While a considerable number of Kerala residents dwell in foreign countries, real estate in Kochi has always been the subject of NRI interest. Of late, the surge created by influx of IT/ ITeS based companies in the property markets has also resulted in soaring property prices in Kochi.
A large number of employees are settling in the city and the demand has visibly impacted the capital prices and rental values of properties here. Nevertheless, the NRIs have no pangs over the same and property investment in Kochi is still their one of the favorite options, sources informed.
Demand pattern
According to the property dealers in Kochi, most of the NRIs look for sea-facing residential properties in the city. Perhaps, that’s why localities around Marine Drive and MG Road are the most premium residential locations in the city.
However, the vacancy rates in these areas are at rock bottom and hardly any properties are available for the sale. Also, the markets experts feel that the prices are too high now and do not offer room for further growth from investment point of view.
Consequently, NRI investors have been reportedly taking interest in sub-urban locations like Kakkanad, Edappally, Kalamssery, Ankamali and Thripunithura.
Extensive construction activities are underway in these areas, and real estate majors like DLF, Puravankara, Sobha, Prestige, and Brigade Group have lined up their ambitious projects across these areas.
Given the demand for higher-end residential properties, international players too are eyeing the Kochi Property markets. Recently, Dubai-based Emaar Group has also launched its project in the city.
Of Property Values in Kochi
Given the boom in Indian real estate in the past couple of years, prices of apartments at Marine Drive shot up by almost 300 per cent from Rs 1,500-Rs 2,400 psft to Rs 5,000-Rs 7,000 psft, in the period between 2005 and 2007.
The capital values for apartments at the aforementioned suburban locations are in the range between Rs 1,500 and Rs 4,000 per sq. ft. (Source-MagicBricks.com).
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