The Shifting Focal Points Of The Kochi Realty Market
Kochi, a city located in the state of Kerala has been renowned amongst Non-Residential Indians. It is common for a man to dream about owning a house in his native country. Similarly, NRIs who have always wanted to own a house in India flocked to this city in huge numbers for buying residential properties. The Government of India selected Kochi to transform into a smart city under the Smart City Mission initiated by it. One of the most attractive features of this city has been budget-friendly property rates. People could buy well-furnished houses at an affordable price. However, for the past few years, Kochi’s realty market has been stagnant.
This has affected the income of developers, real estate agents and other economic activities of the city. But the sun has not set is this port city of Kerala. A new hope is engulfing the city with a hike in trading activities. Tourists have started visiting this city. They are a symbol of hope for the real agents and developers who believe the Kochi realty market will turn around for the better in the coming days.
Several factors have played a pivotal role in creating a shift in the Kochi realty market. These factors have been mentioned as follows:
MG Road and Banerji Road were the previous hotspots that attracted the attention of the tourists flocking to this city. MG road is famous for its jewellery showrooms, shopping malls and cinema halls. It caters to every need of the visitor. It has shopping malls, cinema halls, hotels and every other possible place that a visitor would want to visit. People visited this place if they needed furniture, pine mats or if they wanted to shop for handicrafts that lined the streets. City dwellers and tourists would revel in the marine drive to take in the spectacular view presented by the backwaters of Kochi.
Banerji Road, named after former diwan of the Kingdom of Cochin, is located near the marine drive. It was the most favourite place for tourists. This is because they could find accommodation at a feasible rate and tour the entire city without spending a substantial amount of money on lodging. By staying in this place, tourists could easily commute to other parts of the city.
Lulu Mall has improved the realty sectors and micro-markets around Edapally, Palarivattom. Previously this role was played by MG Road, Banerji Road and other similar places. Initially, the realty markets were situated near these previous hotspots but after the construction of Lulu mall, Kochi realty market changed its location. Now, places like Edappally and Palarivattom have become the top preferences of developers and real estate agents. The construction of the mall resulted in the growth of residential complexes and flats near Lulu Mall Kochi. The retail sector of Kochi has benefited from the construction of residential complexes. Lulu mall has become the epicentre for shopping with people flocking to Kochi from all over the state of Kerala. Tourism sector and hospitality sector has been on the rise after the opening of Lulu mall.
Kochi metro is another factor that has contributed to the changing state of the realty market. After the completion of the metro project, property prices have been on a hike. Metro has made it more convenient to travel from one place to another in a short time. With the convenience of travelling, people are willing to buy property near the metro stations. Kochi metro has metamorphosed the investment sector of the city. IT companies and MNSc are willing to invest in the city and set up offices. NRIs are making heavy investments to buy properties in areas located near the metro. Real estate market has witnessed a tremendous shift in the annual growth after almost five years. Prices of property located around the metro stations are rising due to the popular demand. There is no dearth of buyers and sellers in the city for land and houses situated near the metro stations.
Metro rail connectivity has made commutation easy for city dwellers and tourists. People are migrating to Kochi to buy properties near different areas such as Lulu Mall, metro stations etc. Even though the prices of property are on a hike due to the demand for these new locations, people find it affordable and comparatively lower than in other cities. Different parts of the city like Edapally, Ernakulam South, Kalamassery, Ambattukabu and other places are becoming easily accessible to prospective property buyers. Who would want to forego a chance of becoming the part of development that is sweeping Kochi like a storm?
The Ministry of Urban Developments has placed Kochi on the fifth position in the list of smart cities. Kochi is gaining popularity for its sweeping changes in the infrastructure, tourism, hospitality and real estate sectors. Developers are planning to buy properties in the city to be part of the new development projects initiated by the government. Kochi is home to the International Transshipment Terminal, a well-designed port infrastructure that will be the centre of port-related industrial development. Port-based activities have increased after the construction of ICTT. Kochi’s info park is also proving to be a boom for the real estate developers.
Developers feel that Angamaly, an upcoming suburban area can cast a positive influence on the Kochi realty market. Buyers are wishing to buy properties in and around Angamaly due to its proximity to Cochin International Airport. The Angamaly Railway Station serves as the connecting point between the east district and the rest of the country. Because these places are in the vicinity, buyers do not want to miss out on the opportunity of purchasing houses in Angamaly.
Real estate market of Kochi is witnessing slow but steady growth. Developers are hopeful that in the few years down the line, Kochi realty market will be booming with the increasing demand for the properties. If you are planning to buy flats for sale in Kochi, you should contact real estate developers and agents. You would not want to skip this wonderful opportunity of settling down in one of the most favoured Smart Cities of India.