With a number of mega projects on the cards, the demand for adequate housing in Kochi is likely to grow manifold in recent future. The already announced projects like Smart City, Apparel Park, Container and LNG Terminal have escalated the prices of land and equally, the demand also has gone up.
In Kerala, as far as the real estate business is concerned, the notions are fast changing. Till the other day apartments and villas were well received in the market and to some great extent, they are still continuing to get good response. And if you still thought that that is the only persisting trend, then you are wide off the mark.
With everything and anything connected to the real estate having brightened up significantly, the craving for dwellings apart, people are also opting for land, in a big way. This is being considered, by many, as an emerging trend. And more and more investors are turning towards land to safely park their money.
Malayalees are a lot, who traditionally, had a strong penchant for landed property. In Kerala it was always considered a matter of pride to own vast areas of landed property. But, with a radical change in the social pattern of the state, the concept of joint families waned and sprawling lands of tharavads were either sold out or were compartmentalized with partition walls.
Reckonable aspects like great climate, serene surroundings, good communication network, easy accessibility, pollution free zones, lack of political unrest and better living standards in Kerala has transformed the state as one of the most sought after destinations in the country. Together with these supportive factors and an expanding market, Kerala has become an investor's choice, especially for those who are looking at large scale and long term investment.
As such, not only the builders but also the developers are also eyeing Kerala as a place with good growth potential. Prompted by these factors, almost all the major operators in the real estate business in the country have started full-fledged operations here. They are not only concentrating in raising luxury apartments, ultra-modern villas and resorts but also in procuring huge areas of land in various parts of the state.
"These days, even though there are ready takers for ready-made homes, an equal number of people are also looking at buying plots only because the value appreciation of plots are growing at an amazing speed", says Rekha Jacob of BCG Estates. BCG is perhaps one of the few builders who runs the concept of offering not only villas and apartments but also plots of land for buyers.
Be it the mist-laden hills of Munnar or along the banks of River Periyar or even the alluring backwaters of Kuttanad, the investors are venturing into even the remote corners of the state. Besides, plantations, especially the rubber, also have grabbed the attention of real estate developers and consultants. Finding the market very promising the number of people providing real consultancies have also proliferated much in the recent past. "Today literally everyone has become a real estate consultant especially in places like Kochi and you get really tired of calls at the end of the day", remarks a builder in Kochi.
The extensive waterfront is yet another trump card that puts Kochi in an advantageous position when compared to many other places in the state. "NRIs and foreigners are so fascinated by the enchanting beauty of Kerala's backwaters that, they are ready to pay even a higher premium for properties with a waterfront", reveals another prominent builder.
Today, the market is in such a good form that the plots in prime areas and upcoming residential colonies are getting sold like hot cakes. The land prices also have shot up even by three to four times in places like Kakkanad and Vennala. And still, the craving for buying a piece of land has not subsided with a Malayalee.
People who already own a house or a flat also consider buying a plot of land as a wise investment these days. With the housing finance companies having simplified the loan procedures, many feel that it is the apt time to invest in real estate. Many loan providers also have designed special schemes that allow aspirants to avail loan exclusively for buying land.
Most investors who opt for a plot of land do it with an expectation of assured returns in the long run. Investors feel that by putting their money in land, that too, in places like Kochi, the returns can be quite fascinating. The capital appreciation of land has gone up drastically in Kochi. Land developers feel that this is one important reason why the people are increasingly investing in plots in a big way.
Another important reason for growing demand for buying plots is that people are beginning to identify the advantages of community living and the concept of townships is catching on. Understanding this change in the attitude of customers, several builders have launched their own townships in and around Kochi.
With a number of mega projects on the cards, the demand for adequate housing in Kochi is likely to grow manifold in recent future. The already announced projects like Smart City, Apparel Park, Container and LNG Terminal have escalated the prices of land and equally, the demand also has gone up.
It's true that the invasion of the younger generation, especially those with enhanced earnings, into the housing scenario has contributed to the growth of the real estate sector. The concept of townships and the virtues of secured community living have caught their fancy in a big way. And because of all these reasons, the investors are no more skeptical and they are more sanguine that the value appreciation is bound to happen. In Kerala, needless to say, Kochi is leading the way both in terms of demand and supply.
http://www.hindu.com/2005/12/20/stories/2005122003140500.htm
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