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Kochi Realty Market News

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  • #11

    #11

    Re : Kochi Realty Market News

    More opt to heat-proof homes in Thiruvananthapuram


    To beat the heat, many city residents have opted for heat-resistant roof and paints. Most of them do not find air conditioners affordable and such heat-proofing techniques are comparatively light on pocket.

    THIRUVANANTHAPURAM: To beat the heat, many city residents have opted for heat-resistant roof and paints. Most of them do not find air conditioners affordable and such heat-proofing techniques are comparatively light on pocket.

    "After covering our terrace with aluminium roofing sheets, temperature inside the house has come down dramatically," said Neethu Navas, a resident of Kowdiar. She was the first to go for additional roof in her colony, and now almost every house here has it. Sachin Abraham Joseph, who resides at Statue, too said temperature inside his house has come down by 7 degrees Celsius after installing roofing sheets and repainting the house with heat-resistant paints.

    "Every major paint brands now have weather-proof products. The demand for this type of paint, which reduces heat and dampness, has seen a considerable rise," said Chandra Kumar, managing partner of Devi Stores, a city-based shop. Though such paints can effectively bring down temperature inside homes by 10 degrees Celsius, they are expensive as compared to ordinary paints.

    "Aluminium and PVC sheets are the most preferred and effective ones. Now, we are witnessing a sudden surge in the demand for roofing sheets. The roofs can also protect the house from rain and possible leakage during the monsoon," says Abdul Faizy, owner of Brothers Engineering. However, he prefers traditional roof tiles.

    "Thatched roof with coconut palm leaves are the most suitable roofing solution for our climate. The next best alternative is traditional roof tiles. They do not absorb heat like concrete," says joint director P B Sajan of Costford, an eco-friendly construction company. There are special leak-proof and durable roofing tiles in the market, which make them more cost-effective. Aluminium roofing sheets too are popular, but the clatter they make during rains is a drawback.

    "A three coat painting procedure has to be followed, where 1 litre of paint could cover only an area of 10 square feet. In normal painting it could cover 100 to 150 square feet of area," said Chandra Kumar. Painting with lime coats can also save from heat, but it's not durable, he added.







    More opt to heat-proof homes in Thiruvananthapuram | ET RealEstate
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    • #12

      #12

      Re : Kochi Realty Market News

      Recession in Gulf ups demand for budget apartmetnts in Kochi

      City-based builders and architects said there were more takers for apartments in the 800-1,500 sq ft range, costing between Rs 40 and Rs 60 lakh.
      TNN | 22 June 2016, 7:35 AM IST

      KOCHI: The economic slowdown in the Middle East and uncertainties faced by the Malayali diaspora have led to an increase in demand for budget homes.

      The non-residential Keralite (NRK) and Gulf returnees are now more cautious about their investments, which has created a dent in the demand for premium and luxury segments in the city.

      City-based builders and architects said there were more takers for apartments in the 800-1,500 sq ft range, costing between Rs 40 and Rs 60 lakh.

      B R Ajit, chairman, Indian Institute of Architects (IAA), Kerala chapter, said the demand was too low in the city, particularly in the luxury and premium sector.

      "Other than NRIs, people do not have extra disposable income that can be invested in premium projects," he said.

      With the government and taxmen tightening their grip on black money, the inflow of money into the sector has also declined. "Black money is one of the main sources of funding in the real estate sector. About 30 to 40% of the black money has gone out of circulation in the country. Simultaneously, investment in the sector has also gone down in the state as well as in the entire country," added Ajit.

      Jortin Antony, a city-based builder, said that Malayalis living in Gulf countries were either losing jobs or did not have secure ones. Even people residing in UAE and Dubai "are not interested in investing in anything which cannot be traded for liquid cash within a few days".

      "The recession in Gulf countries has prevented many NRIs from investing in extravagant projects. Employees belonging to middle and lower income groups, who are returning from the Middle East, opt for budget homes or apartments," said architect L Gopakumar.








      Recession in Gulf ups demand for budget apartmetnts in Kochi | ET RealEstate
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      • #13

        #13

        Re : Kochi Realty Market News

        How to sell 3 BHK for less than 30 lakh

        A builder, who announced an upcoming project near Kadavanthra, was offering a three-bedroom apartment for Rs 26.62 lakh.
        TNN | 24 June 2016, 7:47 AM IST


        KOCHI: Builders are not known to be scrupulous while marketing realty projects. With the sector trying every trick in the book to gain some growth traction, many builders are announcing apartments that cost less than Rs 30 lakh within city limits.

        But once you approach them, the hidden charges become obvious. They will then reveal that they have charged only for the basic structure and the buyer will have to spend for fittings and other construction.

        A builder, who announced an upcoming project near Kadavanthra, was offering a three-bedroom apartment for Rs 26.62 lakh. But, if buyers need parking facilities, power connection, water supply, wardrobes and the like, they will have to shell out extra.

        A representative of the builder said, "We have obtained all permits and sanctions for the project. The price advertised indicates the construction cost. We have provided basic amenities. In the kitchen there will be a slab, pipe and sink. We provide all bathroom fittings and basic requirements like switches. We ensure that there will be provisions for fitting other electric and electronic equipment."

        He also pointed out that the buyer would have to meet 7% VAT, 6% service charge, contribution to the construction workers' welfare fund, expenses related to the functioning of apartment associations, and other mandatory payments stipulated by the government.

        Seena S, a school teacher and resident of the city suburb, said, "The advertisement gives a feeling that the apartment is affordable for the working class. Owning a home, that too in the heart of the city, is a dream. It's only when you talk to the builder that you realise the hidden costs involved."

        But, such 'gimmicks' do not come as a surprise for those who have been monitoring the real estate sector in the city.

        A V Antony, who has filed cases against builders for violating rules, said, "A closer look into the value of properties shown in the title deeds would reveal how prices are manipulated. When the property is undervalued, the government loses tax. These are some of the channels through which black money enters the economy. Buyers have to be cautious about the quality of construction."







        How to sell 3 BHK for less than 30 lakh | ET RealEstate
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        • #14

          #14

          Re : Kochi Realty Market News

          Auditors pick holes in Greater Cochin devpt body's defence of land sale to realtor

          GCDA executed the sale deed for the land parcel with Laina Roy, Sandeep Luis and Arun C Mathew, all partners of Blueone realtors on April 13, 2015.
          M K Sunil Kumar | TNN | Jun 27, 2016, 02.30 PM IST

          KOCHI: The local audit department has pulled up the Greater Cochin Development Authority (GCDA) for a land sale executed with a realty group in 2015 in which the per cent price tag was less than half of existing market rate. The agency sold 45.83 cents of land at Mathanagar in Kadavanthra at just Rs 8 lakh a cent, whereas the report by senior town planner of the agency had valued the land at Rs 17 lakh a cent.

          GCDA executed the sale deed for the land parcel with Laina Roy, Sandeep Luis and Arun C Mathew, all partners of Blueone realtors on April 13, 2015. As per the local fund audit, the loss incurred by GCDA on account of selling the land at a reduced price is Rs 4, 12,47,000. Had the land been sold at the market rate the agency would have fetched Rs 7,79,11,000. But the GCDA, which sold the land at the rate of Rs 8 lakh a cent could earn just Rs 3,66,64000.

          GCDA officials say that they had been forced to sell the land due to legal issues. In 2005, GCDA decided to sell the said land. During the auction, P A Naseer of Pathadippalam offered the highest rate which was Rs 5,25,000 a cent. Later, the original owners of land from whom the GCDA acquired the land moved the court challenging the sales citing that the land can be used only for the project said in the town planning scheme. Later, the court rejected the petitioners' plea in 2008.

          "Naseer had not taken back the amount he deposited as earnest money deposit (EMD) during the tender in 2005. On GCDA's part, the agency hadn't terminated the tender. So, Naseer came up with claim after the court disposing land owners case. At first, the GCDA, which was planning construct an auditorium in the said land rejected the proposal by Naseer.

          But he moved the court which ordered to consider his application for securing land," GCDA secretary R Lalu said. " Then we again invited tender after fixing the base value at Rs 7, 57, 589. During the tender Naseer offered the highest amount," he said.

          But, the local fund audit department questioning the explanation offered by the GCDA said If the development agency had gone by court order, they should have sold the land to Naseer and not to Laina, Sandeep and Arun, all partners of Blueone Realtors.

          "As per the application given by Naseer in 2005, he wanted to buy the land for constructing houses for himself and siblings. So, if the GCDA had to sell the land, the agency should have sold it to Naseer," said K T Cheshire, RTI activist, who lodged a complaint with vigilance department seeking inquiry into land deals by GCDA.

          "It is interesting to note that the same person had offered Rs 5.25 lakh a cent for the land in 2005. After 10 years, the increase in the land value is just 2.75 lakh," Cheshire said.









          Auditors pick holes in Greater Cochin devpt body's defence of land sale to realtor | ET RealEstate
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          • #15

            #15

            Re : Kochi Realty Market News

            Kochi to become a preferred real estate destination: JLL

            PTI|Jun 27, 2016, 07.39 PM IST

            NEW DELHI: Kochi will become a highly- preferred real estate destination in the country driven by various infrastructure development projects in the city, which has been included in the list of Smart Cities programme, says a report.

            "Kochi hits a six to become the next highly preferred real estate destination in India," JLL India said in a report.

            All potential drivers like IT development for job creation, metro rail, the Smart City tag for basic infrastructure, port-ba ..

            Read more at:
            Kochi to become a preferred real estate destination: JLL - The Economic Times
            Last edited June 28 2016, 02:46 PM. Reason: News Format
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            • #16

              #16

              Re : Kochi Realty Market News

              Eco-friendly homes, but costly too

              As people become conscious, they do not hesitate to invest huge amounts for buying a villa or an apartment that is advertised as eco-friendly.
              TNN | Jul 14, 2016, 12.30 PM IST

              KOCHI: It seems the mantra of 'go green' has struck gold and people are now keen to own houses that use non-toxic paints, burnt bricks, stones, wood and clay as construction materials. But to own an eco-friendly customized villa, designed in tune with nature, you should be willing to cough up over Rs 2 crore.

              As people become conscious, they do not hesitate to invest huge amounts for buying a villa or an apartment that is advertised as eco-friendly. Such projects highlight features like rainwater harvesting and water recycling, organic waste management, use of thermally-conductive materials like burnt bricks, stone, wood and clay which reduce dependence on artificial temperature control, energy efficient lighting systems, provisions for adequate natural light and cross ventilation, terrace gardens and the like.

              A reputed builder who launched eco-friendly projects said that a 2,700 sq ft 4 BHK villa with a two-car porch and seven cents would cost Rs 2.05 crore. Similarly a 1,450 sq ft 3BHK eco-friendly apartment will be available for Rs 62 lakh, a 1,700 sq ft apartment will cost Rs 72 lakh and 2,200 sq ft apartment will cost Rs 92 lakh.

              "We have taken every possible measure to ensure that the water table is recharged. While the apartment complex has huge sump tanks to store water, the villas will have individual tanks. We have even tested the quality of underground water, and obtained certificates that it is potable," said the representative of a builder.

              However, architects said that concepts like eco-friendly buildings have just begun to catch up. They point out that few people were aware of the advantages. "It is not easy to communicate these ideas," said architect Biley Menon.

              "People often do not understand how certain building materials and tree cover helps in reduction of energy consumption. Investing in eco-friendly buildings is not a bad idea. Such concepts have to be incorporated during planning and pre-construction stage," he said.

              However, environmentalists said that eco-friendly projects could be constructed at much lower rates. Green activist Arun Thadagath said such projects would be a success 'only if the use of steel, glass and cement could be kept at minimum. "We are yet to explore available indigenous technology," he said.






              Eco-friendly homes, but costly too | ET RealEstate
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              • #17

                #17

                Re : Kochi Realty Market News

                No of property registrations go up in Thiruvananthapuram before it turns a costly affair

                In the one week that followed the budget presentation that announced that the charges would go up, the total number of registrations reached 29,634.
                K P Sai Kiran | TNN | Jul 18, 2016, 11.00 AM IST


                THIRUVANTHAPURAM: With the revised stamp duty and registration fee for property transaction between family members to be effective from Monday, sub-registrar offices across the state have been witnessing an unprecedented rush.

                In the one week that followed the budget presentation that announced that the charges would go up, the total number of registrations reached 29,634, more than double the figure in the preceding week (13,313).

                This has resulted in the government earning Rs 7.37 crore more, touching Rs 11.81 crore, as against Rs 4.44 crore in the previous week.

                The finance minister, in the budget presentation on July 8, had announced cancellation of concessions for all types of property transactions between family members, which has been a maximum of Rs 1,000 as stamp duty and a maximum of Rs 25,000 as registration fee. As per the revised charges, 3% stamp duty will be imposed on transactions between kin. Also, it lifted the cap on registration fee.

                Such transactions include gift, settlement, partition and release. Of this, the existing stamp duty for gift and settlement is 2% (subject to a maximum of Rs 1,000), while for partition and release it is 1% (subject to a maximum of Rs 1,000. The registration fee will be 1% of property value.

                According to registration department sources, 'settlement' would be preferred over 'gift' for multiple reasons. While 'gift' is given without any consideration, which also makes it irrevocable once executed, 'settlement' is both revocable as well as beneficial under the exemption clause of the Income Tax Act if given on charity.

                On Saturday alone, the total number of documents registered across the state crossed 10,000, which is an all-time high. Usually, the average number of registrations per day comes around 2,500 to 3,500. The number of registrations under other categories - release and partition - have also doubled in the past one week.

                According to registration department sources, the rich class have been enjoying the benefit of having an upper cap as only Rs 25,000 has to be paid irrespective of the value of the property.

                In addition, the budget also announced that the stamp duty will be hiked by 2%, which means a customer will have to pay 10% of the property value as stamp duty and registration fee. The state exchequer is all set to mop up at least Rs 500 crore through the hike .







                No of property registrations go up in Thiruvananthapuram before it turns a costly affair | ET RealEstate
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                • #18

                  #18

                  Re : Kochi Realty Market News

                  Need to have an expert advice. I work as the PR Manager for Century Group based in Kerala. Since our group is relocating to UAE, we would like to dispose our 03 properties in Kerala -
                  a) 12 Acres Lakefront Property with 6,000 Sq. Ft. ideal for resort or residential projects in Kumarakom, Kerala.
                  b) Backwater resort with 26 rooms, restaurants, ayurveda center & located in 14 Acres with lake frontage in Kumarakom
                  c) 20 Acres of Land in Wagamon hill station, Idukki suitable for resort projects

                  Would like to know how & where i can put advertisements to locate a potential investor. Since it's an immediate disposal, we are ready to even sell it at cheaper rates. Pls advise!!!

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                  • #19

                    #19

                    Re : Kochi Realty Market News

                    Kochi is set to become the next highly preferred real estate destination in India, according to JLL India, a leading real estate consultancy.

                    A Shankar, national director and head of operations (strategic consulting) at JLL India, said there are six reasons for this to happen.

                    Inclusion in the top 20 Smart Cities:

                    Recently, the Ministry of Urban Development, Government of India identified the top 20 candidates under the Smart City mission initiative through a competitive selection process. Kochi ranks 5th and expects an investment of Rs 2,076 crore for pan city solutions and area-based development. E-Governance and water management are focus areas as part of pan city solutions which will help Kochi to access improved and planned infrastructure with assured water and power supply, sanitation and solid waste management, efficient urban mobility and public transport, IT connectivity, etc.

                    First Indian Tier-II city to propose Metro:

                    Metro rail connectivity in Kochi is under various stages of construction and is expected to be operational by 2017. In Phase I, the Kochi Metro Rail Corporation has proposed an elevated route spanning approximately 25.25 km from Aluva to Pettah.

                    New international airport terminal:

                    Cochin International Airport Ltd (CIAL) is constructing a Rs 1,100 crore international terminal with a built-up space of 15,00,000 sq ft. It is designed to handle 4,000 passengers per hour and will be commissioned by 2016. Once operational, the new international terminal will have a very positive economic impact and uplift the real estate market in the whole region.

                    Venue for one of two submarine cable

                    landings in India:

                    Kochi is one of the venues for ‘SEA-ME-WE-3’ (South-East Asia- Middle East- Western Europe 3) and ‘SAFE’ submarine cable landings, and is the second Indian location along with Mumbai to have two submarine cable landings. This fact highlights Kochi as an important destination for IT enabled services.

                    Home to India’s first global hub terminal:

                    Kochi is among India’s leading cities for strong port infrastructure and has the largest (and India’s first) global hub terminal- the International Container Transshipment Terminal (ICTT) at Vallarpadam. This makes Kochi the premier port gateway to South India.

                    Continued tourism growth:

                    Kochi is known for its high heritage value, and contributes significantly to Kerala’s tourism industry. It sees an annual tourism influx that equals about four times its population, of which 14 per cent accounts for foreign tourists, and reflects an annual increase of about six per cent.

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                    • #20

                      #20

                      Re : Kochi Realty Market News

                      Development plan not needed for building permit in plotted development: HC
                      The panchayat declined building permit for constructing a house and insisted for appending a development plan citing subdivision of plots from a larger extent of land.
                      TNN | Jul 30, 2016, 08.10 AM IST

                      KOCHI: When a large tract of garden land is divided up into plots, a development plan cannot be insisted for granting building permit for constructing a house in one of those plots, says the high court. The court's decision came on a petition filed by P B Babu of Mangadu in Porkkulam grama panchayat in Thrissur through advocate C A Chacko.

                      In March 2013, the petitioner had bought 4.27 ares in Porkkulam village that was part of a large tract of garden land as per a sale deed registered at Akkikavu sub registrar's office. The panchayat declined building permit for constructing a house and insisted for appending a development plan citing subdivision of plots from a larger extent of land.

                      The sale deed and possession certificate describe the plot as garden land ('paramba'). Dividing of garden land into plots does not include development of land as contemplated in Rule 2(ac) of the Kerala Panchayat Building Rules of 2011. The vendor had provided roads for the individual plot owners, it was argued. Ruling in favour of the petitioner, the court pointed out that it cannot be said that the petitioner's land was part of agricultural lands earlier to the purchase. The title deeds indicate,they were garden lands and were divided into smaller plots for sale, the court said.







                      Development plan not needed for building permit in plotted development: HC | ET RealEstate
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