Kochi is going to become one among the next highly preferred real estate destinations in India. Here are the four reasons to prove it right.
Kochi ranks 5th among the top 20 destinations in India identified by the Ministry of Urban Development under the initiative of Smart Cities Mission. The 'Smart City' tag is expected to boost prices dramatically. An investment of Rs 2,076 crore is expected for the pan-city solutions and area-based development. Kochi-Mattancherry-Central City will witness intense development in the coming years. Many number of real estate developers are trying to acquire land for real estate development in and around this area.
Kochi Metro is an under-construction metro system and is expected to be operational by 2017. It is the fastest metro project in India. The 13 km stretch metro rail between Aluva and Palarivattom will be open from June 2017. A second 5 km section from Palarivattom up to Maharaja's College will be made operational by August 2017. In Phase I, the KMRC (Kochi Metro Rail Corporation) has proposed an elevated route spanning approximately 25.25 km from Aluva to Pettah. Areas like Kalamassery, Edapally, Palarivattom, Vyttila, Panampilly Nagar and Kadavanthra will be the main beneficiaries and some of them have already started to witness increased development.
Varma Regent, compact apartments is being built at Edapally by the best property builders in Kochi. At Varma Regent, located at Ponekkara, to say 'convenient' is an understatement. The unique combination transcend to a whole new realm of affordable 2 & 3 BHK luxury homes ranging between areas of 862 sq.ft to 1357 sq.ft.
Varma Regent is one of the current ongoing residential projects of Varma Homes at Edapally. Kochi's fast paced culture is at the doorstep with the phase I of the Kochi Metro Rail project commencing up to Edappally. If you are looking to buy an affordable apartment in Edappally with luxury amenities Varma Regent is the best option.
The future expansion of Kochi 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. Real estate will be highly influenced once the metro becomes operational.
Cochin International Airport Ltd (CIAL) constructed an international passenger terminal with an investment of Rs 1,100 crore which is currently operational at the airport. The new international passenger terminal along with an operational metro will uplift the real estate market in the whole region.
Kochi is one of the venues for 'SEA-ME-WE III' (South - East Asia - Middle East - Western Europe III) and 'SAFE' (South Africa - Far East) submarine cable landings. Kochi 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, which will gradually boost real estate development in the city as it creates demand for both residential properties and office spaces.