Demand is growing exponentially for Kochi real estate. As the commercial capital of Kerala, Kochi is the priciest. More so, after the advent of Kochi Metro project that is almost ready and will enhance connectivity and property value.
Rating agency Crisil has highlighted the growing value of Kochi as a top real estate market and also as tourist destinations.
Spread in an area of around 3068 square kilometers (sq km), Kochi has almost 3.10 million inhabitants as per the 2001 census. Kochi has a population density of 1012 per sq km, against Kerala’s average 819 per sq km and India’s 324 per sq km as the national average.
Located 220 kilometres north of the state capital Thiruvananthapuram and 180 kilometres south of Kozhikode, the harbor city lies in the Ernakulam district creating an amazing pull on investors. As the commercial capital of Kerala, Kochi has all the strong drivers for fostering business growth and real estate activity.
Kochi is one of the most advanced cities in India in terms of literacy, education and health and top tourist destinations in India.Sought After Market
Noting Kochi’s rising appeal as a lucrative property investment destination, real estate consultancy JLL India said: “Kochi hits a six to become the next highly preferred real estate destination in India.”
Chief drivers of Kochi’s development are IT software sector, expanding metro rail, Smart City makeover, the spurt in infrastructure spending, development of port-based industry and commercial growth, airport terminal, foreign investment and tourism. Kochi is one of the top 20 Smart cities identified by the Urban Development ministry. Kochi ranks 5th and an investment of Rs 2,076 crore for pan-city solutions and development are on the way.
“This will ultimately boost demand for housing and make it one of the next highly-preferred real estate destinations in India,” JLL India National Director & Head of Operations - Strategic Consulting A Shankar told Economic Times.Residential Real Estate
According to experts, Kochi’s residential real estate is traditionally driven by NRIs with locals restricted to 30 percent. “Although there has been a dip in NRI investments in the past two years, the housing demand is robust,” said Saurabh Mehrotra of Knight Frank India.
With a budget of Rs 50 lakh, a property can be purchased in Kakkanad, Thripunithura, Maradu and Aluva. More price will be commanded in Edapally, Kaloor and Vytilla at Rs 75 lakh plus while sea facing Marine Drive, posh Panampally Nagar, and Kadavanthra will cost Rs 1 crore plus.