Becoming one of the most sought-after cities in the country, the city has attracted a number of real estate developers who have fulled the realty business with an investment of of over $ 2 billion. Drawing a lot of foreign investment from localites based in the Middle Eastern countries, many state-of-the-art residential projects and healthcare facilities have mushroomed. Real estate developers are now cashing on this trend and are buying land in large parcels to create projects ranging from multi-storeyed buildings to gated communities. Flats for sale in Kochi are estimated to hover anywhere between Rs 3,779 to 4,083 per square feet. Localities like Edapally, Panampilly Nagar, Thevara and Edapally are scattered with a number of residential projects that range from mid-segment to uber-luxurious projects.
Apart from the developing social ultrastructure, the introduction of a number of MNCs (Multi-National Companies) is driving the realty market of Kochi. The introductions of IT Parks in Kakkanad and the Cochin Vallarpadam International Cointainer Teerminal are major projects that are roping in many migrants from across the country. Flats for sale in Kochi especially close to the IT parks are dominated by working professionals. Becoming a more favourable market for the investors, non-residing residents are now buying apartments only for the sole reason that they could be rented out later. A 2BHK apartment for rent in a locality like Kakkanad that is dominated by a number of IT parks costs Rs 8 to 14 per sq ft depending is the house is semi or fully-furnished.
Kochi is well connected to other cities via rail and airways, however the traffic bottlenecks have always been a cause of concern for the localities residing here. Catering to this problem is the Metro Rapid Transit System (MRTS), the metro will not only flourish the Kochi real estate sector it will also reduce travel time drastically. The financial capital of Kerala is all set to receive a metro rail and the projects is estimated to cost over Rs 5,000 crore. Slated to complete in the next two years, localities between Aluva and Petta will be most beneficial. Property prices in corridors around metro have already started appreciate. The demand for properties in between Aluva and Petta like Palarviatom, Companypady and Kalamassery is increasing day by day.
For all those who are looking towards buying a property for investment purposes, Kochi is a safe bet for you. Not only will the property prices in the city appreciate over the time, the developing social infrastructure of the city will also increase the capital value of your property.