Kochi

Kochi is a popular city in the Indian state of Kerala. Formerly known as Cochin, it is one of the major sea ports in the country. The city faced economic stagnation till the early 2000s, but the scenario has changed since then. With fast economic growth and development in the city, it is now becoming one of the fastest growing second-tier metros in the country.

Reasons of rise in realty prices

• The international trade, and tourist sector in the city are booming and this has led to an increase in demand for hotels, commercial and office space, thereby leading to a rise in prices.
  
  
• With rise in the working population, rising incomes, there has been an increase in demand for commercial and residential properties, which has created buoyancy in the real estate sector, and also an increase in the prices.
  
  
• Infrastructure development, better roads, ports, have further lead to a price rise in the sector.
  
  
• The city has started experiencing the IT boom and major IT giants have started setting up offices in the city, this is another major reason of high rise in realty prices.
  
  
• Industrial growth in the city is another contributor to the vibrancy in real estate. The city has concentration of banking, shipbuilding, IT , tourism, and the fishing industry, which creates more demand for real estate.

Residential real estate
The price of residential properties across the city is also rising. This can be attributed to increase in demand because of increasing working population, higher incomes, changing lifestyles. Some of the major areas in the city are: Panmpilly Nagar, Palarivattom, Kakkanad, Gandhi Nagar, Kaloor, Giri Nagar, Kumaran Asan Nagar, Edapally, Kakkanad , Kathrikadavu area. Developers are building high quality and modern apartments, condominiums for attracting NRIs.

Commercial real estate
As with the residential property, the commercial properties are also in high demand and hence the increasing prices. MG Road, Chittoor Road , Marine drive and Shanmugham Road are some of the prominent areas where such properties are in high demand.

Industrial Real Estate
With fast industrial development and government support the city is fast developing into a popular industrial hub. This has led to a considerable increase in the realty prices. The city has also been declared the second-most favored destination for IT based services in India by NASSCOM.

The real estate prices in the industrial sector are also rising because of the opening of SEZ, IT parks, Technology parks etc. The Kerala government has also entered into agreement with the promoters of Dubai Internet City to build a huge IT campus. Another projects include setting up of an electronic hardware campus and biotechnology park. This is thus the right time for global investors to put money in real estate in the city.