New Property Developments
In Kochi
Kochi: Queen of the Arabian SeaOne of the principle seaports of India, Kochi, located in Ernakulam District, is the second-largest city and the largest urban agglomeration in Kerala, with an estimated population of over half a million. It is also Kerala's economic capital by volume of trade. In recent years, Kochi has witnessed heavy investments, making it one of the fastest-emerging Tier II metro cities in the country. Also, Kochi shows vast potential for economic growth and industrialization based on norms such as real estate growth, available work force, overall infrastructure, policy initiatives and commercial history. However, the accessibility of cheap bandwidth through undersea cables and lesser operational costs in comparison to other key cities in India has proved to be of major advantage.
It features an international airport and a major port and is connected to the rest of the country by two major railway stations - Ernakulam Junction and Ernakulam Town - and a network of roads. Today, Kochi is a busy industrial centre, home to many medium and large scale industries, ranging from handicrafts and spice trading to petrochemical and ship building.
Current TrendsWith the National Association of Software and Service Companies (NASSCOM) proclaiming Kochi as one of the most potential cities for IT sector development, several leading national and international companies have turned towards the city with huge investments. The government is making efforts to further strengthen the infrastructure of Kochi and a number of noteworthy development projects have been taken up in recent times. These include the construction of a new road connecting the airport to the seaport, a new ring road skirting the city, a highway running parallel to the coast, etc. Heavy investments, estimated at Rs.25,000 crore, in both private and public sectors are underway, lined up to make Kochi an emerging hub of sea-based and IT industries.
Some of the most awaited infrastructure development projects coming up in Kochi include construction of the Vallarpadam International Container Terminal, setting up of a Smart City at Kakkanad, the proposed metro rail project, etc. Gas Authority of India Limited (GAIL) also proposes to invest around Rs 3,500 crore (Rs 35 billion) and its major initiative is setting up a petrochemical complex at the Kochi division of FACT by using natural gas. The Kochi-Kannur-Bangalore gas pipeline at an estimated investment of Rs 750 crore (Rs 7.50 billion) and an LNG supply network for Kochiites for domestic consumption are the other projects in the pipeline. The Centre proposes to transform Kochi Shipyard into one of the largest and most modern ship building centres in Asia in line with Korea. The Kochi metro rail project is another key initiative aimed at improving the mass transportation system in Kochi and the process is at an advanced stage now.
Besides the Technopolis developed at the CSEZ, the setting up of a software productivity center by Wipro in Kochi is considered as one of the variable factors in the evolution of Kochi as an upcoming city. Major IT firms such as US Software, IBS, Sun Tec, Gemini, NeST, Ernst and Young, Tata Consultancy Services, Infosys, ACS Inc. and Allianz Cornhill are only some of the IT firms gradually making their presence felt in the business prospect of Kochi.
The Realty ScenarioKochi, being the economic capital of Kerala, has always remained in the limelight. The proposed developments in Kochi infrastructure and the changes that have occurred in the city have further increased demand for Kochi real estate. As more and more people are moving to the city, the need for residential and commercial space is also mounting in and around Kochi. The growing realty demand and the constraints on space are inducing builders to concentrate on apartments and not just local builders but most major industry players, such as Purvankara, Ansals, Emaar MGF, Parsvanath, Unitech, etc are joining the surge.
Investment DestinationsThe realty development trends and the fast-growing demands for all sorts of Kochi properties have resulted in a sharp rise in property prices all over the city. However, the rise in real estate prices has not been the uniform and some areas in the city have seen as much as 60% hike in realty prices over just a few years. On an average, the rate of capital value appreciation in real estate is expected to be around 12-15% per annum. The real estate investment prospects seem even brighter with Special Economic Zones coming up in the city. Some of the most coveted locations in the city are Kakkanad, Marine Drive, Vytilla, Aluva, Edapally, Alwaye, Tripunitura, Vypin, etc. Property rates in these areas range from Rs.2100-Rs.3750 per sq. ft.
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