As Kochi expects an investment of Rs.2,076 crore, Kerala’s fastest-growing metropolis is likely to become the next highly-preferred real estate destination in India. “Kochi hits a six to become the next highly preferred real estate destination in India,” stated JLL India in its latest report.
“Kochi, which was earlier struggling to recover from an oversupply scenario, will see a massive revival due to creation of demand from these initiatives,” said A. Shankar, National Director and Head of Operations – Strategic Consulting, JLL India, a leading global property consultancy and research firm. According to him, there are six reasons, which would help the city to expand further: inclusion in the top 20 Smart Cities; the first Indian Tier-II city to propose metro rail; new international airport terminal to cater growing demand; venue for one of two submarine cable landings in India and home to India’s first global hub terminal.
Water management and e-governance are focus areas as part of pan city solutions which will help Kochi access improved and planned infrastructure with assured water and power supply, sanitation and solid waste management, efficient urban mobility and public transport and IT connectivity.
“Kochi-Mattancherry-Central City, which is selected as the area for development, will witness intense development in the coming years,” said the report, adding, “numerous developers are trying to acquire land for real estate development in and around this area and the ‘Smart City’ tag is expected to boost prices exponentially.”
“Real estate will be greatly influenced once Kochi Metro becomes operational. Land prices along metro corridors have increased by 10 to 15 per cent after announcement, and are expected to increase further,” he said.
Once operational, the new international terminal of Cochin International Airport Ltd (CIAL) will have a very positive economic impact and uplift the real estate market in the whole region. “The completion of the international terminal, along an operational metro, will give significantly boost the city’s real estate market – and the catchment itself is expected to witness 15-20 per cent rise in property prices,” it added.
The International Container Trans-shipment Terminal (ICTT) at Vallarpadam, makes Kochi the premier port gateway to South India. Warehouses and other port-based industrial developments will see growth in these areas and lead to vastly increased port-related activities.
Moreover, Kochi sees an annual tourism influx that equals about four times its population , of which 14 per cent accounts for foreign tourists, and reflects an annual increase of about 6 per cent.