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Kochi Realty Market News

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Kochi Realty Market News

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  • Kochi Realty Market News

    Not just Gulf money driving Kochi realty market

    A city with almost every household having one family member working in the Gulf, Kochi or Cochin’s resident population is waking up to new business avenues. This transition is also leading to a growing demand for commercial and residential property. What has transformed the once sleepy hamlet into a metropolitan zone is the fact that it is no more just the gulf money that is catalytic to the economy. Today Kochi is growing commercially with tourism and international trade. The IT industry is establishing a sound base here, and the demand for office spaces, hotels and retail outlets is increasing.

    One of the most densely populated cities in the state of Kerala, Kochi has seen the real estate prices soaring with the influx of developers from other states chasing too little a land parcel and trying to get a bigger slice of the market pie. With the influx of foreign tourists, it is no wonder that the tiny city has developed an increasing need for real estate development.

    Gone are the days of crowded apartments lining up the streets. The influx of developers from Bengaluru, Delhi and Mumbai has led to a fierce competition and the result is increasing thrust on the aesthetics, artistic excellence, high-end amenities and innovation forming an integral part of every residential project.

    As per industry estimates, both demand and supply levels are balanced now and in areas where demand exceeds supply, prices are inching high. “Quite a few projects have been launched in the last one year, resulting in increase in demand,” says G Anil Kumar, General Manager, Operations, Southern Investments.

    In the wake of the city being exposed to a few fly-by-night operators in the past, and instances like -a-Day Properties’ unethical practices, the Kochi property market is extremely wary of the deals now. There is no speculative buying seen today and the genuine end-users are active in the market, according to property consultants monitoring the market movements.

    Prices have gone up by 20-30 per cent but are currently holding steady across micro markets, and it is unlikely to increase in the near future due to a combination of factors, say realtors. Consecutive hikes in home loan lending rates and dip in affordability have impacted the overall demand for housing with people postponing their decision making, believes industry watchers.
    However, a section of property consultants maintain that since the market is divided between residents and NRIs, home loan rate hike may not have much impact as not all of them opt for home loans. The supply level for built units has considerably reduced, resulting in demand for new projects.

    The high-end projects are finding ready acceptance in areas like Marine Drive as well as in neighbouring towns like Thrissur. For instance, Sobha Developers launched villas in the price range of Rs 2 crore and high-end apartments in the price range of Rs 70 lakh-1 crore, which is in demand. “There is a market for good quality developers and high-end homes,” feels P Ramakrishnan, Deputy Managing Director, Sobha Developers.

    With the proliferation of educational institutions and medical facilities, there has been a constant flow of migration from other areas in search of greener pastures. The cumulative impact of all this is that Kochi is the most densely populated city in the state of Kerala.

    On the commercial front, Infopark has ambitious plans to become one of the major IT Parks in the country. Established in 2004, it has already attracted investments from IT majors like TCS, Wipro, Affiliated Computer Services, OPI Global, IBS Software Services and US Technology. While upmarket residential demand has picked up, commercial property demand is yet to gain momentum.

    The influx of several IT majors and MNCs in Kakkanad is instrumental for the surge in housing development in and around Kakkanad. While the real estate market is recovering, the developers are cribbing the new FSI norms bringing down FSI from 4 to 2.75 and the minimum road width has been enhanced from 5 m to 7 m which has pushed the land prices up for development.

    Though retailing is yet to pick up as per mega city standards but retail rates are high on the main pockets of the city. However, there is lack of retail space in the city which is one reason cited for the surge in lease rentals for retailing.

    A number of infrastructure projects under varying stages of implementation have given a virtual boost to the growth of all-round realty development. The roll-out of two mega infrastructure projects, the International Container Transshipment Terminal (ICTT) and the Smart City, have kicked off another round of upswing in the realty sector of central Kerala. The last such boom was seen around five years ago and had vanished three years later leaving the realty sector of the state in a state of gloom.

    The ICTT and Smart City projects have given a new lease of life to the industry if brisk land deals in Kakkanad (where the Smart City is coming up) Edappilly, Kalamassery and Thripunithura are any indication. The average land value in the vicinity of Kochi city has suddenly jumped by Rs 50,000 a cent and in locations like Kakkanad the increase is around Rs 1 lakh a cent. The average per cent value in this area is Rs 6 lakh-plus now. According to real estate dealers, rich NRIs are now interested in buying a piece of land in the vicinity of the proposed Smart City as the current price is lucrative.

    This upward trend in real estate in Kochi is an indicator of a healthy and reviving economy. In Jones Lang LaSalle’s World Winning Cities programme Kochi stands out as offering amongst the most favourable prospects of the India 30. The city offers shining possibilities across all sectors due to a favourable combination of wealth, connectivity, infrastructure, labour skills, low operating costs and tourist appeal.

    Kochi’s USP
    Booming tourism & international trade
    ICTT and Smart City projects
    Proliferating educational institutions
    Medical facilities
    NRI investment

    Not just Gulf money driving Kochi realty market | Track2Realty || India's real estate e-newspaper
    Last edited May 30 2020, 03:38 PM.
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  • #2


    Re : Kochi Realty Market News

    Good introductory brief on Kochi market.
    Where can I get more info on Kochi commercial/retail market- rates, terms & conditions etc ?
    I dont see any discussion on IREF- any other links to find out more
    Or any reliable brokers to get in touch with ?


    • #3


      Re : Kochi Realty Market News

      Lulu Group to invest Rs 350 crore at Kochi's Infopark

      Lulu Group to invest Rs 350 crore at Kochi's Infopark - The Economic Times
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      • #4


        Re : Kochi Realty Market News

        High Court bolsters flat owners’ registration rights - The Times of India


        • #5


          Re : Kochi Realty Market News

          New Marriott to come-up in Kochi Marriott launches second property in Kochi – The Financial Express


          • #6


            Re : Kochi Realty Market News

            Metro alignment to be revised for SmartCity

            KOCHI: A meeting of top officials and SmartCity authorities have decided to modify the alignment of Metro rail so as to provide access to the IT project.

            Earlier, the alignment, which was extended to Kakkanad, was to end outside the Infopark campus. As per the original plan, the alignment would turn left on the Edachira-Brahmapuram Road before ending outside the Infopark premises.

            But, now the alignment would turn right before ending on the road leading to SmartCity, thereby reducing the distance to the project site by around 500 metres.

            The meeting convened by chief secretary Jii Thomson also decided to construct a permanent bund across Kadambrayar. In the absence of a permanent bund, the SmartCity site would flood during heavy rains. Irrigation secretary V J Kurian, who attended the meeting, agreed to take measures to construct a permanent bund across the river.

            The SmartCity director board to be held on September 5 will decide on the day to inaugurate the first IT building. Officials with SmartCity said that the work was fast nearing completion.

            The construction of the four-lane road from Edachira to Brahmapuram will be over by August-end. An estimate of Rs 5.5 crore for the road from Brahmapuram to Karimugal has been submitted for the approval to the government. The government will give its nod for it soon, the chief secretary said.

            Meanwhile, the government has not yet issued a fresh notification to extend stamp duty exemption to co-developers of SmartCity. For the last six to seven months, the co-developers have been waiting to register land after the registration department insisted they pay the stamp duty for the same. Though the rules by the Centre clearly states that exemption can be given to developers as well as co-developers, the order issued by the state government in this regard did not have the term co-developers. As the co-developers are not ready to pay the stamp duty, they have not started work, SmartCity officials said.

            On Monday also, authorities promised to issue notification to extend duty exemption to co-developers.

            Metro alignment to be revised for SmartCity - The Times of India
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            • #7


              Re : Kochi Realty Market News

              Kochi grabs top slot as real estate destination: PropEquity report

              NEW DELHI: Just like their bigger counterparts, southern tier II cities have also outperformed their northern peers as top residential real estate destinations, with Kochi grabbing the top spot, according to a new report by property research firm PropEquity.

              "Much like tier I cities, northern tier II cities are also marred by project delays, expensive properties and a demand and supply mismatch," said Samir Jasuja, managing director and founder, PropEquity, adding, "Southern India ha ..

              Read more at:
              Kochi grabs top slot as real estate destination: PropEquity report - The Economic Times
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              • #8


                Re : Kochi Realty Market News

                This is in right time to invest in Kochi. Big players like DLF and Purvankara are generating good turnout of their inventory. The only challenge so far that I have faced is getting clarity from builders on clearance and permits for towers planned by new builders


                • #9


                  Re : Kochi Realty Market News

                  M J Infrastructure plans Rs 1000 crore investment in Kerala realty sector

                  KOCHI: The Bangalore-based realty major M J Infrastructure is entering Kerala and plans to invest Rs 1000 crore in the next two years.

                  The company chairman and managing director Dr P Anil Kumar said the company has planned five residential projects , three in Kochi and one each in Thiruvananthapuram and Kottayam. The Thiruvananthapuram residential project is designed as a residential township with two separate segments of 86 villas and 96 apartments.

                  He said there exists genui ..

                  Read more at:
                  M J Infrastructure plans Rs 1000 crore investment in Kerala realty sector - The Economic Times
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                  • #10


                    Re : Kochi Realty Market News

                    Asset Homes to launch Rs 1000 crore worth projects

                    KOCHI: The Kerala-based realty major Asset Homes is launching 12 projects in the state valued over Rs 1000 crore this year, taking the total number of projects implemented by the company to 80.

                    Asset Homes managing director V Sunil Kumar said the new projects will include a healthcare cum residential hub in association with global healthcare chain BR Life group at SUT hospital campus in Thiruvananthapuram and an affordable housing project of about 850 apartments near Kochi.

                    T ..

                    Read more at:
                    Asset Homes to launch Rs 1000 crore worth projects - The Economic Times
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