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Real Estate in Kochi, the Queen of the Arabian Sea
Kochi, an important sea port of the country and commercial capital of Kerala, is an upcoming property destination. Formerly called Cochin, it is the second largest city of the state after Thiruvanathapuram, the capital city. The rapid urbanization is boosting real estate in Kochi attracting people from across the country and even outside to pump money in the sector.
As is known worldwide, Kerala exhibits breathtaking beauty and makes for the most desirable place to live in India. A popular tourist hub, it receives large number of footfalls from both domestic and international tourists. Kochi extends a perfect belend of historicity and modernity with a number of old churches, palaces, forts, museums, etc. coupled with world class structures, luxury homes and business complexes. And this is not it- beaches, backwaters, snake boat races, Kathakali and other such attractions add charm to the city. Undoubtedly, Kochi real estate holds vast scope for expansion and development especially across its commercial sector. This is why many property developers are looking at exploring commercial property market of the city.
With government aiming at boosting its preference as a tourist destination coupled with growing demand for property in Kochi, various realty projects have been launched. Some of the leading builders are coming forward to construct property in one of the most important cities on Western Coast of India. The demand for quality housing in the city has risen with buyers willing to shell out more money for convenience, security and world class living. Real estate in Kochi is further supported by the rapidly developing infrastructure of the city- the airports; the railway junctions; the terminals- for bus, LNG, international container transshipment (ICTT) and international cruise; the Special Economic Zones (SEZ); etc. The work is also done on up-gradation of traffic system, creating port based SEZs, metro rail, so on and so forth.
With such massive developments in the cityscape, property prices are bound to double or treble up. On taking a quick look at rates of property in Kochi, West and North zones of the city come out to be more expensive than others.
-The capital value of apartments in Kochi in July 2010 falls in the range of `1,600 to `3,000 per square feet. It goes as high as `3,300 and `3,800 per sq. ft. in North and West of the city respectively.
-The cost of the plots in the city ranges between `75,000 to `12,00,000 per square yard. It varies in North from `75,000 to `7,50,000 and in West from a Lakh to 12 lakhs rupees per sq. yd. Plots in South Kochi cost `5,00,000 to `8,00,000 every sq. yard.
-As far as the rental values are concerned, 2BHK apartments in Kochi cost around `4,000 to `14,000 every month. While North has the highest rates, housing in other parts like South, East and West is usually available for `4,000 to `10,000 per month.
The realty market in Kochi is also expanding to the hospitality sector with numerous structures coming up in the sector. The industrial capital of Kerala, Kochi earlier Cochin is amongst the most important cities of the Western region of the country. As a result, its property sector grabs a lot of attention from developers, investors and buyers. The beautiful locales of the city make it both a perfect tourist hotspot and an ideal place to live in. And even though, capital as well as rental realty rates are growing, it is still much more affordable than other metro cities of the nation. Kochi is a wonderful place to spend time in, enveloped in soothing atmosphere, exotic beaches and sparkling landscapes.
About the Author
Deepika Bansal writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. It is a forum where buyers, sellers and brokers can exchange information, quickly, effectively and inexpensively. At 99 acres, you can advertise a property in India, search for a property and browse through Kochi Real Estate and Properties.
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