Kochi sees spurt in real estate activity

[herrinn]

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. The growing business needs are seen translated into a growing demand for commercial and residential property. Commercially, the city is growing 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.

The future of Real Estate Cochin is estimated at 50,000 in the next 2 - 3 years. Builders are catching up with the demand with a choice of residential projects. Real estate developers Puravankara Projects, Sobha Developers, Prestige Group, Emaar-MGF and Brigade Group have established their presence in Kochi. Sahara Infrastructure & Housing and Unitech have also purchased property in Kochi for development.

Infrastructure in Kochi has been strengthened accordingly. A new ring road skirting the city, a highway running parallel to the coast, and a new airport to seaport road have speeded up intra-city movement.

Commercial properties are more in demand on Marine Drive, portions of MG Road, Chittoor Road and Shanmugham Road. Puravankara’s Grand Bay luxury apartments at Marine Drive fetch rates of Rs 4,000-4,500 per sq ft and apartments cost over Rs 80 lakhs. The developer’s upcoming projects include Oceania, again on Marine Drive, and one each at Kakkanad and Edapally. The last two are more moderately priced as in these localites the land rates are lower.

The NRI community is funding and fueling the demand for residential flats, as is borne out by the high percentage (60 to 80%) of flats booked by them.As for commercial properties, 6 malls are on the anvil, and would be ready by 2009. Forum will cover 1 million sq. ft. of space. Others are Lulu Mall, Aerens Gold Souk, Abad mall, Metro One, Mall O and Kalyan Mall. The Summit Mall will stretch vertically to 12 floors. Sources also reveal DLF’s plans for a hotel-cum-mall on Marine Drive.

Not known for any significant commercial or industrial activity in the past, the upward trend in real estate in Kochi is an indicator of a healthy and reviving economy.