Kochi ranks 5th among the top 20 destinations identified by the Ministry of Urban Development under the Smart City mission initiative.
Kochi is going to become one of the next highly preferred real estate destination in India, says a report by JLL India, a real estate consultancy.
Here are the six reasons given by JLL.
1) Inclusion In The Top 20 Smart Cities
Kochi ranks 5th among the top 20 destinations identified by the Ministry of Urban Development under the Smart City mission initiative. The 'Smart City' tag is expected to boost prices exponentially. An investment of Rs 2,076 crore is expected for the pan-city solutions and area-based development. Kochi-Mattancherry-Central City, which is selected as the area for development, will witness intense development in the coming years. Numerous developers are trying to acquire land for real estate development in and around this area.
2) First Tier-II City To A Propose Metro Rail
Metro rail connectivity in Kochi is under various stages of construction and is expected to be operational by 2017. In Phase I, the Kochi Metro Rail Corporation has proposed an elevated route spanning approximately 25.25 km from Aluva to Pettah. Real estate will be greatly influenced once the metro becomes operational. Areas like Companypady, Ambattukavu, Kalamassery, Edapally, Palarivatom, Ernakulam South, Elamkulam, Vytilla, Panampilly Nagar and Kadavanthara will be the main beneficiaries and some of them have already started to witness increased development.
The future expansion of the metro will also benefit areas like Menaka, Kakkanad and west Kochi. Land prices along metro rail corridors have increased by 10-15 per cent after announcement and are expected to increase further after operations.
3) New international airport terminal to cater growing demand:
Cochin International Airport Ltd (CIAL) is constructing a Rs1,100 crore international terminal which will be commissioned by 2016. Once operational, the new international terminal along with an operational metro will uplift the real estate market in the whole region.
4) Venue for one of two submarine cable landings in India
Kochi is one of the venues for 'SEA-ME-WE-3' (South-East Asia - Middle East - Western Europe 3) and 'SAFE' submarine cable landings and is the second Indian location along with Mumbai to have two submarine cable landings. This fact highlights Kochi as an important destination for IT-enabled services.
The major thrust on IT/ITeS development will eventually boost real estate development in the city as it creates demand for residential properties, grade A office spaces and retail developments.
5) Home to India's first global hub terminal
Kochi with a strong port infrastructure has the India's first global hub terminal - the International Container Transshipment Terminal (ICTT) at Vallarpadam. This 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.
6) Continued tourism growth
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. The city's vision of transforming itself into a tourist hub paves the way for steadily increasing demand for the hospitality sector and allied industries.
Here are the six reasons given by JLL.
1) Inclusion In The Top 20 Smart Cities
Kochi ranks 5th among the top 20 destinations identified by the Ministry of Urban Development under the Smart City mission initiative. The 'Smart City' tag is expected to boost prices exponentially. An investment of Rs 2,076 crore is expected for the pan-city solutions and area-based development. Kochi-Mattancherry-Central City, which is selected as the area for development, will witness intense development in the coming years. Numerous developers are trying to acquire land for real estate development in and around this area.
2) First Tier-II City To A Propose Metro Rail
Metro rail connectivity in Kochi is under various stages of construction and is expected to be operational by 2017. In Phase I, the Kochi Metro Rail Corporation has proposed an elevated route spanning approximately 25.25 km from Aluva to Pettah. Real estate will be greatly influenced once the metro becomes operational. Areas like Companypady, Ambattukavu, Kalamassery, Edapally, Palarivatom, Ernakulam South, Elamkulam, Vytilla, Panampilly Nagar and Kadavanthara will be the main beneficiaries and some of them have already started to witness increased development.
The future expansion of the metro will also benefit areas like Menaka, Kakkanad and west Kochi. Land prices along metro rail corridors have increased by 10-15 per cent after announcement and are expected to increase further after operations.
3) New international airport terminal to cater growing demand:
Cochin International Airport Ltd (CIAL) is constructing a Rs1,100 crore international terminal which will be commissioned by 2016. Once operational, the new international terminal along with an operational metro will uplift the real estate market in the whole region.
4) Venue for one of two submarine cable landings in India
Kochi is one of the venues for 'SEA-ME-WE-3' (South-East Asia - Middle East - Western Europe 3) and 'SAFE' submarine cable landings and is the second Indian location along with Mumbai to have two submarine cable landings. This fact highlights Kochi as an important destination for IT-enabled services.
The major thrust on IT/ITeS development will eventually boost real estate development in the city as it creates demand for residential properties, grade A office spaces and retail developments.
5) Home to India's first global hub terminal
Kochi with a strong port infrastructure has the India's first global hub terminal - the International Container Transshipment Terminal (ICTT) at Vallarpadam. This 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.
6) Continued tourism growth
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. The city's vision of transforming itself into a tourist hub paves the way for steadily increasing demand for the hospitality sector and allied industries.
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