Young buyers investing in Kochi realty

Samson Varghese, just 4 years into his job as a software engineer, is on a house-hunting spree. He stares at one of the Marine Drive properties and seems to say, “Someday I shall be here”. For the moment, he zeroes down on Edapally.

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Planning on an investment in Kerala? Zero down on Kochi’s popular places that promise not only employment opportunities but also properties for every kind of budget range! Talk space, view and luxury and Marine Drive leads you to some of the plush buildings in Kochi worth anywhere up to Rs 4 crore! But, if you think you should rather spare your pocket and still enjoy some proximity to Marine Drive, try Edapally, Kadavanthra or Kakinad.

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Set on the banks of Vembanad Lake, Marine Drive epitomises a buyers’ choice of luxury. Several reputed developers have launched their projects here, each of them costing not less than a crore. These properties futuristic in their designs and while we may find clay tiles and wooden ceilings quite alluring, most Marine Drive properties have graduated to steel and glass! The cost it commands is not only for the make but for the skyline that has changed over the years in Kochi.

Like Varghese, many young professionals want to invest. Thanks to the many developers in this region, there is a stark difference between properties within 3-8 km of Marine Drive and these are what most first time young buyers look to.

At Kakkanad, property prices start at Rs 25 lakh for a 700 sq ft residential house. At Kadavanthra, most properties are in the range of Rs 40-65 lakh and the same stands true for Edapally. These areas also have high-end properties but on the whole they cater to the mid to upper middle class. While they might be lower priced, each of these properties are carefully furnished and well ornamented.

Irshad Ahmed, proprietor, Heera Estate says, “Kochi has opened up a lot of job opportunities in the IT/ITes or tourism, hospitality or trade sectors. From manufacturing to chemical industries, Kochi is promising as a commercial capital of Kerala.”

The local and non-local workforce flocks to the InfoPark, Cochin Special Economic Zone or even to the export promotion industrial park. The Cyber City at Kalamassery is also coming up as an integrated IT township. All this and more renders Kochi a real estate investment destination.

Pricing realities

Vincent Paul, realtor at Kochi Properties Management says, “Kochi’s real estate values have risen substantially over the years. Significant infrastructural development like the Kochi Metro has been the primary reason. Kochi is also seen as a smart city with potential – software hubs, manufacturing industries, mobility hub at Vytilla and the influence of Non-Resident Keralite (NRK’s) have been other reasons.”

“A lot of buyers from Kerala migrate to gulf countries and even to North India for work. Most of them, over time, have also invested in Kerala. Among the younger generation of buyers, Kochi has been the hotbed,” adds Paul.

Well paid NRK’s have grand choices when it comes to real estate. They are not wary of putting in a considerable amount of money into property since this reveals one’s standard of living. “In Kerala, it shows whether you are well paid or not so, you find most flats or houses surpassing each other in ideas, décor, ornamentation and brand,” smiles Paul.

Accordingly, onlookers judge the inhabitants –“Georgekutty Korey undu. Gulfilpoyadalle” that translates into “They have a lot of money, that’s because he had been working abroad.”

Most local buyers are investors because they already have a home – parent’s home. However, rental yields, willingness to invest in something beyond gold and familiarity with the place motivates them to invest.

Connectivity

Most places in Kochi are well connected through national and state highways making the area a hot investment ground especially among locals. While NH-47 means you are well connected to Coimbatore, Salem, Palakkad and Thrissur, NH-17 is a boon for local exporters because it connects Kochi to Panvel. NH-85 links Kochi to Madurai and Dhanushkodi.

Via state highways most Kochi workforce has the benefit of being connected to Ettumanoor, Thripunithara, Vytilla, Kothanalloor and Pulikkal Junction while SH-41 connects Kochi to the eastern parts of Ernakulam.

With the international airport at Cochin, many NRK’s do not look beyond Kochi as a hot investment ground. A reputed developer says, “Initially Trivandrum was the hotspot in Kerala. With time, Kochi replicated Trivandrum with the best of social infrastructure, schools and hospitals and doubled up its potential with more job opportunities than what Trivandrum could offer.”

Today, Kochi is a friendly real estate investment option catering to different age groups and income levels.Have a mind to invest in God’s own country?

Sneha Sharon Mammen, Magicbricks.com Bureau

Source: http://content.magicbricks.com/industry-news/other-cities/kochi-young-buyers-getting-attracted-to-kochi/75381.html