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Thiruvananthapuram Real Estate

As a location for making investments in real estate, Thiruvananthapuram offers excellent prospects, especially with the recent boom in the IT industry. Whether talk of commercial properties or residential properties in Thiruvananthapuram; the city's real estate is making rapid strides in each segment, particularly at Kazhakootam, a home to the famous Technopark. With more and more IT companies looking forward to spread their wings in the city, there is going to be a huge demand for residential apartments.

The new bypass stretching four kilometers between the Technopark campus and the upcoming campuses will push up the demand for residential units thereby witnessing the emergence of a comprehensive range of residential projects in near future.

With the growing awareness for healthy life, no one wants to be a part of hustle and bustle that the metropolitan cities are famous for! People want to settle in a quite place with the availability of all the needed facilities. What better way it could be to escape the fast glitzy life than to have a home sweet home in the alluring city like Thiruvananthapuram.

Sharing the same opinion, a number of NRIs are pondering over to retire back to this amazing part of the South India. This apart, emotional reason like family attachment is yet another reason why many NRI Keralites are planning to move back to Thiruvananthapuram permanently.

As in Kochi, the main reason for this trend is the IT opportunities in the future, with several major companies setting up their space in the city.

The market for residential property in Thiruvananthapuram has also witnessed a gradual movement as the city is seemingly detaching from its old image of being pastoral. Near about 50 residential projects are on the construction track. The growing demand for the apartments both within the city and outskirts is an underlying reason for such a boom.

Establishment of Technopark in the year 1995 has given a real boost to real estate of the city and helped to shape up a competitive IT centre which was actually the most needed. Earlier, Thiruvananthapuram had honored to be the best tier II metro with IT infrastructure, and one of the best emerging cities with large availability of human talent.

Appreciations
A further appreciation in real estate prices in Thiruvananthapuram cannot be ruled out considering the migration of people and the influx of software companies to establish open campuses. The big potential for property can well be realized if infrastructure is put on fast track.

With hundreds of skyscrapers set to dot the skyline of the city, it would not be long before Thiruvananthapuram transforms into a 'city of skyscrapers'. Government and the private players in real estate industry are leaving no stone upturned to bring improvements in the infrastructure of Thiruvananthapuram. This is why; the demand seems to outstrip the supply thereby resulting in a hike in property prices.

Renting out a 1,000 sq. ft. 2 bedroom flat will fetch you the monthly rent of Rs. 7,000 whereas the rent for furnished apartments is hovering around Rs. 20,000-25,000., depending on the location. The land prices in Pattom areas have shot to a probative limit and cost Rs. 15, 00, 00,000 per acre. Vellayambalam in close proximity to the main road costs nearly the same whereas an acre at Statue can be available for Rs 20, 00, 00,000.

Upscale residential segment and tall buildings have started dotting the city's skyline. There has been 100 per cent increase in real estate market of some areas. Rental market is also rolling in the wake of IT boom. All the upcoming residential projects in Thiruvananthapuram promise to provide hassle free living and an array of amenities including security, excellent power system, plumbing system, easy access to offices, schools, colleges, and places for entertainment.

Establishment of Technopark in the year 1995 has given a real boost to real estate of the city and helped to shape up a competitive IT centre which was actually the most needed. Earlier, Thiruvananthapuram had honored to be the best tier II metro with IT infrastructure, and one of the best emerging cities with large availability of human talent.

Air-conditioned office spaces at Technopark is generally rented out for Rs 19-22 per sq. ft as compared to the rental for non-air conditioned rooms which range from Rs 16-18 per sq. ft. The real estate of Thiruvananthapuram seems to never cease to amaze and assures newer, better rather than an immaculate look.

NRI Real Estate Trends
Apart from drawing interests from domestic investors (largely from the garden city, Bangalore), Thiruvananthapuram real estate is also attracting Non Resident Indians (NRIs). Many prominent property developers, architects and management consultants of national and international repute are seeing long term benefits in being a part of the booming real estate business of Thiruvananthapuram. This has encouraged a many builders to make investments in potential construction activities through joint venture.

Many NRI Keralites prefer to rent out their apartment which fetch around Rs 15,000-33,000. Talking about the rent for a 2,500 sq. ft apartment at central locations in the city, it is hovering around Rs.28, 000 - Rs. 33,000. The rental of furnished apartments could even rise to Rs 40,000.

With an increase in number of NRIs pondering over to return back, the concept of luxury housing is becoming a trend in major upcoming Indian cities. It is such exclusive penthouses which are commanding plus one crore price in Thiruvananthapuram.

Future residential projects that are to come up in the city will include the access control gates for high security purposes. There are plans for the development of villas in major part of the city. However, the concept is not highly popular with the people at Thiruvananthapuram.

One of the new real estate project, Vaashi Hills facing Aukulam Lake boasts to construct duplex villas with garden. The project is much in talks these days and prospective investors are eyeing at the same with a purpose of reaping good returns in long run. These villas come with a price tag of Rs 1400 - Rs 1650 per sq. ft with modern amenities like health club, tennis court, open stadium, and play area for children.

The retail segment in Thiruvananthapuram is also hotting up. And with top property developers in the city scouting for the customized built-in spaces, the new real estate projects are staying in step with a growing trend of being booked even before the completion period.

 

 

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