Real estate news on Kochi suburbs witnessing demand-supply

Builders/ Developers, New projects, Kochi
Posted on Jan 04, 2013

New developments continue to spring up along the suburban areas of Kochi propelling the realty markets. According to Vatsal Prabhu of VP Estates, “There is huge demand for land around the city, especially in the suburban areas. The residential property values noted an average increase of 8-14 per cent during past six months.” Noticeably, the suburban areas did not witness any fall in property values throughout the year 2012, he confirmed.

Areas such as Kakkanad, Parur, Aluva, Edappally and Kalamasery saw enhanced demand for residential space leading to developers from neighbourhood cities launching their projects here. Prominent developers such as Puravankara, Shobha, Brigade Group, DLF, Prestige and Dubai-based Emaar Groups are some of the active developers in these areas.

The International Container Transshipment Terminal (ICTT) and Smart City projects have given a new lease of life to the industry and realty sector. Apart from these, the other upcoming projects such as Cyber City, Info Park, SEZ and other business establishments, have resulted in significant job related migration in the city and thus enhanced demand for housing.

According to another city-based realtor Raees Ahmed of Good Homes, “The property prices of apartments in the prime areas of the city too increased by 10-15 per cent owing to more demand than supply. Currently, Kochi is undergoing transition and is growing on the back of IT sector.” There is also increased interest from NRIs and HNIs for buying land in the vicinity of the upcoming IT projects as the current price is lucrative.

The current values of apartments vary from Rs 3,000-6,000 per sq ft depending upon location, infrastructure and accessibility. There has been a major increase in the launch of new projects to meet the growing housing demand. The city would need at least 10,000 flats in next 2-3 years calculating from the present scenario, confirms Salim.

Kochi realty sector is showing upward trends and reviving economy. The city shows immense growth potential on the real estate front with developments happening across all the sectors.

Source : Nidhi Vashisth, Bureau
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