Cochin could be a lucrative real estate market in South India.
7/11/2014 12:09:20 PM
|written By : Nithya Subramanian|
Want to own a property in God’s Own Country? Consider Cochin – Kerala’s commercial capital and an old port town has been witnessing a real estate boom. Though the market took a dip a few years ago, mainly due to the global economic crisis, it now seems to be looking up.
Large companies such as Sobha Developers Ltd, founded by Kerala-born P N C Menon, Skyline Developers, DLF, Hiranandani Group, Godrej Properties, Provident Housing and several others have either started constructing properties here or have acquired land parcels in the city. The latest entrant is the well-known jeweller, Joyalukkas Group, which is setting up a 22-storeyed 156-apartment project at nearby Vazhakala (suburban area near Cochin) with an investment of about Rs 300 crore.
Most of these developers are offering premium properties that have been inspired by projects in Singapore and the Gulf. Flats, apartments, villas, residential complexes, etc with an array of amenities like modular kitchen, granite flooring, exclusive parking, landscaped garden, health club, high-speed lifts, swimming pool and others are being developed in the city, and some of these are priced between Rs 1.5-3.5 crore.
According to real estate consultancy Jones Lang Lasalle, Cochin’s real estate market is broadly classified as prime CBD, secondary and peripheral sub-markets. Cochin’s prime CBD comprises Marine Drive, MG Road and its extensions, Kadavanthara, Jawahar Nagar, Panampally Nagar, and so on.