Property developers in Kochi can look forward to brighter prospects with the International Container Transshipment Terminal at Vallarpadam being inaugurated and the hurdles cleared for the realisation of the SmartCity project.
The Rs.2,500-crore Cyber City project in the private sector will be another propellant of demand for commercial and housing property.
There has been a delay of four years in reaching the agreement on SmartCity, but the State's economy will turn upwards with the kind of development taking place, especially the Vallarpadam terminal, says Najeeb Zakaria, president, Kochi branch of Confederation of Real Estate Developers' Association of India.
The demand for housing will go up as according to rough estimates, at least 50 per cent of the people taking up the one lakh jobs directly and indirectly linked to SmartCity will require housing and half of this group are likely to make a buy, he says.
The rentals will improve considerably, which is considered one of the best indicators of vibrant commercial activity, Dr. Zakaria says. Commercial investment in housing will improve and every year, 5,000 housing units may become available.
The market has been in the revival mode for the past three to four months, says M.D. Jairaj, president of the Kerala Builders' Association. The signing of the SmartCity agreement did bring cheer in the market. There will be more takers for property now.