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Real Estate Trends in Kerala: Insight Required

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Real Estate Trends in Kerala: Insight Required

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  • Real Estate Trends in Kerala: Insight Required

    Hello All,

    Can anyone throw some light on the real estate trends in Kerala, in places other than Cochin and Trivandrum? Please feel free to share your thoughts on points such as

    Will the real estate prices go down in 2012?

    Impact of increased deposit rates on real estate. Will investors move away from real estate?

    Do you think the rupee depreciation will open the floodgates in real estate investment?
    Last edited July 1 2015, 03:51 PM.
  • #2

    #2

    Re : Real Estate Trends in Kerala: Insight Required

    Kerala developers going for Crisil star ratings

    KOCHI: As the realty sector faces tough times, more developers from Kerala are going for Crisil 7 star rating. The 7 star rating is the topmost real estate project rating given by Crisil.

    `` Of the 250 applications we got in the country, we have given the 7 star rating only to less than 20 projects. Of this 4 are from Kerala,'' said Anurag Jhanwar, director of real estate ratings of Crisil.

    It is the players in the organized sector who are going for star ratings. Around 90 % of the real estate projects are in the unorganized sector and are often riddled with legal hurdles and construction delays. The star ratings differentiate the genuine builders from the others and help in gaining the trust of the customers, he said.

    The awareness on the star ratings is more in South India as the literacy level is higher. The key factors evaluated in the star ratings process are quality of legal documentation, construction related risks, financial flexibility of the project, innovative attributes of the project besides the background and track record of the project sponsor.

    Anurag Jhanwar, who was present to confer 7 star rating to Rs 30 crore luxury apartment complexes of Asset Homes in Kochi, said there a need for enhanced transparency in the real estate sector which can be achieved through self-regulation by developers.








    Kerala developers going for Crisil star ratings - The Economic Times
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    • #3

      #3

      Re : Real Estate Trends in Kerala: Insight Required

      No house tax in Kerala for buildings upto 660 sq feet

      THIRUVANANTHAPURAM: In a significant people- friendly measure, Congress-led UDF government in Kerala today decided to give house tax exemption for buildings up to 660 sq feet.

      Talking to reporters after a cabinet meeting here, Chief Minister Oommen Chandy said it was also decided to waive the hike in tax rate on buildings up to 2,000 sq feet.

      "It will come into effect from this year," Chandy added. The decision was taken after ruling UDF recommended to the government to rect ..

      Read more at:
      No house tax in Kerala for buildings upto 660 sq feet - The Economic Times
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      • #4

        #4

        Re : Real Estate Trends in Kerala: Insight Required

        30,000 beneficiaries to get housing loans under PMAY in Kerala

        Kudumbasree executive director A Shahjahan said that the targets for each bank for dibursal of loans has been fixed.
        Aswin J Kumar | TNN | 18 June 2016, 2:00 PM IST


        THIRUVANANTHAPURAM: Housing loans will be given to 30,000 homeless people in the state as part of Prathanmantri awas yojana (PMAY). The loans will be given to those with annual income less than Rs 6 lakhs under credit linked subsidy scheme.

        Kudumbasree executive director A Shahjahan said that the targets for each bank for dibursal of loans has been fixed. The project aims at ensuring homes for homeless in urban areas by 2022. List of beneficiaries in 11 municipalities in various districts has been finalised. There are a total of 26255 beneficiaries for the project.

        Bank loans are available for construction of new houses, buying new homes and renovation of homes. For those with annual income less than three lakhs, houses measuring 30 sq.metres can be constructed and houses measuring 60sq.m can be constructed using housing loans for those with annual income below Rs 6 lakhs.







        30,000 beneficiaries to get housing loans under PMAY in Kerala | ET RealEstate
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        • #5

          #5

          Re : Real Estate Trends in Kerala: Insight Required

          Curbs mooted for houses in coastal buffer zone in Kerala

          The government has to identify suitable lands to rehabilitate the families hit by coastal erosion with the onset of the rainy season this time.
          TNN | 20 June 2016, 11:30 AM IST


          THIRUVANTHAPURAM: The state government has proposed restrictions on house construction by fisherfolk in coastal buffer zone, as a preventive measure to avoid damage to life and property. "Only such a step could prevent destruction due to coastal erosion especially during monsoon season," said fisheries minister J Mercykutty Amma.

          She added that the government has to identify suitable lands to rehabilitate the families hit by coastal erosion with the onset of the rainy season this time.

          "The priority will be to rehabilitate the displaced families," the minister said while inaugurating a workshop on 'development approach in the fisheries sector' organized by the Kerala Swathanthra Matsya Thozhilali Federation here on Friday.

          Pointing out that the state has not submitted the 'integrated coastal management plan' before the Union government, she said the department would conduct a workshop towards July end to put together the recommendations from scientists and experts and submit the plan in six months.

          The plan is required to be submitted to get exemptions in the coastal regulation zone (CRZ) rules that restrict construction or land development within 500m from seashore and 200 m from lakeshores.

          The main issue that plagues the coastal belt, however, was dumping and accumulation of waste, the minister said, adding that the government would launch 'Suchithwa Theeram' project with the support of local community and voluntary organizations.

          "The plan is to launch the project during the current trawl ban period itself and complete the project in a year," she said.

          On the pending debt relief proposals for the fishermen community, Mercykutty Amma said, "The last proposal was made in 2008 and the total liability in various banks excluding cooperative societies is around Rs 1.5 crore. The department cannot encourage people to take loans and demand a waiver. So there will be a revised cut of date for availing the relief scheme," she said.

          The fisheries minister also said that the state government would have to fight for a 'deserving share' in the Union budget allocation to implement various schemes for the welfare of the community.







          Curbs mooted for houses in coastal buffer zone in Kerala | ET RealEstate
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          • #6

            #6

            Re : Real Estate Trends in Kerala: Insight Required

            Hike in property tax soon in Kerala, says minister

            The property tax collected from the people is allotted to the local bodies in respective areas and is utilized for infrastructure development, minister said.
            K M Sree | TNN | 20 June 2016, 3:00 PM IST


            KOZHIKODE: The State government is planning to hike property tax and the public should cooperate with it, said Minister for Local Self Government K T Jaleel. Previous government had been showing reluctance in hiking property tax fearing public protest. However, a hike in property tax is inevitable to ensure fund for local self-governing bodies, said the minister.

            The property tax collected from the people is allotted to the local bodies in respective areas and is utilized for infrastructure development, minister said.

            Jaleel was addressing an interaction organized by Malabar Chamber of Commerce at P V Sami hall, here, on Saturday.

            The Minister assured that the government would work to make local self-government department, corruption free.

            Earlier, the government employees used to collect bribe from people claiming that their salary was insufficient for a dignified life. However, no such situation exists today as the government employees are now getting good remuneration, said the minister adding that strict action would be taken against government employees in case of violations.

            An anti-corruption cell will also be set up at the office of the minister to tackle the corruption related issue. A meeting of employees of the department will also be held after Ramadan to discuss new plans for the department, minister said.

            Public Service Commission will be entrusted the task of appointing new employees of Waqf board. 22 appointments will be made in the first phase, he said.





            Hike in property tax soon in Kerala, says minister | ET RealEstate
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            • #7

              #7

              Re : Real Estate Trends in Kerala: Insight Required

              Land requirement norms to be eased in Kerala

              The town planning department has proposed an amendment to the special provisions in the Kerala municipality building rules (KMBR) with regards to the land required for large-scale projects.

              TNN | Jul 06, 2016, 11.30 AM IST

              THIRUVANANTHAPURAM: The state government is mulling over relaxation of norms pertaining to land possession as part of its plan to attract big investments to the state.

              The town planning department has proposed an amendment to the special provisions in the Kerala municipality building rules (KMBR) with regards to the land required for large-scale projects.

              As per the proposal, the area requirement for projects with an investment exceeding Rs 100 crore will be brought down from two hectares to one hectare. The relaxation has been mooted following a recommendation from Kerala state industrial development corporation (KSIDC).

              Minister for local self-government K T Jaleel said the government was seriously considering introducing certain relaxations in building rules, which would bring in more investors to Kerala. "The builders have been demanding easing of norms on land possession with regard to investment projects exceeding Rs 100 crore. The KSIDC and the town planning department are working on it," he said.

              He added that the government was keen to follow the steps taken by some other states with an eye on attracting more investments in infrastructure development.

              "Land availability is a major issue for undertaking investment projects over Rs 100 crore in the state. If the land requirement for such projects is reduced, it will help address certain key concerns. The proposal has been submitted," said M Beena, managing director, KSIDC.

              K Ramanan, chief town planner said the proposal, as of now, has been suggested for hospital projects. "As per the proposal, the required land for big hospital projects will be one hectare," said Ramanan. Sources in the town planning department said the government might consider extending the easing of norms to other sectors as well.

              The government accords sanction for large-scale investment projects based on the recommendation of a committtee comprising the principal secretary, LSG (chairman), the director of urban affairs, the chief town planner, the district officer (department of town and country planning) and the secretary of local-self government institution. The minister said the relaxation is being considered only for land requirement and that the other conditions will be retained.





              Land requirement norms to be eased in Kerala | ET RealEstate
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              • #8

                #8

                Re : Real Estate Trends in Kerala: Insight Required

                Plantation workers in Kerala to be brought under special housing scheme

                The scheme will be formulated to provide houses to all workers in the plantations, Finance Minster T M Thomas Issac told the assembly.
                PTI | Jul 14, 2016, 02.30 PM IST


                THIRUVANTHAPURAM: Kerala government on Wednesday announced a package for workers in the plantation sector by bringing them under a special housing scheme.

                The scheme will be formulated to provide houses to all workers in the plantations, Finance Minster T M Thomas Issac told the assembly while concluding the debate on general discussion on 2016-17 state budget.

                The amount necessary for this purpose will be set apart in the EMS Housing Scheme for the poor, he said. For constructing 34 roads, Rs 560 crore will be sanctioned from the special investment scheme. For new bypass roads Rs 105 crore has been set apart, while for construction of 9 new bridges Rs 100 crore has been earmarked, he said.

                For construction of new flyovers Rs 90 crore and railway over bridges Rs 70 crore has been set apart, the Minister added. Government also decided to reconsider tax concession on rice bran oil and expects to garner Rs 10 crore through this.

                Trivandrum Press Club's Media management and Journalism Training centre has been alloted Rs 25 lakh for improving facilities.






                Plantation workers in Kerala to be brought under special housing scheme | ET RealEstate
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                • #9

                  #9

                  Re : Real Estate Trends in Kerala: Insight Required

                  72 flats in seven months, National urban livelihood mission sets an example in Thiruvananthapuram

                  The first project to be realized under National urban livelihood mission (NULM) has been accomplished in record time by Urban housing mission (UHM).
                  Aswin J Kumar | TNN | Jul 15, 2016, 04.00 PM IST

                  THIRUVANANTHAPURAM: In a city where housing schemes drag on for decades, a residential complex has come up at Karimadom in just seven months. The state-of-the-art complex is all set to give a facelift to Karimadom which had been remembered for the unhygienic environment and total neglect from authorities.

                  The first project to be realized under National urban livelihood mission (NULM) has been accomplished in record time by Urban housing mission (UHM), formed for the implementation of centrally-sponsored housing and livelihood schemes.

                  The complex, which has been built under 'Shelter for homeless' component of NULM, consists of 72 flats with each unit measuring 30sq m. It has been completed at a total cost of Rs 6.3 crore.

                  According to Binu Francis, director, UHM, formation of SPV helped in direct monitoring of the scheme. As soon as the project was finalized, an SPV was formed with minister for urban affairs as chairman and six directors.

                  Besides, for the first time, a housing scheme fixed the highest percentage for liquidated damage (LD) which put additional responsibility on the firm which won the contract.

                  While housing schemes under urban bodies fix nominal LD, UHM has set 0.55% as LD. Karimadom was chosen for the scheme following protests from a group of families who had been living in dilapidated homes since 1972. The usual hassles associated with transit accommodation and delay in finalizing beneficiaries were also resolved.

                  Each unit has been completed with a living room, a small entrance, a kitchen and a toilet. Besides, the units have been installed with lights and fans.

                  The project was undertaken by HLL which took up the project on a turnkey basis and once the contract is finalized the firm would have to hand over the key of completed flats within stipulated time.

                  "All the 72 fsamilies who had been living in bad conditions can now shift to brand new homes. Unlike other schemes NULM doesn't put financial burden on beneficiaries," said Binu Francis. The project is backed by 100% subsidy from the Centre.

                  Each square feet has been estimated at Rs 1,200. The apartment complex will be opened in the first week of August. Meanwhile, the construction of apartments under Basic services for urban poor (BSUP) in the same area at Karimadom is yet to be completed almost seven years after the project was launched.






                  72 flats in seven months, National urban livelihood mission sets an example in Thiruvananthapuram | ET RealEstate
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                  • #10

                    #10

                    Re : Real Estate Trends in Kerala: Insight Required

                    Kalyan Developers to invest Rs 300 crore in Kerala
                    ET Bureau|Jul 26, 2016, 06.57 PM IST

                    KOCHI: Kalyan Developers, the sister concern of Kalyan Jewellers, is investing Rs. 300 crore as part of its expansion plan in Kerala. The company has planned three new residential projects in Thiruvananthapuram , two of which will be launched this month with nearly 100 apartments on offer. The third one will be launched before the end of this year.

                    Kalyan Developers will also add five new residential projects in Kochi, Kottayam and Thrissur. Kalyan Developers will invest Rs. 300 cro ..

                    Read more at:
                    Kalyan Developers to invest Rs 300 crore in Kerala - The Economic Times
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