While a considerable number of Kerala residents dwell in foreign countries,
real estate in Kochi has always been the subject of NRI interest. Of
unpunctual, the surge created by influx of IT / ITeS based companies
in the property markets has also resulted in soaring property prices
in Kochi in the last few years. A mammoth 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.
According to the property dealers in Kochi, most of the NRI investors
look for sea - facing residential properties in the city. Feasibly,
that's why localities around Nautical Drive and MG Road are the most
premium residential locations in the city. However, the vacancy rates
in these areas are at rock keel and rarely any properties are available
for the sale. Also, the markets experts caress 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, Acclaim, 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 bygone team 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.
