The Real Estate business sector of Kerala is one of the fastest growing sectors as far as the major or the metro cities are concerned. The population in these cities combined with the financial aspects add to the field of investment in properties.
The sector of Real Estate in Kerala is not only limited to lands or housing but also includes establishments both commercial and non-commercial establishments, office spaces and so on. The prominent industry of tourism also adds to the increase in the demand for properties in all the major tourist spots.
Current State of Real Estate Market
But due to the recent demonetization drive by the Government, the real estate growth has been put to a halt. Even then the major cities of Kerala - Kochi/Ernakulam, Trivandrum/Thiruvananthapuram and Calicut/Kozhikode are the top destinations that people prefer to make real estate investment. The following is the current trends of the real estate sector in these cities.
But due to the recent demonetization drive by the Government, the real estate growth has been put to a halt. Even then the major cities of Kerala - Kochi/Ernakulam, Trivandrum/Thiruvananthapuram and Calicut/Kozhikode are the top destinations that people prefer to make real estate investment. The following is the current trends of the real estate sector in these cities.
The rush to invest in real estate in Kerala has also attracted the unscrupulous operators in this line of business, so much so, that the government has enacted an ordinance to regulate real estate in the state; making Kerala only the second state after Maharashtra to enact such an ordinance.
Prominent Places in Real Estate
Kochi continues to be the preferred choice for most non-resident Indians (NRIs). The reasons for this are connectivity, availability of good schools, colleges, and hospitals as well as the options for employment. Talking about connectivity, Kochi is well connected by road with all parts of Kerala and other parts of India. The international airport has played a major role in giving this southern city its international flavor.
The city’s premier real estate destination is the Marine Drive where the property prices are sky high. However, the locality which is very popular with most home buyers today is Edapally, where the average prices are about INR 4600 per sq ft. This is the only locality which has shown a marginal increase in prices in the past few months. Property prices in Aluva, a nearby town have gone down by 6% and are quoting at INR 3700 per sq ft in the quarter from January to March 2015. Other localities which are also preferred by home buyers are Panampally Nagar, Kakkanad and Kaloor.
Take the case of another suburb of Kochi, Thrippunithura. Once the capital of the Kingdom of Cochin, Thrippunithura has been the choice of the Dubai based developer, the Legend Group, to develop luxury apartments covering over a million sq feet.
Kozhikode or Calicut, as it is better remembered, is on the map of hot spots to invest in Kerala. It has been so for some time and has attracted investments mainly from the Middle East, where a large contingent of its residents are employed. Of late, many Information Technology companies have opened offices in this city. This has attracted young professionals to the city. Finding a house for sale in calicut is a pretty easy task nowadays.
The Indian Institute of Management (IIM) in Kozhikode is also playing an important role in training young managers. Kozhikode has an international airport and is also well connected to Bangalore and Mysore by road. The city is relatively clean and is on a fast track to growth, especially as the government has plans to introduce a Light Metro Rail to connect the city with its other parts.
Kochi continues to be the preferred choice for most non-resident Indians (NRIs). The reasons for this are connectivity, availability of good schools, colleges, and hospitals as well as the options for employment. Talking about connectivity, Kochi is well connected by road with all parts of Kerala and other parts of India. The international airport has played a major role in giving this southern city its international flavor.
The city’s premier real estate destination is the Marine Drive where the property prices are sky high. However, the locality which is very popular with most home buyers today is Edapally, where the average prices are about INR 4600 per sq ft. This is the only locality which has shown a marginal increase in prices in the past few months. Property prices in Aluva, a nearby town have gone down by 6% and are quoting at INR 3700 per sq ft in the quarter from January to March 2015. Other localities which are also preferred by home buyers are Panampally Nagar, Kakkanad and Kaloor.
Take the case of another suburb of Kochi, Thrippunithura. Once the capital of the Kingdom of Cochin, Thrippunithura has been the choice of the Dubai based developer, the Legend Group, to develop luxury apartments covering over a million sq feet.
Kozhikode or Calicut, as it is better remembered, is on the map of hot spots to invest in Kerala. It has been so for some time and has attracted investments mainly from the Middle East, where a large contingent of its residents are employed. Of late, many Information Technology companies have opened offices in this city. This has attracted young professionals to the city. Finding a house for sale in calicut is a pretty easy task nowadays.
The Indian Institute of Management (IIM) in Kozhikode is also playing an important role in training young managers. Kozhikode has an international airport and is also well connected to Bangalore and Mysore by road. The city is relatively clean and is on a fast track to growth, especially as the government has plans to introduce a Light Metro Rail to connect the city with its other parts.
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