In a recent real estate study, Kochi topped a list of best Tier-II real estate destinations in India. The study analyzed real-estate market conditions for 19 Tier-II cities, including Kochi, Nashik, Visakhapatnam, Vadodara, Trivandrum, Jaipur, Indore, Goa, Coimbatore and Mangalore.
The addition of the Kochi Metro Rail Project has provided a boost the city’s real estate market. The project was previously stalled due to monsoons, but has gained momentum and is expected to be complete by December this year. The first phase of the metro rail project will start from Aluva and stretch up to Maharajah’s College, covering a total of 16 stations.
As in the case of Tier-I cities like Bangalore and Chennai, metro rail projects make a huge impact on any city’s real estate market. Similarly, the Kochi Metro Rail Project has been garnering interests from investors. The demand for properties along the entire stretch of the project has been on the rise.
The demand for affordable residential projects is increasing across the country –Kochi has been able to cash in on this trend. The city has encouraged the growth of budget-housing projects, and they account for approximately 60 percent of Kochi’s housing market.
Buyers that are interested in properties below Rupees 50 lakh can find a plethora of options in Kochi. Some of the residential projects that have affordable properties are Prakrriti, DD Green Woods, Vilayil Apartments, VKL Enclave, and Dreamflower Evita. Due to the availability of mid-range properties, Kochi is considered as one of the most sought-after real estate markets of the country.
Apart from the booming sales of affordable houses, Kochi’s luxury housing segment has also witnessed growth. A considerable number of these high-end houses are purchased by Non-Resident Indians (NRIs) that live in Gulf countries. The sale of premium residences gives developers enough cash flow to start other residential projects. While other cities like Delhi and Gurgaon struggle with the problem of unsold inventory in the premium housing sector, Kochi is excelling.
The future of Kochi’s real estate market looks bright due to the availability of affordable and good residential projects. With so many new infrastructural developments to its credit, Kochi is earning its place as the top real estate investment destination among Tier-II cities.
Launch of the Smart City Project
Kochi’s Smart City Project will revolutionize the areas’s job market and open avenues for real estate investments. The project will establish an IT Special Economic Zone in the city and upon completion, it is expected to create approximately 90,000 jobs.
The increase in job opportunities will lead to the increase in demand for good residential projects, which will give a major boost to Kochi’s real estate market. Additionally, the cost of living in Kochi is lower than other metropolitan cities like Mumbai, Delhi, and Bangalore.