Kochi

In Kochi, real estate deals beat recession blues

Land plots in the range between 3 cents and 5 cents are in demand despite the overall slump in real estate industry.   | Photo Credit: H_Vibhu

Property deals in the commercial capital of Kerala beat recession blues to register over 6% growth between May and November this year compared to the corresponding period last year.

Official records available with The Hindu show that 50,044 documents were registered across 25 offices of the sub-registrars in the district from May to November this year. The total number of registrations in this period last year was 47,024.

An increase in genuine buyers, slow recovery from the impact of demonetisation, land prices turning cheaper, increasing bargaining options for customers and delayed registrations of deals agreed last year may have led to the slight increase in property registration in Ernakulam over the last six months, feel officials of the Registration Department and real estate brokers.

“The demand is mostly for plots in the range between 3 cents and 5 cents. People are looking out for ready-to-occupy homes located within 5 cents. The demand for property spread in 50 cents to one acre or above has declined,” said a real estate broker.

A scan through the real estate advertisements revealed a spike in availability of plots in the range between 3 cents and 5 cents. “Land prices have stabilised following demonetisation and economic downturn over the last six months. The price of commercial plots remain high despite the slump, but the rates of residential plots and land available in the outskirts and second towns of the district have come down,” pointed out a land broker.

Official figures showed that Puthencruz emerged as one of the most sought-after destinations for investment going by the number of registrations recorded from May to November this year. The Puthencruz sub-registrar office saw 3,572 deals in the period compared to the 3,248 approved in the corresponding period last year.

Kothamangalam, the bustling gateway to the High Ranges, emerged as another sought-after destination for investments. During May to November last year, 2,682 documents were registered at the Kothamangalam sub-registrar’s office. The number of registrations in the corresponding period this year has gone up to 3,044.

Land brokers attributed the steady demand in Puthencruz and Kothamangalam to the improved bargaining options for customers interested in buying land. “The prices have also stabilised in these regions when compared to the situation last year,” they said.

Demand for property in Muvattupuzha and Perumbavoor recorded a steady growth. The sub-registrar office in Muvattupuzha approved 2,767 deals since May this year while the corresponding figure at Perumbavoor was 2,886. The documents registered in the corresponding period in both the regions in 2018 were 2,673 and 2,781 respectively.

Ernakulam’s record as one of the most popular investment spots in the district recorded a marginal dip this year. Between May and November this year, 3,048 documents were registered against the 3,081 deals approved in the corresponding period last year.

Interestingly, property registration in Maradu that hit headlines following the Supreme Court directive to demolish four apartment complexes recorded a marginal increase. The sub-registrar office at Maradu okayed 1,637 deals compared to the 1,556 documents registered last year.


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Printable version | Jul 31, 2021 1:32:28 PM | https://www.thehindu.com/news/cities/Kochi/real-estate-deals-beat-recession-blues/article30335604.ece

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