Earlier when someone used to get transferred to Kochi, they used to feel the pinch of losing out on a metro style life style and remain in a small, quiet and sleepy town towards the extreme end of the sub-continent; but not anymore. After the infrastructural and IT revolutions, the fishermen’s city is now transforming into an IT hub and living in an apartment in Kochi as comfortable and contemporary as in the Metros.
The last ten to twelve years have been significant for the city of Kochi as it has stamped its name on the development plank aggressively and firmly. Already being a significant city as far as the Southern Naval Command of the Indian Navy is considered, the city developed its own identity as a prominent point of commercial maritime activities comprising of an international cargo hub, Kochi Refineries and a shipyard. The city always had commercial significance and valuable strategic location which was the plus point for the city.
But it was the infrastructural development and the IT revolution that made the city what it is today. The city has numerous sectors that are developed and contribute to the growth of the local as well as the economy of the country. The emergence of the younger generation and young work force combined with the setting up of the new age offices and commercial spaces, changed the face socio-economic and cultural set up of the city. New buyer wanted to live in an apartment style construction in Kochi and not the older version of independent and self-made houses.
As the demand was there, the supply was arranged and new projects by the private builders were launched and these were contemporary houses built with modern designing and modular fittings. An apartment in Kochi is now not less than anywhere else is across the country and is laced with basic amenities and facilities that new buyer can wish for. Professionals employed in business sectors like construction, manufacturing, shipbuilding, shipping, seafood and spices exports, Information Technology (IT), tourism, healthcare etc. are the major consumers of the new constructions coming up in the city.
Now, we come to the property prices, which match the standards of a tier 1 city, and posh areas command good prices, which indicate a good demand for houses there. Owning an apartment in a multi-storey in Kochi can cost around Rs 2810 per square feet to Rs 9,500 per square feet (January to May 2013 estimates). The new style apartments are available in different price ranges and one can manage to strike a good deal if one negotiates well.
Trends or Growth levels
The city is witnessing major infrastructural development and hence the prices are likely to increase in the near three four months and the coming years. The growth is slow and hence real with less of speculation and inflated quotes doing the rounds. The current trend indicates a growth of around 10 to 16 per cent per annum (January to May 2013 estimates) but this is likely to sustain and is in tandem with the real estate market and its ups and downs.
Real Estate in Kochi are still reasonable and hence this may be the right time to invest here, as being a professional hub the city holds promise for paying guests, students, and professionals who will migrate for work to the city and will need accommodations that are in multistory buildings or gated communities. Also, the cosmopolitan culture of the city may eventually make them buy an apartment in Kochi and live here forever.
Categories: Real Estate
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