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Housing in Kochi

Kochi, which was previously known as Cochin is the commercial capital of Kerala, and is the 2nd most prominent city in the western coast of India. The city most popularly termed as the “Queen of the Arabian Sea”, is situated in central Kerala. The city rests on a group of islands, surrounded by exotic beaches and breathtaking landscapes. The backdrop is a harmonious blend of the city’s natural beauty with the backwaters and beaches, a metropolitan outlook with its sky high buildings combined with the historical grandeur, historical palaces, ancient churches and forts.
 
Housing in Kochi, would mean living amidst the natural surrounding and the city. The housing options in the city over the years have increased owing to its growing population and the immigrants. With better infrastructure, employment opportunities evolved urban amenities real estate and housing in Kochi is now developing at a faster pace.
 
Real Estate in Kochi
 
Being the center of tourism, Kochi is one of the biggest Indian metropolitan cities having good connectivity by road, rail and air. The city also provides all the high-class facilities offered by a metropolis ranging from commercial and residential complexes to efficient services in banking, medicine, hotels, education, food and the like to its residents. Kochi is the most evolved city in India and has a workforce which is literate and skilled. Being known as an important hub for IT/ITES, the realty and the property market in Kochi is witnessing a boom.
 
The urban culture of the city has played a key role in taking the real estate sector to new heights of success and development. Adding on to that, Kochi is located strategically on the transnational trade corridor which also makes real estate and housing in Kochi favorable to many. The tradition and culture, the efficient system of communication and the easy accessibility to trained workforce are other factors for the real estate and housing boom.
 
There are several infrastructural developments that are taking place in the city. Some of them are listed below:-
 
  • Metro Rail Project
  • The LNG Terminal
  • New Bus Terminal
  • Special Economic Zones (Port based)
  • Other developments in traffic systems and the like
 
Housing in Kochi
 
Due to the increasing demand from the private investors and the NRIs the residential sector of Kochi has been developing at an exceptional rate. It is estimated that about 2 million NRIs are in the process of making substantial investments in the residential areas of the city. This in turn encourages the trend of the lavish and deluxe apartments and accommodation options. With the changing times, people no longer wish to reside in the same house day after day. Today’s generation is all for the most comfortable and luxurious living that they can afford. The living conditions today needs to reflect the individual’s style and class.
 
Keeping this in mind the realtors and the developers have constructed the luxury apartments that are affordable and cater to the requirements of today’s generation. The evolved lifestyle and the demand for the lavish residential properties in Kochi are existent due to the following reasons:-
 
  • The increasing disposable income amidst the middle class
  • Houses, villas, apartments etc are easily available
  • The markets are reviving all too soon.
  • There has been a continuous expansion in Kochi due to the MNCs, Indian Corporate houses and the IT Parks
  • Substantial long term investments are being procured from the NRIs in real estate projects and initiatives.
  • The Kochi Port city is estimated as the second most potential city for investments by the NASSCOM in the field of IT.
 
There are several builders and real estate developers who have been undertaking new residential projects in Kochi. The eminent names can be listed as below:-
 
  • DLF City
  • Great India Estates
  • Sahara Builders
  • Skyline Foundation
  • Sobha Developers
  • Purvankara Projects
  • Emaar- MGF
  • Prestige Group
  • Brigade Group Anzera Properties
 
Real Estate and Housing Prices in Kochi
 
Kochi over the past few years owing to its modern lifestyle is developing socially and economically. This naturally has an impact on the real estate of the city. The present state of Housing in Kochi is attracting several people from outside.
 
They are both the foreigners as well as Indians from other parts of the country. If you wish to make an investment in the city real estate, the following table would be helpful in order to identify the price changes. This is recorded as of January 2010, and is susceptible to market changes.
 

LOCALITY
Apartment Capital Value(Rs/sq ft)
 
Plot Capital Value(Rs/sq yard)
 
 
Jul-Sep’09 (%)
Jan’10
Jul-Sep’09 (%)
Jan’10
West (2)
0
3000-3500
0 to 37
500000-1500000
East (4)
6 to 25
2300-3500
-5 to 55
200000-700000
South (1)
25 to 27
2500-3500
40
400000-800000
North (7)
0 to 35
1850-3500
-80 to 35
75000-700000
 
 
 
 
 
 

RENTAL VALUE
 
 
LOCALITY
Apartment 2 BHK (Rs/month)
 
 
Jul-Sep’09 (%)
Jan’10
South (1)
30 to 33
5000-12000
North (7)
5 to 37
3500-15000
West (2)
0 to 22
6000-12000
East (4)
0 to 19
3500-15000
 
 
Housing Projects in Kochi
 
There are several real estate projects that are taking place in Kochi both in form of commercial as well as residential projects. If you are aiming for a residential accommodation in Kochi, you can check out the following projects listed below:-
 
  • MIR Realtors: - MIR Realtors is an eminent realty group in Kochi. You can visit their project named the MIR Green Metropolis which provides exquisite living conditions amidst the serene and tranquil surroundings. They offer the potential home-buyer options from a wide range of apartments, penthouses as well as villas as per their requirements and budget capacities.
 
  • Sahara Group: - Sahara Group has come up with an excellent residential project in Kochi named the “Sahara Grace” that is building apartments for the residents at an affordable range.
 
  • Purvankara Group: - One of the most eminent real estate groups in Kochi in residential accommodation, offers you a host of choices. You can choose a residential accommodation from their various projects, namely the Purva Moonreach, Purva Grand Bay, Purva Eternity and the Purva Oceana
 
Housing in Kochi also has other options from the various real estate groups and builders. The new projects that are being developed are targeted for all income groups and have several EMI options.