Kochi Metro set to trigger real estate boom, land prices going through the roof

Kochi Metro, poised for commissioning of its Phase I soon, is expected to give a big boost to the real estate sector, which is of late passing through a rough patch. There will be intense business activity around the 16 metro stations in the state.

Land and property prices on the 25-km Aluva-Thrupunithura stretch are shooting up by 20-30 %. According to realtors, prices are expected to rise 40-50 % once the metro becomes operational. There is an increasing demand for properties near Kochi metro stations, in anticipation of a spurt in property prices, once the project is completed in 2016.

The Metro corridor would link important junctions like Companypady, Ambattukavu, Kalamassery, Edapally, Palarivatom, Ernakulam South, Elamkulam, Vytilla etc. This is a promising corridor for the growth of real estate in Kochi. Suburban areas such as Palarivattom, Edapally, Vytilla, Panampilly Nagar and Kadavanthara are brimming with upcoming projects.

Many reputed builders have come up with projects catering to the needs of various segments of consumers. Sub Registrar offices are witnessing a rise in land transactions. Realtors are getting inquiries from a large number of resident and non-resident Keralites interested in buying land and property along the Metro corridor.

Kochi Metro authorities expect commercial and residential hubs to prop up along the Metro corridor and Metro stations, due to easy access to fast, modern, public transport and thus promote ridership in the Metro. They are taking special care to set up  multi-level parking areas near Metro stations, so that commuters who live even beyond city limits, can patronize the Metro.

Kochi Metro, along with the upcoming Smart City and Info-park Phase II expansion with potential to generate immense job opportunities, are turning Kochi into the business and commercial capital of Kerala, and the new real estate destination.

With many new malls coming up, Kochi is also transforming into a major retail hub. Cost of living in Kochi being much lesser than in other states, easy availability of finance is exhorting investors to contribute to the Metro project.

Real estate boom in Kerala in the 1990s was triggered by the buoyancy in the Gulf labour market, coupled with the arrival of the Cochin International Airport. Cash-rich NRIs were willing to part with fabulous sums to buy super luxury flats catering to international designs.

Kochi has of late become the best bet for those looking at property, solely for investment purposes. Those who have invested in apartments in the city five years ago, have got a neat 60% return on them. A survey conducted by a business publication has identified Kochi as one of the seven hotspots for property investors in India.

So, grab the next patch of land before you lose it!

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