Depreciation of Rupee, new developments in Kochi raise great expectations
Credai Property Show, the showpiece exhibition of real property business in Kerala, got underway in Kochi on Friday on Marine Drive, inaugurated by the mayor of the Corporation of Cochin Tony Chammani. The show is on till Monday between 10 a. m. and 8 p. m. The property show looks to cash in on the depreciation of the Rupee value against other major currencies and the drain in the value of gold and shares.
Credai Property Show organiser Sunil Kumar V. feels that the depreciation in the value of the Rupee is tantamount to an increase of 20 per cent in income for the NRIs. This is going to be a big factor influencing investment decisions, he said.
President of Credai Kochi John Thomas pointed to the drain in the value of gold and the stock market fluctuations. These factors make investments in real property a valued and reliable option.
The exhibition this year coincides with the holiday season for NRIs in the Gulf region, who still play a big role in the premium property segment in the state.
The property developers feel that the city of Kochi is in for explosive growth, adding a new dimension to the real property market in Kerala. The city’s growth will be augmented by the Kochi Metro Rail and the SmartCity projects, which have taken off the ground after some delay.
A total of 36 builders and eight banks are participating in the exhibition offering property, both residential and commercial, ranging in value between Rs. 35 lakh and Rs. 3.5 crore. There are 72 stalls at the exhibition, showcasing 150 projects.
Credai Kochi claimed that the property show offered the finest choices available to investors and home-buyers both in Kochi and other towns.
The ‘Kochi Rising’ campaign that preceded the property show is projecting a city that is becoming the most happening place in the State and a big investment destination of the future. The future is real is the concept that Credai is propagating as part of its mission to promote real estate investments as a superior avenue against gold and shares, said a handout from Credai Kochi.
As a curtain-raiser for the property show, Credai Kochi organised a lecture on the future of Kochi, delivered by the well-known architect and urban designer Sheila Sri Prakash. The core of the talk was “Should Kochi Aspire To Be Shanghai Or Venice”? and how Indo-centric design-thinking was transforming the world.
She said that the city was at a juncture at which it should decide how its DNA lines grew and raised the question as to why Kochi was not exploring its waterways for mass transport.