Thrissur is located in the central region of Kerala and is pretty close to Kochi. Kochi was chosen for the Smart City Project by the Indian Government. There is a likelihood of Thrissur also making it to the list, as the government has a dream of transforming the maximum number of cities.
But how will all this impact the real estate market trends in Thrissur?
What is a Smart City?
In 2015, the Indian Government set a target of 100 cities to be transformed into Smart Cities. More than 8000 projects would be launched, and the cost was estimated at 1,65,000 crore rupees. The official objective of the smart city project, as seen on the official site, is “to promote cities that provide core infrastructure and give a decent quality of life to its citizens, a clean and sustainable environment through the application of ‘Smart’ solutions.”
It is a program aimed at putting India on the map of developed nations by adopting Western models of sustainability and citizen-centric cities. Areas within cities are marked for special projects and are turned into model cities, with the hope that the new way of life spreads to other parts of the city. Certain projects are implemented across the city.
Each city has its own characteristics, problems, advantages, and so on. This means there is no universal solution that can be implemented to convert a city into a smart city. One can say, however, that a smart city is one where the citizens are healthier and lead more productive and meaningful lives, without compromising on sustainability. Different cities are likely to need different projects.
Main Objectives of Smart City Projects
The second city in Kerala to be chosen for the smart city project is Trivandrum. Some common objectives of these projects are:
- Making cities more pedestrian-friendly
- Promoting sustainability initiatives like recycling, rainwater harvesting, energy efficiency, and so on
- Better connectivity across the city, and promoting two-wheelers and e-autos or e-cars over conventional cars.
- Increased number of WI-Fi hotspots
- Use of technology for utility management
- Slum redevelopment projects that provide essential amenities and better infrastructure
- Smart traffic management with AI cameras, better detection of traffic violations
- Increased use of renewable energy with solar panels
- Proper sewage treatment and composting
- Public sanitation facilities
- Online portals that enable citizens to access essential services, like paying utility bills, traffic penalties, getting certificates of birth, death, marriage, etc., licences, permits, etc.
- Creating recreational facilities and green spaces to improve the health and wellbeing of citizens
How Does this Impact Real Estate?
Kochi Smart City is not very far from Thrissur, and even a faint possibility of Thrissur being chosen for the project has already spurred the demand for housing in Thrissur. The emergence and growth of the IT industry in the city is another factor that is driving the demand for real estate.
The smart city projects hold a lot of promise in terms of allowing residents to lead a better quality of life, and be more sustainable. The impact of technology on the real estate market in Thrissur is seen in potential home buyers using technology to compare properties, take virtual tours, and so on.
Investors are also happier to purchase properties that are located reasonably close to smart city projects, as these houses will appreciate greatly in value over time, and they can sell them off for a good profit. Even if they rent out such properties, they can charge high rents for such locations.
Conclusion
Now that you know the reasons why you should consider real estate investment in Thrissur, don’t wait for too long to actually take the plunge.
Thrissur is a city steeped in tradition, yet embraces modernity with aplomb. Varma Homes has some of the best apartment projects in the city with excellent amenities, and sturdy construction. Check out our 2 and 3 BHK apartments in the top residential localities in Thrissur.
Looking for the perfect place to call home in Thrissur? Check out our exclusive selection of 2 and 3 BHK flats for sale in Thrissur‘s top residential areas. Experience the best in quality, comfort, and convenience with Varma Homes. Contact us today to learn more about your future home and how you can make a smart investment in Thrissur’s thriving real estate market.
FAQ’s
How will the Smart City Project impact property prices in Thrissur?
The Smart City Project aims to enhance infrastructure, sustainability, and overall quality of life in cities. Even though Thrissur is not officially on the Smart City list yet, its close proximity to Kochi — a city already chosen for the project — has sparked interest among investors and homebuyers.
If Thrissur is selected, the improved infrastructure like better roads, digital connectivity, public amenities, and green spaces will automatically increase the value of properties in the city. Historically, cities chosen for the Smart City Project have witnessed a 15-30% increase in property prices over time. This makes Thrissur a potential hotspot for real estate investment.
Is this the right time to invest in Thrissur’s real estate market?
Yes, this is a great time to invest in Thrissur’s real estate market. With rapid urbanization and the city’s emerging IT sector, the demand for residential and commercial properties is on the rise.
Thrissur offers the perfect balance of tradition and modernity, making it an attractive option for families, working professionals, and retirees. Additionally, the city’s strategic location near Kochi, along with ongoing infrastructure projects like road expansions and metro connectivity proposals, is driving demand for homes. Early investments made now will likely appreciate in value as the city’s infrastructure develops further.
What types of properties will benefit the most from the Smart City Project?
The Smart City Project will primarily increase the demand for modern apartments and eco-friendly homes. Buyers will prefer properties that align with the project’s goals of sustainability and convenience. The most sought-after properties will likely include:
- Apartments with energy-efficient designs and solar power systems
- Gated communities offering Wi-Fi hotspots, smart security systems, and recreational spaces
- Properties close to IT hubs, hospitals, and public transport networks
- Homes with rainwater harvesting systems and waste management facilities
- Green buildings that promote sustainable living
Investors looking for long-term rental income or high resale value should target projects with these features.
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