Real Estate general discussion

[Demelo36]

Buying an apartment property is still an important part of life and generally, one can realize it once in a life. At present time, it is very profitable to buy residential property in Cochin. Builders have started marketing globally, targeting not only resident investors but also foreigner investors through their modern technologies, new style, good market value, attractive prices, and opportunities to make a huge profit.

Boom on property business has pressured other associated business to change their strategy and policies in favor of real estate market. Financial institutions realizing the requirement of the new type of investors, who want to invest in real estate market are providing home loan on lower interest under various schemes. Subsidy on home loan, are provided to builders since apartment projects are mainly dependent on bankers and their schemes.

The Government has launched various programs to attract buyers and investors. The real state sector contains greater money growth rate than other sectors, while the risk factor is comparatively low. Cochin apartments are attracting more buyers for this reason and continue to be one of the biggest growing sectors in Cochin economy.

Residential property in Cochin is also suitable for investors due to emerging new rent and lease structure. The acute shortage in residential spaces ensures that soon after buying a house, one can easily get a tenant who will pay the market value and maintain the home

The field of Cochin real estate has proved so lucrative that most of the domestic as well as foreign companies have jumped into this arena. The results of investment here were extremely overwhelming which showed fast multiplication of capital

[AbrahamVCherry]

The Onam Effect On Kochi Real Estate

The festive season of August to October sees maximum real estate activity in India. Kerala sets the trend with Onam and Diwali is usually the peak across the North and the West. In a year of slowing down of property markets across the country largely due to rising interest rates and escalating values, the market was watching the Kerala Onam season with bated breath to see if the festive season would actually bring cheer to the real estate industry as well.

Take the case of kochi real estate. A port town with huge unmet real estate requirement, demand exceeds availability at the prime locations. As in all Indian cities, Kochi too is witnessing suburban development - towards Kakkanad in the eastern end of the city. Capital values for residential apartments have shown a rise of about Rs 300/ sq ft over the last couple of months. Plot values currently hover at about Rs 7100/Sq.Yard (Source: MagicBricks). However, even more significant than the marginal rise in values is the fact that a very large number of transactions took place during the festive period.

Kochi broker George revealed that, "Kakkanad, a hilly village is fast becoming a new city hub, most-sought-after location in Kochi... The Onam festival being a period of considered auspicious by the people, saw a large number of transactions". This has led developers and brokers to expect that people are looking forward to invest in real estate big time. Another Kochi broker, Srinivasan analyses the trend further. "Similar to Diwali, Onam also brings in special offers and schemes, like discounts and easy home loans for the buyers". The special schemes lure the customers to invest in the property and also "since the period is considered propitious, people generally prefer to buy during this period".

The commercial as well as residential properties in Kochi are witnessing immense real estate activity. There are two ways of deciding on your real estate purchases in Kochi the yield on your investment or the affordability of premium property. The yield is slightly higher in the commercial sector and in the residential sector, waterfront properties sell well and command premium prices. The Onam cheer is clearly being extended in Kochi Real Estate - the property market continues its northward march.

George Gonigal provides you the best and latest info on India Real Estate. If you want to Buy Apartment in Kochi george gonigal suggest you that you visit magicbricks.com

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http://www.jodiweitz.com/the-onam-effec ... estate.php

[Philen36]

Property dealers in Cochin or Kochi can help you in any kind of property transaction be it buying a property or land, selling your property or rental of a property in Cochin . The property dealers in Cochin give you complete property listings in any of the above segments with specialized services in each regard. Buy, sell or rent of any property was never this simple, now with the help of the experts like the Cochin property dealers or real estate agents. Cochin also known as Kochi is a fast developing city with massive real estate developments taking place in both residential properties as well as commercial properties . The property listings are burgeoning with housing and retail or office spaces for sale, purchase or rent. Just visit your nearest property dealer's office to get information regarding Cochin property transaction.

Multiple factors continue to promote Kochi as one of the leading real estate destination in India. However, one of the prime areas under fast development is Kakkanad, commonly referred to Kochi’s IT hub. Kakkanad is attracting a great deal of interest from both Indian and international corporations wanting to open offices there. The reasons for Kakkanad becoming a real estate hotspot within Kochi include: The Info park, an IT park with IT/ITES companies started in 2003-2004 and promoted by Govt. of Kerala, is the foremost reason for the sudden boost Kakkanad has enjoyed. Infopark has a total area of 98 acres and close to one million square feet of floor space, expected to expand to 5.14 million square feet by the year 2012. IBS Software services, Tata Consultancy Services, Wipro Infotech, Affiliated Computer Services and US Technology are some of the major corporations with a presence in Infopark. As more and more companies open up offices in Infopark, it is expected to create between 30,000 and 40,000 new job opportunities in the next three years.

[AbrahamVCherry]

Cochin Real Estate

Cochin is otherwise recognized as Kochi; a beautiful city located in the south west cost of India. This city is situated in the God’s Own country of Kerala, with breathtaking sceneries of Arabian Sea, coconut trees and lovely boats. The city of Cochin is also identified as “Gateway to Kerala” and often known as “Queen of Arabian Sea”. When compared to other Indian tourist places, Cochin is quite and cleaner. June to September is the rainy season and the average temperature is around 22 to 34 C. It is the fastest growing city and the real estate market in Cochin is booming today, flats near Cochin International Airport starts from 2.50 lakhs, there are hotels up to 4 star, beautiful villas and not to mention Panchakarma therapy centers. These could best of the few reasons why to own a property in Cochin! In fact for most of the people today, wealth remains in land and building. And with development of private real estate property ownership, it has become major business area for many.

When explored more you can come across great luxury apartments, plot for both residential and commercial uses, estates, sea and outstanding lake front properties and gorgeous farm houses. Cochin’s residential market is appreciating 15 to 20 percent annually, fueled primarily by the outsourcing boom and this trend is likely to continue for upcoming years. Many commercial and residential properties across Cochin have been developed tremendously and they are all still in the process of development. In recent times, new IT and other companies are establishing their bases in Cochin and they require both residential and commercial spaces for their employees. Real estate investment in Cochin is now an attractive investment opportunity. New apartment units in Cochin is expected to reach around 100,000 in the next few years, hence this has encouraged many real estate developers across India to launch their projects in Cochin.

India growth story is associated mainly with metropolitan real estate sector and Cochin real estate had contributed a lot to the economy. The story has become established now and finally captured the mind of rest of the globe as well. The flow of money from Cochin real estate has prompted developers to get more organized themselves and become more apparent. Not only Indians, but Cochin real estate has attracted many foreigners as well for investment. However, buying a property is a huge step for anybody and need to be as cautions as possible. You can check out some of the real estate investment resources online for getting the best price of property in Cochin. There are yet various ways you can find best real estate property at affordable price. The most convenient is to go with city home loans. You can make cash flowing in to your account with Cochin real estate, even if you cannot afford to pay full amount, go with city home loans as that is the best financing option. The expansion time, which Cochin is going through these days, has well tagged the city among the most potential real estate spots as well.

http://www.fabacres.com/Cochin-Real-Estate.html

http://203.155.2.133/blogs/ongyeh/2008/ ... al-estate/

[ksmoney]

does anyone know progress of vallarpadam road connectivity ..any pics availabla..planning to buy some property near vallrpadam.what say??it has taken lot of time to start.heard that collector hanif was responsible for delay..these bueracrats have problem with evryone!!!!!

[PLUS]

does anyone know progress of vallarpadam road connectivity ..any pics availabla..planning to buy some property near vallrpadam.what say??it has taken lot of time to start.heard that collector hanif was responsible for delay..these bueracrats have problem with evryone!!!!!

The work is in full swing. News reports say so. I have not taken the route.
But I saw the construction of a flyover 100 metres away from premier junction
towards Aluva side 4 months back, where Vallarpadam road starts.
This road will definitely be completed by Sept 2009 since otherwise govt will
have to pay compensation to Dubai Ports for the delay, according to the contract.
So that will not be a problem.
For ordinary people, Vallarpadam land is beyond wildest fancies.
The latest reports say Rs. 50 lakh per cent for some areas of Vallarpadam.

Haneef was not responsible for any delay. Mostly some Naxalites who were covertly trying to upset
land acquisition was behind delay. Now they have come out of their veils.
See photo

[AbrahamVCherry]

So far, yet so near — a case of shifting boundaries

Being close to Kochi city, parts of Alappuzha district are witnessing a real estate boom. DENNIS MARCUS MATHEW looks at the scene in places such as Aroor, Pattanakad and Cherthala.

— Photo: K.K. Mustafah
Idyllic scene: Picture postcard scenes have made Alappuzha famous for its scenic beauty.

Alleppey Dist.jpg (16.42 KiB) Viewed 3505 times

Is it the growth of a city that fuels its construction industry or is it the other way around? Or are they complementary? The instance of Kochi, which is seeing its suburban boundaries being redefined and extended by the day, can tell us something about this.

With the port city groaning under the weight of the countless apartment complexes coming up all over, areas once seen as “far-flung” have become “neighbouring” now. The advent of new industries, particularly information technology parks, in the city and outside has fuelled this delimitation.

Aroor, Pattanakad and Cherthala, south of Kochi, are now being branded “quite close” to Vytilla in the city, what with property developers moving on to these new pastures to set up villas, apartments and townships, all with an eye on the local population as well as newcomers to Kochi, non-resident Indians and to some extent, North Indians interested in investing in the real estate sector.

Aroor, Pattanakad and Cherthala fall in Alappuzha district, in geographic terms. But the foresight of whoever thought of laying National Highway 47 has made the district boundaries fade.

The highway, which offers quite a smooth ride once out of the city, has given advertisers captions such as “a mere 20 km from Kochi,” or “just 30 minutes from Kochi” for their real estate clients.

Whatsoever it maybe, the real estate dealer is chuckling. For him, a cent (100 cents = 1 acre) of land close to the highway in Cherthala, which would have gone for less than Rs.50,000-Rs.70,000 two years ago, now goes for over a couple of lakhs. Plots in Aroor, nearest to Vytilla, are said to have price tags of around Rs.5 lakh a cent. Even interior areas such as Poochakal are riding on the boom on the highway side and plots here command at least Rs. 1 lakh a cent, provided there is a decent road to them.
IT parks

Property developers are buoyed by the announcement of two IT parks in Alappuzha — at Pallipuram, near Cherthala, and Purakkad, near Ambalapuzha. Prominent developers are already getting on with major projects around Cherthala.

One of the first was GJ Properties, which is progressing with the GJ Gardens project, around 400 metres from the highway, at Pattanakad.

The firm’s officials say more than half of its villas have been booked, though construction is yet to be over.

The three-bedroom villas will be of 2,451 square feet (Rs.61 lakhs), 2,114 sq. ft (Rs.52 lakh), 2,064 sq. ft (Rs.51 lakh) and 1,642 sq. ft (Rs.41 lakh).

The second major project that has been announced recently is the “New Kochi, the Real Metro” project of Apple A Day Properties Private Ltd. The company’s officials say the project, which will be a “totally planned waterfront residential township,” is “just 20 km from Vytilla, 10 km along Aroor Temple Road.”

“Waterfront properties have been hot on the real estate radar, and in that sense, areas such as Cherthala, Aroor and Alappuzha have the real potential to become hotspots,” says K. Pavithran, a real estate agent based in Cherthala.

Cherthala, with its geographical features, is already becoming the next major stop after Kochi. With work on the IT park here expected to start around January 2009, realtors here are on the lookout for saleable properties. Cherthala is a little less than 40 km from Kochi, just 22 km from Alappuzha town and around 30 km from Kottayam. While the highway connects Kochi, Cherthala and Alappuzha, the scenic Thanneermukkom Barrage road connects Kottayam to Cherthala.

“The development of Cherthala depends on that of Alappuzha as well. Though we are seeing the growth from the Kochi side helping Cherthala a little bit, a slight push from the district headquarters will go a long way in propelling Cherthala towards newer heights,” feels P.P. John, a member of the Builders’ Association of India, Alappuzha chapter.

For Cherthala, it may be the magnanimity of Kochi that is helping to gain more in development.

Development of the highway faces some unwanted bumps. For instance, the inordinately delayed conversion of the Vytilla-Aroor stretch into a four-lane road. The irritating block as one enters the Kumbalom-Aroor bridge area, where toll collection slows down traffic, should be solved. Once these are done, 40 km will feel like 20 km and the next thing you know, developers will be heralding Cherthala as “on the suburbs of Kochi.”
No flat culture

Down south, Alappuzha too has a few bottlenecks to straighten out while growing on its own and helping Cherthala grow. Now, there are no apartment complexes in Alappuzha.

The flat culture has kept away from the tourist town, allegedly owing to labour-related issues in the construction industry.

Mr. John says properties near the beach can be used to set up a few flats, if not for regular use, at least to rent out to tourists.

More resorts and home-stays can come up on the beachfront, where there are only a few now. However, investors shy away when the name Alappuzha crops up in business talks.

The labour charges in Alappuzha are Rs.350 to Rs.400 a day when in other districts, the maximum is Rs.250-Rs.300.

It was all right if the labourers are the only ones to be paid, say contractors here. Trade unions and their ‘conveners’ have to be paid daily wages, called ‘nokkukkooli” in Malayalam. “Pay for no work, that is,” says a contractor. With the Communist Party of India (Marxist) now taking a strong stand against the trend of pay for no work, contractors are hoping an end to such practices.

These have affected the town’s development in other ways. Development works, including those on major thoroughfares, crucial lanes and bylanes, drainage projects, repair and maintenance of regular roads and so on have taken a backseat for several years now. Twenty-three works, estimated at a total of Rs.22 crore, are lying in cold storage with no contractors ready to take them up. Most of these works were given administrative sanction in 2006, says K.C. Venugopal, Alappuzha MLA.

Fearing the threat of unions, contractors are demanding 80 to 85 per cent above the estimate for these works, while the Finance Department does not allow any tender excess above 20 per cent of the initial estimate.

Once these issues are sorted out, property developers expect a sea change in the construction industry of Alappuzha district, and then, projects such as GJ Gardens and New Kochi can have counterparts in the town of canals. Till then, those in Alappuzha can watch Cherthala grow in the shade of Kochi.
http://www.hindu.com/pp/2008/09/13/stor ... 460100.htm

[AbrahamVCherry]

THE REAL ESTATE BOOM CONTINUES IN KOCHI

Kochi is the 'happening place' in Kerala, being the commercial capital and land prices have been increasing not in a steady upward curve but in leaps and bounds. The land value in various part of Kochi is directly linked with the plans for new projects-IT park, Container Terminal, and Airport etc. It is estimated that the future will witness huge investments on infrastructure development for highways, shopping malls and housing projects, which will sent the price of land spiraling.

Genesis: Kochi is a cosmopolitan city modeling itself on the lines of Bangalore and Mumbai. A few decades back, the commercial centre in Kochi or Ernakulam, as it was then called, was restricted to Broadway and M.G.Road. The city started spreading and far-flung areas like Kakkanad have now become part of Kochi city with residential apartments coming up all over the beautiful hillocks in this area. Business establishments have started relocating their showrooms and outlets on the sides of the Trivandrum bye pass road between Edapally and Vytilla. The construction of the Vypeen bridge has opened up new areas for residential and commercial construction as Kochi has become easily accessible from Kochi.

Why invest in real estate?
People have now realized that investment in the stock market, with its ups and downs has its own related problems whereas bank deposits and mutual funds are restrictive in returns. Investing in real estate is a guarantee that the returns at the time of disposal will definitely be higher making it is a very safe mode of investment.

The Flat culture:
Flats have become popular due to the safety and security available for flat dwellers. There is an element of the historical 'tharavadu'(the joint family system of yesteryears) in the concept of flats with the role of the 'karnavar' (seniormost male member who word is the law in the 'tharavadu') whose role has been taken over by the Building society in each flat complex. In addition to security, the tenant need not worry about payment of electricity, water or other maintenance bills which are taken care of by the society. All external maintenance is also done by the society. Many of the builders provide utilities like centralized gas, health club, waste chutes and driver's rooms which are value additions. The paper work involved during the purchase is also minimal and the biggest boon is that one need not worry about the problems of construction-labour, purchase of material, permits and licenses etc.

Independent houses:
Independent villas and houses are expensive but if one can afford it can make you feel like a king. There are many builders who carry out construction on contract basis and with totally transparent terms and conditions. This helps avoid the headaches one would have to face while building homes.
Residential areas:
Panmpilly Nagar, Kakkanad, Gandhi Nagar, Giri Nagar, Kumaran Asan Nagar, are residential localities which have come up during the past few decades. Palarivattom, Kaloor,and Edapally, are the older residential areas. Kakkanad is fast becoming one of the most favored spots for villas and flats while in Kathrikadavu area, with its two new flyovers, land value has touched new highs. Of late, Nedumassary which is outside city limits is also being developed as a residential area by some developers. It is obvious that land value is going up day by day but good plots are fast becoming scarce. Rates have quadrupled in the space of five years, and in some cases even doubled in one year. The best time is to buy now as tomorrow would be too late.
http://www.vallarpadamterminal.com/real ... ochi.shtml

[RitaJohn11]

Prepare home for sale

India is the world's twelfth largest economy at market exchange rates and the third largest economy in purchasing power. Real estate investment in Cochin is now an attractive investment opportunity. New apartment units and Villas in Tripunithura and other parts of Cochin are expected to reach around 100,000 in the next few years. This has encouraged many real estate developers across India to launch their projects in Cochin. Even though the real estate market has slowed down in recent months, there are still plenty of homebuyers eager to make a purchase. Knowing how to prepare your home for sale, when to allow access for showings, and how you can offer buyer incentives will help you find the right buyer, even in a declining market. Before you even put your home on the market, make sure that all basic repairs are completed. Nothing can turn off a prospective buyer quicker than loose railings, torn screens or missing hardware on cupboard doors. These easy repairs do not cost a lot of money. If a homebuyer sees that the little things are not attended to, they are likely to believe that the larger things are neglected too. Let buyers know that you have pride in your home by making sure that all of the small repairs are taken care of. Keep your home clean throughout the time it is on the market. In a slow real estate market, it is important to have your home available to show at a moment's notice. The more often your home is shown, the likelier it is that your home will sell. Keep your home available to your realtor and they will be able to show your home quickly to any buyer that shows interest. Through the last eight weeks, fixed mortgage interest rates have remained very steady, rising slightly. The loss in asset valuation may affect mortgage loans and people's ability to qualify for them. As a result, the housing crisis will probably affect spending. Asset spending has been a big part of the economy for a long time. It is just that some parts of the economy do not look good right now.

[joe]

Hi guys..
Please appologise if my question is in the wrong place..

whats the normal price per sqft for a premium apptment in kakkanadu area??
How inflated are the prices generally quoted by a normal builder on their web site..
or How much will they go down on the price quote from a general email enquiry..

thanks in advance
joe

[AbrahamVCherry]

Kochi Real Estate Scenario

Builders upbeat as demand zooms
By V Nagarajan

Kochi as the nerve centre of the southern state of Kerala has been riveting the attention of both property developers and homebuyers recently. There has been a perceptible shift in trend among homebuyers from the days of compelling necessity, to buying homes for self-occupation, to the analysis of multiple options for viable avenue for investment. The Kerala Builders Forum boasts of 28 builders who have agreed to follow a common code of ethics. Property buyers are not unduly worried over the new entrants to the market as they feel the demand is also equally on the growth path.

Investment is trickling down from the traditional tourism and health related spa to commencement of smart city, container transshipment terminal, fashion city and retailing. What is more, entertainment sector is opening up in a big way.

The home loan market in and around Kochi has been estimated at Rs. 50 crore plus every month with the market dominated by ICICI Bank followed by HDFC, State Bank of Travancore and others.

In a swift move to support the sector, the government has been quick to reduce the approval time for building plans from 7 months to just 2 months. This has been widely welcomed by the property developers. The state government is marshalling efforts to support the requisite infrastructure needed for the city. The Greater Cochin Development Authority (GCDA) has sold land and generated Rs. 350 crore and with margin money plans to raise additional resources from the lending institutions to fund infrastructure development in and around the city. Incidentally water supply project has already been taken care of by the Japanese management team. On the flip is the exorbitant stamp duty that is eluding the policy makers.

The demand for housing has been quite strong if the number of new entrants to the sector and the projects under implementation are any indication. This has convinced developers like Bangalore based Puravankara, Sobha and Brigade, Delhi based DLF and Dubai based Emaar group to join the bandwagon. “The confidence level is high and the entry of outside builders will bring in more quality and organised level of activity to the market eventually benefiting the end users”, feels Gerald Pavamani, consultant, marketing to Heavenly Homes.

Residential Property Mart:

Demand for large-scale apartment complexes is up and it exceeds supply now. Apartment prices are up by Rs. 100 per sq. ft. while some estimate 20 per cent jump in the last one-year alone. Similarly, land prices zoomed in places like Kakkanad from Rs. 30,000 – Rs. 80,000 to Rs. 3 lakhs. “The market is predominantly end user driven and not speculative and that is one reason for a consistent growth in the demand for residential property”, says Jacob Chandy, director, Southern Investments.
Capital values for apartments in the city areas range from Rs. 1,500 to Rs. 2,000 per sq. ft. and in areas like Marine Drive it touched Rs. 2,800 - Rs. 3,000 per sq. ft., whereas in suburbs like Kakkanad it ranges from Rs. 1,300 to Rs. 1,500 per sq. ft. On the lower side, budget apartments are available from Rs. 800 to Rs. 900 per sq. ft.

The entry of IT majors like Wipro and TCS has given a virtual boost to the demand for housing. Wipro is talking about employing a 5,000 workforce in the next 3-4 years. Even if 25 per cent accommodation is taken into account, 300 projects are needed in just 2-3 years for which there is no adequate supply or even a contingency plan. Additionally 5-6 IT companies are planning to make a beeline to the city now. “Rental market is expected to get a boost and investment in residential property will become a viable option shortly”, predicts G.S. Venugopal, managing director, Gokulam Engineers India Pvt. Ltd. This is one reason for the entry of new players to the market. Even landowners are keen to enter into joint venture development with established developers for a larger slice of the pie.

Yet another reason for the sudden spurt in demand is the returning NRIs from places like UAE where steep rental levels locally have compelled families to return to India. The migration of medical personnel has created a new wave of NRI demand for Kochi from hitherto unheard of markets like London and Russia. The NRI demand has also pushed the requirement for high-end market in the price range of Rs. 20 – Rs. 40 lakh.

A significant feature is that people are looking for health related amenities in apartment projects where the maintenance cost is competitive and easy to manage, say realtors.

Commercial Property Mart:
The commercial property mart is yet to pick up momentum though Info Park is a major complex and set to change the skyline of Kochi. A number of unanswered questions still remain in smart city, according to market sources.

Retailing is on the upswing and Aerens is launching a gold souk in Vytilla. A wedding souk is being planned on the main arterial Marine Drive where capital value is Rs. 8,000 per sq. ft. It is said that a number of jewelers have already invested in the units. With the proposed entry of Lulu centre and KM Trading in Dubai, malls are the next in store to lure shoppers. Not to be left behind in the race, entertainment sector too is poised for a turnaround with Le Meridien's discotheque and a number of new players devising projects and appropriate time to enter the market. “With investor sentiment scaling new high, Kochi is undoubtedly poised for all-round development”, feels Col John K Manavalan (Retd), director, RDS Project Ltd. confidently.


Kochi Residential Property Prices



Capital value (Rs per sq ft)

Panampally nagar 1400 - 1800
Kadavanthara 1400 - 1800
Vytilla 1400 - 1800
Marine Drive 2500 - 3000
Vaduthala 1600
Off MG Road Rs 1800
Tripunithura 1200 - 1500
Kakkanad 1200 - 1500
Kalur, Palarivattom, Edapalli 1100 - 1500
Thevara 1500 - 1800

Note: Prices vary in the same location depending on the specification and amenities offered in the project. Source: Indian Real Estate 2005-06 edition


Kerala to have new regulations and laws governing land and property
A step in the right direction.

The Kerala government aims to bring in comprehensive new legislation on land and property in Kerala. The set of new regulations aims to deal with issues such as the indiscriminate filling of paddy fields by construction companies, a reduction in stamp duty, filling up of water bodies, also by construction companies, fixing land prices to stabilise the market and levying a building tax on apartments. The new measures, when introduced, will have an impact on the fast growing real estate market in the state as well as a positive impact on the environment.

According to Kerala Revenue Minister Mr. Rajendran, the State Government plans to discuss in the State Cabinet a comprehensive legislation for the protection of paddy fields, prevention of indiscriminate sand-mining from rivers and filling up of water bodies. Builders on the other hand would like to see a more nuanced policy that allows for development of land in urban/semi-urban areas where agriculture is not viable.

The Kerala Government is also considering review of guideline land prices that are used as a basis for calculation of registration charges while at the same time reducing stamp duty possibly to as low as 5%. With land prices having increased substantially, the fair-value of land needs to be corrected as the government is currently losing crores of rupees in taxes due to undervalued land.

The Government also plans to raise Rs. 25 crore in Revenue through assessment of building tax on properties throughout the state that are not currently paying the compulsory tax.

[AbrahamVCherry]

Kochi Property Expo showcases new projects

The recently concluded Kerala Property Expo 2006 held in Kochi showcased more than 100 projects of 38 builders. Much of the development is focused on the Kakkanad and Edappaly areas. Real estate rates in Kochi have gone up significantly but are still cheaper than other major cities in India. A standard 2-3 apartment would cost Rs. 1,500 per square foot and fetch Rs. 5,000 per month in rental depending on location.

Confident Group plans Rs 60 crore real estate investment in Kerala
The Bangalore based Confident Group plans to set up real estate projects in Kerala including apartments, villas and resorts, with an investment of Rs. 60 crore.

The company has launched its premium villas and apartments projects - confident Corona and Confident Peninsula - on 3 acres of land in Kakkanad, and in land facing the backwaters at Maradu. Each villa costs over Rs. 1 crore and the company is targeting NRI buyers.

The company is planning to build residential apartments in Kozhikode and Thrissur and a resort in Kalpetta.

[AbrahamVCherry]

Kochi witnesses a boom in real estate

ANI

Kochi, Sept 25 (ANI): The real estate investors in Kochi are upbeat with a booming real estate industry, as the beautiful backwaters lure many into the real estate.


Being a commercial hub and fast becoming the Information Technology hub, the city now is riveting attention of the mega builders and construction companies who foresee Kochi as a great future prospect.




The real-estate giants have already expanded their wings in the city and are busy constructing super luxury apartments.


The backwaters of Kochi have become the ultimate selling point (USP) for major builders and construction companies.


"A water facing apartment is a premium specifically to NRI's abroad because they would like to live by an area where they see a relaxing waterfront view," said Annie Jospeh, Manager Business Development, Prestige group.


Ranging between Rs. 4,000 to 9,000 per square feet, these waterfront apartments serve as a good investment as they are easily saleable and can get good returns.


The architects attribute the backwaters as the main reason for the real estate boom along with the availability of manpower and good infrastructure.


"The most important reason is the beautiful location of Kochi. We have one of the best airports in the country. Now lots of international passenger visits have started calling on this port," said R. Ajit, Chief Architect and Managing Director,jit associates.


The home loan market in and around Kochi is estimated to be doing a business of almost Rs. 50 Million plus, every month. By Juhan Samuel (ANI)
http://www.newstrackindia.com/newsdetails/18843

[AbrahamVCherry]

Indian Real Estate: Kochi Inching Up, Tier-2 to Tier-1.5

Photo courtesy Propertybytes/Indiaproperty.com

kochi1.jpg (4.5 KiB) Viewed 3338 times

Just a few years back, Kochi or Cochin as it was then called in Kerala, God’s own country, was the scene of boats languidly gliding through the waters, Chinese fishing nets silhouetted against the sunset and merchants haggling over the price of spices. While, this picture perfect scene remains unchanged, Kochi’s skyline has changed, considerably.

Glittering malls, multi-storeyed commercial centres and high rise apartments dot the landscape. Today poised at Tier 2, the city is steadily inching its way up to Tier 1.5, and located on the west coast of India, Kochi is popularly referred to as ‘Queen of the Arabian Sea’. Since days of yore, because of its natural harbour, Kochi has been a major trading station on the Malabar coast, and even now retains its status as the commercial and industrial capital of Kerala.

A city of export-oriented industries, export trading houses, it boasts of a bustling tourism industry and can also boast of being the main port from where one can reach the islands of Lakshadweep, while also being the naval base for the Indian Navy.

Not only does it house several institutions of repute like Coconut Development Board, Centre for Fish Disease Diagnosis and Management (CFDDM) and the Lakshadweep Office, it is also the busiest port south of Bombay due to its year-round shipping facilities, lying as it does on a direct route to Australia and the Far East from Europe, while serving the vast southern hinterland of industrial areas and plantations.

It is also South India’s passenger port for the United Kingdom and America. Moreover, it is one of the few ports of the world with all the three main forms of transport i.e. land, sea, and air, all centred in the same place.

With a multi-religious population mix of Hindus, Muslims, Christians, Jews, Jains and Sikhs, Kochi wears a cosmopolitan outlook that helps fosters trade and encourages development, especially private enterprise. This has led Kochi to witness all round development, overall development coupled with excellent connectivity that has made it the prime driver of real estate in the city.

All this has led Anil Kumar, Head - Marketing of Kochi-based Southern Investments Pvt. Ltd. To state: “The Kochi skyline has changed dramatically over the last few years and is today one of the fastest growing cities of India. The city offers grand investment opportunities in real estate.�?

Confident words, no doubt, but they come from a 39-year-old company that has over a 100-projects and four million sq. ft. of constructed space to its credit spread across Chennai, Kochi, Thiruvananthapuram, Kozhikode and Bangalore.

“Cochin is poised for a quantum leap from its current status. The commissioning of Vallarpadom Transhipment Terminal and IT Parks will easily make Kochi the preferred destination for highly paid executives�?, adds Anil Kumar. Real estate appreciation will be higher than normal in Kochi, because there is a matching infrastructural support that is already under way. Educational institutions are in close proximity; accessibility is being improved through the seaport airport highway, and connectivity to satellite towns is beefed up.

Marine Drive, Edapally and Kakkanad, three residential areas have appreciated the most in recent times. And, the appreciation for the commercial property segment of Bypass, Palarivattom and Kadavanthra has also been quite substantial, with appreciation being in the range of 30% to 40% according to Anil Kumar, who attributes it to the announcement of mega projects.

Marine Drive with its water front location and nearness to the Central Business District commands premium prices, as does Edapally due to its close proximity to good educational institutions and quick access to the highway. While, Kakkanad’s appreciation is due to the prestigious Smart City Project, which has led to the consequent rush of other IT firms.

So, what does the future hold for Kochi in terms of a real estate boom? Southern Investments marketing head Mr. Anil Kumar predicts: Thripunithura, Kakkanad and Alwaye are good choices for the residential sector, while Bypass, Kaloor- Kadavanthra Road and Seaport Airport roads are potential areas for the commercial front, as they will witness large scale appreciation, all within the next one or two years.

Better connectivity to satellite townships, easy access to the booming IT locations and large-scale relocation of companies to Kochi is driving real estate prices all the way upwards in God’s Own Country.

IT and ITES sector firms have now begun to prefer Tier 2 cities for their expansion plans and are leading the relocation trend, while real estate rates in these cities are still within reach. As well, attrition rates are lower here, as living costs remain affordable. But, Rajan Sastri believes it is reduced FAR (floor area ratio) in the proposed master plan that holds the key to further appreciation in Kochi, which will most definitely push up sale prices for Kochi real estate.

According to an analysis carried out by Kochi’s Southern Investments Pvt. Ltd., appreciation for well constructed residential spaces in the coming year, will be better than the previous year, a year that was considered to be one of the best in the history of Kochi real estate. Gearing up for the real estate boom, Southern Investments has four ongoing premium projects in Kakkanad, Palarivattom, Edapally and Thripunithura. They are also concentrating on providing value to customers i.e. value as translated into reasonable prices, uncompromising quality, on-dot possession and outstanding location.

Today, Kochi may be labelled as a Tier 2 city, however with all the activity happening, it may well be on its way to becoming a Tier 1.5 city. The term Tier 1.5 is unique, but so is Kochi!
http://propertybytes.indiaproperty.com/?p=1004

[PLUS]

Kochi is most-preferred location in state

Express News Service
04 Oct 2008 08:03:00 AM IST

KOCHI: Kochi is still the most-preferred location in the state for real estate investments, said experts at the interactive seminar for builders organised by the IndiaProperty.com and the Priya Builders.

V Gopala Krishna Pillai, senior town planner and head of Planning Department, GCDA, spoke on `Town planning and Infrastructure of the City.’ He said that with considerable infrastructural development under progress such as Smart City, ring roads, parking for commercial project, Metro Rail and so on, Kochi will become a major commercial and residential capital of the state in the future.

Jaya, senior planner, Town Planning Department, said that the real estate scenario in the state is indeed on a growth path and the days ahead for those involved in this sector seem bright. Ajay Rotti, associate director, BMR and Associates, Bangalore, said that with the recent inflow of better sales value, the NRI market has been garnering more attention of the builders than anybody else.

Mayor Mercy Williams inaugurated the function. Nagarajan, founder, Priya Publications, and Shrikanth, national head-sales and operations, IndiaProperty.com spoke on the occasion
http://www.expressbuzz.com/edition/story.aspx?artid=UI5wg%7ConFwY=&Title=Kochi+is+most-preferred+location+in+state&SectionID=9R67TMeNb/w=&MainSectionID=9R67TMeNb/w=&SEO=V+Gopala+Krishna+Pillai&SectionName=gUhH3Holuas=

[AbrahamVCherry]

Kakkanad is the Focus of the IT and Real Estate Boom in Kochi, India

As a bustling city of trade and commercial capital of Kerala, Kochi, known as “The Queen of Arabian Sea”, has much to offer in terms of real estate and investors are enjoying the rapidly spiraling prices.

The current real estate boom started during the last quarter of 2004 and the announcement of each new project, particularly developments in the IT sector, has a direct impact on the real estate market. Multiple factors continue to promote Kochi as one of the leading real estate destination in India. However, one of the prime areas under fast development is Kakkanad, commonly referred to Kochi’s IT hub.

The reasons behind Kakkanad’s industrial and real estate boom
Kakkanad is attracting a great deal of interest from both Indian and international corporations wanting to open offices there. The reasons for Kakkanad becoming a real estate hotspot within Kochi include:

The Infopark, an IT park with IT/ITES companies started in 2003-2004 and promoted by Govt. of Kerala, is the foremost reason for the sudden boost Kakkanad has enjoyed. Infopark has a total area of 98 acres and close to one million square feet of floor space, expected to expand to 5.14 million square feet by the year 2012.
IBS Software services, Tata Consultancy Services, Wipro Infotech, Affiliated Computer Services and US Technology are some of the major corporations with a presence in Infopark. As more and more companies open up offices in Infopark, it is expected to create between 30,000 and 40,000 new job opportunities in the next three years.

Dubai Internet City are planning to open a Smart City in Kakkanad - a proposed area of 246 acres for IT/ITES companies. By 2012, the project is expected to have a space of 6.20 million square feet. The proposed Smart City project will create around 90,000 job opportunities in the next decade.
KINFRA Export Promotion Industrial Park is a 90-acre park for export-oriented units in different sectors.
Foreign companies can enjoy special benefits through the Cochin Special Economic Zone (CSEZ).
Kakkanad is also home to Collectorate, several schools & colleges and hospitals.
Kakkanad lies in the suburbs of Kochi. From a sleepy hilly village until around 10 years ago to one of the hottest property areas in Kochi, Kakkanad has been transformed beyond anyone’s imagination.

The rampant expansion of the Kochi metro area has now limited further possibilities for development in the city and this is another reason, why commercial enterprises and property developers are focusing on suburbs like Kakkanad.

Property developers are also well aware that since the major IT-based business expansions are located in this area, residential property in Kakkanad is even more attractive and the demand is higher than in other areas.

Kakkanad’s pollution-free environment, compared to other parts of Kochi and good drinking water are the other reasons cited for the boom in residential property development there.

Residential Property in Kakkanad


In 2007, the property appreciation rate in Kakkanad was a stunning 60%! Easy access to Kakkanad from both Kochi city as well as the International Airport makes it a very sought-after location. Most leading developers have at least one project in or around Kakkanad and some have several. For instance, Mather Projects & Constructions has four projects in Kakkanad, including apartment and villa projects. They cater to the higher-end property market and a total of 18-20 lakhs (180,000 - 200,000) square feet are under various stages of construction at Kakkanad. Apartments cost Indian Rupees (Rs.) 35-45 lakhs ($89,700), while villas costs Rs.1-1.5 crores ($26400-$39500).

Residential property is not targeted at the IT crowd alone. “While apartments find customers in IT crowd, villas are usually targeted at higher-end segment including doctors, businessmen and Non-Resident Indians (NRI),” says Raffi Mather, Director of Mather Projects & Constructions.

On the other hand, IT personnel moving to Kochi for a short assignment or for the long term prefer studio apartments and one-bedroom apartments to large ones with two and three bedrooms. This is for a variety of reasons, including ease of maintenance and affordability. The concept of studio apartments is still in its infancy, but with demand set to increase, you can expect to see more studio apartment projects in Kakkanad in the near future.

The average standard rate per square foot for apartments in Kakkanad is between Rs.2,000 and Rs.3,000 ($52 - $79). However, some builders offer apartments for cheaper at the start of the project. For instance, Desai Homes recently had a record sales when they introduced their new apartment for around Rs.1,400 ($36) per square feet.

Other major builders with projects in and around Kakkanad include Abad Builders, Skyline Foundation and Structures Pvt. Ltd, Skyline Builders, Jain Housing and Constructions, Heera Constructions, Purvankara Projects Ltd. and SRK Constructions.

As elsewhere in Kochi, the boom in real estate in Kakkanad is also demand based and a prominent builder in Kochi estimates this growth will continue steadily for the next 15 years. With current projects like Infopark and future ones like Smart City still to come, the area is expected to offer some very solid and high ROI investment opportunities.



http://www.offplanpropertyexchange.com/ ... chi-india/

[wannabecochinite]

Real estate in Kochi a bubble, says Alphons Kannanthanam

Staff Reporter







KOCHI: Kochi’s real estate boom is unrealistic, Alphons Kannanthanam, MLA, has said.

Delivering a lecture on ‘Global financial crisis: its ramifications on Indian economy’ organised by the Department of Economics of Maharaja’s College here on Thursday, Mr. Kannanthanam termed the real estate scenario in the city, as “a bubble.”

“Real estate prices are going to come down,” he told a packed audience at the seminar hall of the college.

Stating that counterfeit money printed in Pakistan was coming to Kochi in containers, Mr. Kannanthanam said that it was really difficult for the common man to purchase land in Kochi. He said that land mafia has grabbed a lion’s share of the land here using illegal money.

He advised the audience not to buy land or a house in these times of recession as the demand for housing in the country was going down. “If you have land, sell it. Do not buy a house. Prices will come down,” he said.

He explained that the interest rates would not come down dramatically even though the government had cut down the cash reserve ratio. The trade deficit was going to get much worse in the coming days.

Indian industry was going to feel a cash crunch with no cash for starting new industries. “Foreign direct investment is going to stop in Indian companies following the fallout in the U.S. economy,” he said.

Mr. Kannanthanam said that Indian stocks were over valued. He said that price earning ratio of the stocks was high compared to the global rates. Before concluding his lecture, the IAS officer-turned MLA also reminded teachers and students that Indian banks were safe. “There was no need for any panic,” he said.

http://www.hindu.com/2008/10/19/stories ... 430500.htm

[AbrahamVCherry]

Real Estate Growth in Kochi

The various projects have unleashed a huge spurt in the demand for commercial and residential properties in areas like Kakkanad, Tripunithura, Edappally and Vypin island in Kochi.

As Kochi is growing, its suburbs have become the nerve centre of real estate activities and the potential beneficiary of the growing demand. Thanks to the opening of Goshree bridge connecting the Vypin Island to the main land, these places have also started attracting investors.

About 30 major hotel projects and over 100 apartment projects are at various stages of construction to cater to the needes of the emerging city within a few years time. There is a peak in demand for the limited water front apartments in Marine Drive and Thevara.
The major attraction for corporates and multinationals in Kerala is that cost of residential and commercial spaces are much lower when compared to other metros. Availability of educated labour, highly qualified personnel, world class hospitals, educational institutions, International Airport and a host of recreational facilities has made Kochi a favourite destination for corporates and multinationals. In the coming years, it is believed that the demand for property will be much higher than the actual availability. This gives you the right opportunity to invest in Kerala's growth right now.

Kochi, the Emerging Metro City of Kerala
Now in the limelight as one of the most actively emerging cities not only on India but in South Asia. A host of development projects are likely to transform Kochi into a key center of development in South India. An estimated investment of Rs. 40,000 Crore, both public and private, is in the pipeline seeking to make it an emerging hub of IT and sea-based industries. Sanctions has been accorded for investment of Rs. 22,000 crores in and around Kochi over the next five years by the Centre. Out of Rs. 40,000 crores central investment proposed in Kerala, Rs. 22,000 cores has been earmarked for Kochi alone apart from the IT Private Sector, which is estimated around Rs. 12,000 crores.
http://keralabuildersforum.org/html/k1000frm.htm

[AbrahamVCherry]

NRI money props up Kochi realty

Huge NRI remittances have helped arrest the erosion of real-estate prices in Kochi.

Photo courtesy Hindu Business Line.com

KochiNRIMoney.jpg (20.96 KiB) Viewed 2819 times

C. J. Punnathara

While the global economic slowdown gripping most parts of the developed world has had a cascading impact on the economy and real-estate prices across major Indian cities, reports suggest that the southern port city of Kochi has been less affected by the crisis.

This is partly due to the huge dollar remittances flowing into the State, which have helped to arrest the erosion in realty prices significantly. Also, the rich and varied commercial crops being cultivated in the State continues to fetch a good price in the global markets, keeping the land prices attractive.

A report on World Winning Cities by Jones Lang LaSalle Meghraj (JLLM), one of the largest real estate money management and services firm in the country, “Kochi offers shining possibilities across all sectors due to a favourable combination of wealth, connectivity, infrastructure, labour skills, low operating costs and tourist appeal.”

World Winning Cities programme is a multi-year global research initiative designed to assess future city competitiveness and predict the rising urban stars among the world’s emerging markets in India, China, Central and Eastern Europe, Middle East, North Africa and Latin America.

Effect of remittances


But what stands out in the Kochi context has been the unabated stream of remittances into the State. In value terms, the flow has been further accentuated by the sharp erosion in the value of the rupee against the Gulf currencies as well as against the dollar, which have enhanced the clout and purchasing power in the hands of the huge NRI population that the State boasts of.

This has ensured that the value of the real estate in Kochi has not been as significantly dented as in some other important cities in India.

“Kochi would be unique among all other cities in the country since over 30 per cent of the demand for real estate emanates from the overseas NRI population. With the spurt in interest rates for NRI deposits and surge in value of the dollar, we expect the remittances into the State to increase by over 50 per cent this year. This huge inflow has helped to buttress any sharp fall in the value of real estate in the city,” says Mr Mohammed Saleem, Managing Director, Asset Homes.

This stands in sharp contrast to the national and international situation.

Demand for Kochi realty continues to come from the spurt in remittances from an estimated 2.5 million people from the State settled abroad. Almost 90 per cent of them work in West Asia.

There are other positives as far as the city is concerned: An enviable mix of highly educated population, low labour and operating costs, attractive real estate options and solid infrastructure. Based on real estate market transparency and overall volume of office, retail and hotel market activities, Kochi has been adjudged well ahead of other Indian tier III cities such as Jaipur, Nashik, Mangalore and is on a par with Chandigarh.

Potential being tapped


The economic potential of the city is beginning to be tapped. One of the largest malls in the country is being constructed by the Lulu Group. According to the JLLM report, India’s largest builder, DLF, has announced plans to invest Rs 4,000 crore in Kerala in the next five years.

The Dubai Technology and Media Free Zone Authority is constructing a Smart City in Kochi, which would offer thousands of jobs in the IT industry. DP World has commenced building operations for the Vallarpadam Container Transhipment Terminal, which is expected to transform the connectivity to Kochi.

http://www.thehindubusinessline.com/iw/ ... 701700.htm

[AbrahamVCherry]

Property investments 'best option for NRIs'
By SOMAN BABY


MANAMA: Investing in properties is still the best form of investment in India, says a leading property developer. Property prices have dropped in Kerala and other states in recent months, said Hoysala Projects Private Limited (HPPL) chief operating officer Santhosh T Kuruvilla.

"This is the best time to invest," he told the GDN.

"For non-resident Indians (NRIs), investing in property is still the best and safest form of investment."

Mr Kuruvilla is in Bahrain leading a team of sales executives to promote their company's projects in Cochin and Bangalore.

HPPL started its operations in property development and construction 11 years ago in Bangalore. The company has 17 completed projects in Bangalore to its credit and has started its activities in Kerala last year with its base in Cochin.

"Within this short span of time HPPL has launched three projects in Cochin comprising more than 400 apartments and these were well received by the market," said Mr Kuruvilla.

"The innovative concept of fully furnished air-conditioned apartments was introduced by HPPL to Kerala through Hoysala Nestor in the prime location opposite the collectorate at Kakkanadu, Cochin.

"This concept was given a warm welcome by the NRI population."

HPPL is now starting its operations in the Gulf by opening an office in Qatar, Mr Kuruvilla said. "We shall establish our presence in other Gulf countries, including Bahrain, shortly," he added.

"HPPL team is now in Bahrain to interact with the Indian populace of this country and to create an awareness among them about the high return investment opportunities in Cochin, the financial capital of Kerala.

"With the prestigious projects like Smart City, Infopark, Vallarpadam Container Terminal and Metro Rail, to name a few, Cochin is gearing to have a quantum leap in infrastructure and is going to be an investor's haven."Mr Kuruvilla can be contacted on 36548330 or 36132393.

soman@gdn.com.bh
http://www.gulf-daily-news.com/Story.as ... ueID=31267