These days, Cochin is becoming a prime location for many realtors, real estate companies and builders as they are foreseeing a higher growth level in this city. Some real estate experts are predicting that real estate in Cochin is expected to revive very soon. Though, at present, the city real estate market is not at the rise and is experiencing quite sluggish phase. As per the data revealed by the National Housing Bank Index, in comparison to the market condition in 2013, the realty market of Cochin has seen a minor dip.
According to realty experts, property sellers need to wait for some time for the revival of Cochin market. Cochin has a great strength to be a world class satellite town. It is on a positive development trajectory. The number of villas in Kochi and the amount of land put up for sale in Cochin denotes a positive market sentiment. This assures property investors of a boom in the real estate business to happen very soon.
Factors that work in Cochin’s favor
Cochin is well connected by metro, ferry and road. The government agencies are also contributing a lot to enhance the connectivity of the city and to make it better. Currently, the second Metro phase is being extended to Tripunithura which lies in South Cochin. This phase will be extended from Petta junction and the national highway of Cochin-Dhanushkodi. There is also another Kochi Metro plan targeting proposed development at particular metro stations as well as a rail transit corridor.
After metro development, there is another development proposal for this city which is for Vyttila to Thevara boat service. This service will help lessen the crowd of the roads. Many big hotel chains are emerging towards Cochin through national highway – Trivandrum, by-pass and Edapally to Aroor roads. These hotel chain includes Crowne Plaza, Le Meridien, Ramada Resort, Hyatt and Holiday Inn. The arrival of these hotel chains and other tourism developments in the city will positively affect the employment index of Cochin.
Investor Segmentation in Kochi
Here in Cochin, the majority of investors who are taking interest in investing in realty market of the city are from Kerala. Among these people, around 70% folks are NRIs. The rest of the people are local citizens who want to have their own villas in Cochin, or build villas in nearby areas like Aluva. The least percentage of non-Kerala investors are somehow a reason of low rate of employment in Kerala. However, things are on the edge of change because of upcoming developments in the city.
The availability of many IT companies has turned this city into a technical hub of the country. As a result, there is an increasing demand of mid-level apartments. The core areas where effective activities for real estate can be seen are Vallarpadam, Kakkanad and Vyttila. The reason behind the growing interest in Vyttila is the proximity to the Metro. Moreover, there is also boat ferry available from Vyttila to Kakkanad. On the other side, the presence of the International Container Terminal in Vallarpadam is a reason that attracts investors to this area.