Staying up-to-date with real estate trends is essential in order to get the most out of your investment and stay competitive. It helps you to set the right prices if you want to sell and to know the upper limit of what you should pay if you plan to buy – or to set the proper rent. Understanding the trends will also let you know the best locations to invest in, and the kind of housing and amenities people are interested in. As of now, there is more demand for apartments in Trivandrum, where residential property is concerned.
It is good to have an understanding of how a specific area is expected to evolve over a period of time so that you can decide whether it would be worth it to invest in flats in Trivandrum. It is also important to know the correlation between the demand for housing and its supply; you can expect higher prices when supply is low and vice versa.
Trivandrum is increasingly getting urbanized, which means higher demand for apartments or gated communities; a greater concern about sustainable living, green energy, and water conservation; modern amenities, better road connectivity, proximity to markets, healthcare, and educational institutions; landscaped gardens; lower mortgage rates, and so on.
Trivandrum: An Overview
Trivandrum or Thiruvananthapuram, is the capital of Kerala and is the southernmost district. An ancient city with a rich history, culture, and heritage, it is a fascinating place that welcomes hordes of tourists every year.
Sun-kissed beaches, verdant hills, opulent palaces, and serene temples rub shoulders with bustling academic institutions to create the eclectic city that is Trivandrum.
With all major government offices located here, there are thousands of people who come to Trivandrum for work, and eventually settle here. Along with the dozens of reputed degree and professional colleges in all disciplines, the Space Centre, and numerous research institutions, it’s also an emerging IT hub. Trivandrum is also a major centre for the Malayalam film industry. The international airport has excellent connectivity with major cities abroad and almost all big cities in the country. All of these factors have made Trivandrum an extremely attractive place to invest in real estate.
Residential Real Estate Trends in Trivandrum
Thanks to a heavy influx of tourists and NRI remittances, there has been a steady growth in Trivandrum of late. With job and business opportunities increasing, especially in the IT sector, there has been a steady stream of people migrating to the city for good.
Of course, all of this means that there is a massive demand for housing – and apartments are the no.1 preference as they offer convenience, comfort, and security; and luxury for those who want it too. This is the one of the leading real estate market trends in Trivandrum.
Obviously, it takes some time for the supply to match up with the demand, but this is a temporary situation. Once mega projects are completed, there will be almost sufficient housing to meet the demands. However, the rate at which Trivandrum is progressing, it seems like the demand will continue to rise. This is the perfect time to invest in the Trivandrum real estate market, as it is certain that property values will appreciate steeply.
Efforts are in full swing to make Trivandrum a Smart City by implementing IT-based solutions. The Vizhinjam Port, Technopark Phase III, CRDP Phase II, elevated highways, increased intra-city road connectivity, etc. are some of the major projects underway that will increase the demand for real-estate projects even more in the coming years.
Key trends in residential real estate
These trends will play a crucial role in real estate investment strategies in Trivandrum:
- Demand in areas near IT hubs – with a large number of people settling in Trivandrum to work in the IT sector it is only natural that they will want housing as close to their place of work as possible
- Affordable housing projects – as many young professionals are relocating to Trivandrum in the early stages of their careers, they seek affordable housing
- Preferred housing types – the highest preference is for apartments as they offer a lot of convenience, safety, and company for all ages – something very important when you move to a new place.
- The top residential areas in Trivandrum are: Kazhakoottam, Poojappura, Sreekaryam, Pattom, and Kowdiar are the neighbourhoods that are the most popular, and likely to give the highest returns on investment.
- Sustainable and eco-friendly initiatives – the younger generation is more eco-conscious and look for housing projects with green power option, rainwater harvesting, proper collection and disposal of waste, etc.
- Smart home technology – home automation solutions offer convenience, especially for nuclear families where both spouses are working. It allows them to monitor and control many functions remotely via mobile devices.
- Regulatory changes and affordable housing schemes – The government keeps changing regulations with regard to zoning, FSI, permits, etc; several schemes are also announced to provide affordable housing to lower-income groups. These also affect the real estate market.
Real Estate Value Appreciation in Trivandrum
There are several factors that drive value appreciation of real estate in Trivandrum:
- Being the fastest growing city in Kerala with numerous job and business opportunities, there is a high demand for quality and affordable housing
- Several infrastructure projects have brought in more professionals, boosted connectivity, and so on
- The presence of reputed builders delivering quality housing projects
- There are several waterfront properties that offer a tranquil life, close to the lake and beaches; localities like Poojappura, Kazhakkoottam, Sreekaryam, Kowdiar, and Pattom are very safe localities where families can live comfortably
- Most projects also feature modern amenities like landscaped gardens, security, pools, gym, entertainment rooms, meeting halls, etc. which are in high demand.
Technology Integration in Trivandrum Real Estate
Technology has permeated every industry and every aspect of life; real-estate is no different. Today, machine learning and AI are helping to streamline and automate monotonous tasks; there are comprehensive property management platforms that eliminate disparate systems and make property management economical and efficient. CRM software helps builders and brokers to serve customers better by recommending the right properties at the right time, etc; drone cameras can provide aerial views of the property to prospective customers; data analytics help understand and interpret trends, prices, and more.
Sustainability and Green Building in Trivandrum
As mentioned earlier, there is a greater demand for sustainable construction and living as consumers are becoming more conscious. It is one of the real estate market trends in Trivandrum that property developers and builders have had to adapt to quickly. The Government offers many sops to builders who incorporate sustainable construction methods and provide eco-friendly amenities in the form of reduced taxes, quicker permits, etc. The most popular green initiatives are alternative power sources like solar and wind; rainwater harvesting; more green spaces within buildings; using sustainable materials like composites, bamboo, and salvage materials; charging points for electric vehicles; proper handling of waste, and so on.
Real Estate Regulatory Changes in Trivandrum
The government announces regulatory changes in real estate quite frequently, and both property owners and investors must check the latest changes at the time of purchase or sale. Regulations with regard to zoning, FSI, taxes, requirements for fire-escape, and so on, are subject to change suddenly. The ideal thing to do is check the official site on the day you intend to buy or sell.
Future Projections in Trivandrum
We have already seen all the factors that are contributing to the growth of the city – the numerous reputed, quality institutes of higher education and research, the several infrastructure projects nearing completion, the presence of an international airport, the rapid growth of the IT industry, and more. All these factors combine to make Trivandrum a highly sought-after city to settle down in. The district of Trivandrum is huge and there is plenty of space for projects – both housing and commercial, to come up. The future of the real estate market is indeed very bright. The surge in demand for affordable and premium housing is not going to stem any time soon – with more people coming to settle in Trivandrum every day, the demand is only set to spiral.
Conclusion
Let’s have a quick recap of the real estate trends in Trivandrum:
- There is a demand for sustainable and green construction and amenities
- Lower mortgage rates and affordable housing are preferred increasingly
- People want homes close to IT hubs, markets, schools, and healthcare facilities
- Modern amenities, landscaped gardens, and so on are in high demand.
If you are a real estate investor, this is the best time to enter the market. It is in the growing phase, and the values are set to appreciate greatly. You can expect excellent returns on your investment if you make the right decisions now.
Choose a reputed builder like Varma Homes who deliver sustainable projects that have, affordable as well as luxury apartments in Trivandrum; it’s a name that is trusted by hundreds of families and investors – book your Varma home today, and reap rich dividends in the future!
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