment of Technopark in the year 1995 has given a real
boost to real estate of the city and helped to shape up a competitive
IT centre which was actually the most needed. Earlier, Thiruvananthapuram
had honored to be the best tier II metro with IT infrastructure,
and one of the best emerging cities with large availability of
human talent.
With hundreds of skyscrapers set to dot the skyline of the city,
it would not be long before Thiruvananthapuram transforms into
a ‘city of skyscrapers’. Government and the private players in
real estate industry are leaving no stone upturned to bring improvements
in the infrastructure of Thiruvananthapuram. This is why; the
demand seems to outstrip the supply thereby resulting in a hike
in property prices.
Renting out a 1,000 sq. ft. 2 bedroom flat will fetch you the
monthly rent of Rs. 7,000 whereas the rent for furnished apartments
is hovering around Rs. 20,000-25,000., depending on the location.
The land prices in Pattom areas have shot to a probative limit
and cost Rs. 15, 00, 00,000 per acre. Vellayambalam in close proximity
to the main road costs nearly the same whereas an acre at Statue
can be available for Rs 20, 00, 00,000.
Upscale residential segment and tall buildings have started dotting
the city’s skyline. There has been 100 per cent increase in real
estate market of some areas. Rental market is also rolling in
the wake of IT boom. All the upcoming residential projects in
Thiruvananthapuram promise to provide hassle free living and an
array of amenities including security, excellent power system,
plumbing system, easy access to offices, schools, colleges, and
places for entertainment.
Establishment of Technopark in the year 1995 has given a real
boost to real estate of the city and helped to shape up a competitive
IT centre which was actually the most needed. Earlier, Thiruvananthapuram
had honored to be the best tier II metro with IT infrastructure,
and one of the best emerging cities with large availability of
human talent.
Air-conditioned office spaces at Technopark is generally rented
out for Rs 19-22 per sq. ft as compared to the rental for non-air
conditioned rooms which range from Rs 16-18 per sq. ft. The real
estate of Thiruvananthapuram seems to never cease to amaze and
assures newer, better rather than an immaculate look.
NRI Real Estate Trends
Apart from drawing interests from domestic investors (largely
from the garden city, Bangalore), Thiruvananthapuram real estate
is also attracting Non Resident Indians (NRIs). Many prominent
property developers, architects and management consultants of
national and international repute are seeing long term benefits
in being a part of the booming real estate business of Thiruvananthapuram.
This has encouraged a many builders to make investments in potential
construction activities through joint venture.
Many NRI Keralites prefer to rent out their apartment which fetch
around Rs 15,000-33,000. Talking about the rent for a 2,500 sq.
ft apartment at central locations in the city, it is hovering
around Rs.28, 000 – Rs. 33,000. The rental of furnished apartments
could even rise to Rs 40,000.
With an increase in number of NRIs pondering over to return back,
the concept of luxury housing is becoming a trend in major upcoming
Indian cities. It is such exclusive penthouses which are commanding
plus one crore price in Thiruvananthapuram.
Future residential projects that are to come up in the city will
include the access control gates for high security purposes. There
are plans for the development of villas in major part of the city.
However, the concept is not highly popular with the people at
Thiruvananthapuram.
One of the new real estate project, Vaashi Hills facing Aukulam
Lake boasts to construct duplex villas with garden. The project
is much in talks these days and prospective investors are eyeing
at the same with a purpose of reaping good returns in long run.
These villas come with a price tag of Rs 1400 – Rs 1650 per sq.
ft with modern amenities like health club, tennis court, open
stadium, and play area for children.
The retail segment in Thiruvananthapuram is also hotting up.
And with top property developers in the city scouting for the
customized built-in spaces, the new real estate projects are staying
in step with a growing trend of being booked even before the completion
period.
Friday, July 27,2007: NRI scientist Himanshu Jain has grabbed the prestigious Otto Schott Research Award in glass research.
