July 29, 2014

Guruvayur - Growing Beyond Tourism

When you think of Guruvayur the first thing that comes to our mind is the temple. Yes! It is famous for its Guruvayur Sree Krishna Temple and attracts millions of devotees every year. The main economic driver has been the religious tourism in this area for many years now. This ancient city is nearly 5000 years old if researchers are to be believed. There are mentions of this town in literature as early as the 14th century. This ancient town has been famous for its historical reverence but a little known fact remains that properties in Guruvayur is in great demand for residential and business purpose.

Although the real estate industry is in a very nascent stage this locality shows immense potential after the other top cities in Kerala like Kochi, Trivandrum and Calicut. Its close proximity to Kochi is another plus adding to the overall connectivity in the region.  National Highway 17 starting at Edapally, Ernakulam extends upto Guruvayur providing good road link. State highway 49 in the Thrissur district is another important road in Guruvayoor. Good road connectivity is very crucial to a place like Guruvayur because of the number of tourists it attracts every year.

 This city can also be easily accessed via Kozhikode & Palakkad additionally with the help of Kerala State Road Transport Corporation (KSRTC) Buses. Bus services are the most extensively used modes of transport in the state of Kerala. Interstate transport is also good in this state from its neighbouring states of Tamil Nadu and Karnataka. Railway is the largest network of transport in India and is also very crucial in Guruvayur. Guruvayur is a part of the Thrissur Guruvayur Line with the last station being the Guruvayur Railway Station. It provides very easy access from Chennai, Trivandrum, Kollam, Madurai and Trichy. Airport connectivity is also fairly good considering that it is a tourist destination. Cochin International Airport is just 87 km away and Calicut Airport is 100 km away. This provides easy access via airway for many NRIs visiting Kerala every year.

Being a Tier II city one might think that real estate growth is slow in the city of Guruvayur. This notion has been proved by my seeing the recent market trends. It has shown the highest capital value for villas in Guruvayur. Prices of individual homes and villas can start from INR 1000 per square feet going up to INR 2000 in some localities. The area is a calm and peaceful residential destination outside the vicinity of the temple where the city faces a lot of crowd and hustle and bustle. Other kinds of properties in Guruvayur include plots, which are reasonably priced at INR 700 to 800 per square feet.  Like most of the Tier II cities apartments are coming up in every nook and corner of Guruvayur. Smaller 2BHK and 1BHK units are popular here. Retail and investment in commercial establishments like hotels is also a good investment option considering the tourism potential of the place. However, villas in Guruvayur and plots are a good investment choice considering the price.