Why do people choose Kochi as a future home investment?
Why do people choose Kochi as a future home investment?
Kerala's financial capital city, Kochi is always growing, especially in the real estate field. People choose Kochi as a future home investment only because of the city's excellent facilities such as road and rail connectivity, Metro, etc. Kochi is a leading tourist destination too.
The best investment in Kochi is for apartments. Homebuyers are high in rate, as the major IT Hubs are situated in Kochi. People look for easy and convenient daily commutes, hence they opt for apartments or flats. Kochi's real estate market is highly paid and attractive.
All potential drivers such as IT development for employment generation, Metro rail for intra-city connectivity, the Smart City tag for basic infrastructure, port-based development for industry and commercial growth, airport terminal for international connectivity and foreign investment and tourism for the hospitality industry are emphasized in Kochi.
This will ultimately boost demand for housing and make it one of the next highly-preferred real estate destinations in India.
Inclusion in the top 20 Smart Cities:
The Ministry of Urban Development, Government of India identified the top 20 candidates under the Smart City mission initiative through a competitive selection process. E-Governance and water management are focus areas as part of pan-city solutions which will help Kochi to access improved and planned infrastructure with assured water and power supply, sanitation and solid waste management, efficient urban mobility and public transport, IT connectivity, etc.
Kakanad-Tripunithura-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. The 'Smart City' tag is expected to boost prices exponentially.
New international airport terminal to cater to growing demand:
The new international terminal has a very positive economic impact and uplift the real estate market in the whole region. The catchment will witness the development of new retail and commercial spaces along with a good supply of residential and hospitality developments to cater to the increasing demand.
The increased international connectivity will also pave the way for global companies and cargo-based businesses to deploy and expand operations nearby. The completion of the international terminal, along with an operational metro, will significantly boost the city's real estate market - and the catchment itself is expected to witness a 15-20% rise in property prices.
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. Presently, the Government of Kochi is keen on developing IT/ITeS, as the entire Kerala state is promoting this sector heavily.
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.
Ample employment opportunities:
The swelling number of businesses in the city has presented residents with increased employment options. The Kakkanad technological cluster and the Cochin Special Economic Zone (CSEZ) have become appealing locations for enterprises and businesses seeking to establish their base in India. The proximity of well-developed transport infrastructure and a large population of potential customers and partners has made the city attractive for businesses seeking to expand or start-up. The presence of large foreign corporations in the city has provided a good platform for the growth of the local employment sector.
Continued tourism growth:
Kochi receives millions of tourists annually, which is crucial in adding significant value to the city's earnings. It has historical pertinence and is a popular attraction for its coastline, lush countryside, and watersheds. Kochi is also visited annually by domestic tourists for cultural celebrations and festivals. The city's aspiration to become a prominent vacation spot provides a pathway for the skyrocketing demand for the hospitality industry and its ancillary sectors. Furthermore, the proximity of large international airports and the growing popularity of cruise tourism make the city an attractive destination for international visitors.
In short, Kochi - which was earlier struggling to recover from an oversupply scenario - will see a massive revival due to the creation of demand from these initiatives. Sustainable growth in real estate prices is now assured in the city, and this has incited new interest from numerous real estate developers from all over India who are keen to launch residential, commercial and hospitality projects there.
Varma Homes offer flats in Kochi with the most contemporary design style and architecture. We have been giving flats in Kochi and have a huge happy client base. On-time fulfilment and delivery of projects are some of our strong points. Our flats in Kochi use the most advanced technology, including contemporary design while keeping the highest standards in quality.
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