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- Kerala witnessing real estate boom
Following the clearance of several high-profile development projects, including the Vallarpadam International Container Transshipment terminal and the Smart City here, Kerala is witnessing a boom in the real estate market, Kerala Builders Forum said here.
Addressing a press conference last night to announce the holding of 'Kerala Property Expo' at Kochi from August three to five, KBF Secretary George E George said Kerala had witnessed an almost 35 per cent growth in the real estate sector this year compared to last year.
Stating the growth was mainly in the residential segment, the clearance for projects such as the 'Smart City' Infopark was expected to create thousands of new jobs in Kochi and lead to a spurt in the demand for residential accommodation.
More than 40 leading builders, including more than ten having operations outside Kerala, will take part in the three-day property exposition.
Leading financial institutions and banks would also put up stalls. The LIC Housing Finance Ltd (LICHFL) would be the main sponsor of the exposition which would be inaugurated by LICHFL Director and Chief Executive S K Mitter. Mr P Radhakrishnan, Manager, Operations, LICHFL, said the agency was planning a special offer for housing loans from August 15 with interest rate reduced from 11.25 per cent to 10.75 per cent. The LICHFL may also go in for spot approval of loans during the exposition.
Ms Reenu Muraleedharan, Regional Manager, LICHFL, said the agency's loan disbursals stood at Rs 200 crore in Kerala last year, a 35 per cent increase over the previous year. Mr George said the expected revision of the Floor Area Ratio (FAR) from the current 2.5 was expected to increase the demand for apartments in Kochi.
Stating the National Housing Policy also favoured vertical growth in cities, KBF Chairman Mathen Chakola said cities such as Bangalore had increased the FAR to 3.25 while Mumbai had hiked it to three. Stating there was good demand from local residents for houses, KMF Secretary said while two years ago, NRIs dominated the market, in recent years it were the local residents who were pushing the real estate demand.
- Do you think property rates in kerala trivandrum and cochin will go up?I have been tracking few reputed builders.In 2007 they started offering flats for 1650/sqft.Now its 1910/Sqft (These r negotiated price, sales executive price is anyware from 2000 to 2300).I see an increase of around 250 INR/Sqft over last 15 months.CommentQuote0Flag
- Similar expo is going right now in Qatar organised by Bangalore-based event management company Studioline Conventions and Bahrain-based International Trading Company.CommentQuote0Flag
- yes you are sayin true kumar Similar expo is going right now in Qatar organised by Bangalore-based event management company which was shown the depth.CommentQuote0Flag