September 5, 2014

Apartments and flats become popular in Palakkad

Palakkad previously known as Palghat is an important town in the state of Kerala. This city has been low key for years now only attracting residents of Kerala and other NRIs. Part of the Palakkad District this town is the 7th largest city in the state of Kerala. Situated in the border of Kerala and Tamil Nadu the city proves as an important transport route between the two states via the National Highway 47 between Salem and Kanyakumari.

popular in Palakkad

Palakkad according to the 12th 5 Year Plan will have a premier educational institute of IIT in the region. The properties in Palakkad enjoy a good location as a liaison between Coimbatore in Tamil Nadu and the state Kerala. The nearest airport to the city being the Coimbatore International Airport situated 67 km from Palakkad. Other airports like Kozhikode and Cochin are more than 100 km away from the city of Palakkad. Railway connectivity provides a good network to the residents looking to travel from and to Kerala. The locality has good social infrastructure with schools, colleges and healthcare facilities for the residents.

Being given a status of a small town and a conservative real estate market, Palakkad was not able to catch up with other cities in the state of Kerala. Like Kozhikode, Kochi and Trivandrum the service sector and industries like shipping, gold trade are not prevalent in the region. The district was for the most part restricted to the farming community with its extensive paddy fields being an important source of revenue and income for many. Government jobs are another prevalent means of employment here. But today there are several small scale industries and retail units in the town. They attract man power and this man power aspires for a better standard of living. This is when the builders in Palakkad identified a realty opportunity. Affordable housing is an important market in the city. The area mostly has buyers who are looking at individual or villas by the ones who called Palakkad their home town. But there is a whole new set of buyers who come from smaller towns in and around the district and aspire to start lives in Palakkad. Therefore these group of people are the ones looking for Properties in Palakkad like apartments and flats.

Today the land prices in Palakkad come in an average range of INR 3000 to 6000 per square feet for prominent localities within town. Some also come to as low as INR 700 to 1000 per square feet. However these areas will require extra spend in terms of arranging for proper basic necessities. However apartments and flats have been introduced in the market by builders in Palakkad. The convenience of investing in a flat and not worrying about the nuances of construction is what is attracting many towards this culture in the real estate sector. In the near future realtors in Palakkad expect a steady rise in demand for townships and flats although the real estate sector is still in a nascent stage.

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