NRI interest sets fire to Kochi real estate
Although a considerable number of Kerala residents live in foreign countries, real estate in Kochi has always been the subject of NRI interest. Lately, the surge created by the influx of IT/ITeS based companies in the property markets has also led to an increase in property prices in Kochi.
A large number of employees are moving into the city and the demand has visibly impacted capital prices and property rental values here. However, NRIs have no qualms about the same and property investment in Kochi remains one of their favorite options, the sources reported.
demand pattern
According to Kochi property dealers, most of the NRIs are looking for residential properties with sea views in the city. Perhaps, that is why the locations around Marine Drive and MG Road are the most premium residential locations in the city.
However, vacancy rates in these areas are at rock bottom and there are almost no properties available for sale. Furthermore, market experts feel that prices are too high now and offer no room for further growth from an investment standpoint.
Consequently, NRI investors have been taking an interest in suburban locations such as Kakkanad, Edappally, Kalamssery, Ankamali and Thripunithura.
Extensive construction activities are taking place in these areas, and big real estate companies like DLF, Puravankara, Sobha, Prestige and Brigade Group have lined up their ambitious projects in these areas.
Given the demand for high-end residential properties, international players are also interested in the Kochi property markets. Recently, Dubai-based Emaar Group has also launched its project in the city.
Property Securities in Kochi
Given the real estate boom in India in the past two years, apartment prices on Marine Drive have skyrocketed by almost 300 per cent from Rs 1,500-Rs 2,400 psft to Rs 5,000-Rs 7,000 psft, in the period from between 2005 and 2007.
Capital values for apartments in the aforementioned suburban locations are in the range between Rs 1,500 and Rs 4,000 per square meter. foot (Source-MagicBricks.com).
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