Real Estate Market Trends in Thrissur

Posted onDec 13, 2023

Anyone who is keeping up with real estate market trends in Thrissur, will be aware that there is a shift in housing preferences. For example, there is more demand for apartments in Thrissur as compared to individual homes. Of course, this is just one of the facets of the market trends, but still an important one. Staying abreast with what’s happening in the real estate market will help you get maximum returns on your investment.

You will be able to negotiate the best deals, whether you want to sell or buy - or give out your property on rent. This is also the way you will know the ideal localities to purchase property, the kind of amenities people look for, and more.

Thanks to the fast-growing IT sector in the city, Thrissur is attracting entrepreneurs and professionals not only from all over the state but the country too. This has caused the city to become more cosmopolitan and vibrant, and a favourite place for people to migrate.

Known as the cultural capital of Kerala, Thrissur is now a smorgasbord of diversity, and the inter-mingling of various cultures has brought a fresh perspective on many factors, especially housing. As a place blessed with nature’s bounty, and abundant in ancient temples, opulent churches, and mosques of a bygone era, Thrissur attracts thousands of visitors, bringing in substantial revenue from tourism. All this has interested both investors and buyers of real estate who are queuing up to bag the best properties in town.

The Significance of Thrissur in Kerala's Real Estate Landscape

The real estate market trends in Thrissur are impacted not only by the emerging IT industry, but also because it is the centre for gold manufacturing. It is a financially thriving city, with 700 crore rupees revenue generated only from the gold industry; additionally, there are many financial institutions functioning in the city. Many have their headquarters in Thrissur.

We have already seen how tourism pumps money into the economy. The pooram festival is a magnificent spectacle that draws in visitors from all over the world each year. Cascading waterfalls, beaches, picturesque dams, undulating hills- you name it, Thrissur has them all. 

The state government has announced several measures to promote the city as an IT hub, including setting up incubators, IT parks, and cyberparks, and providing finances and resources on easy and flexible terms.

The rise of the IT sector in the city pushed the infrastructure development to the forefront; today Thrissur has excellent roads, good transportation system, connectivity with major cities, reputed educational institutions, hospitals and other healthcare facilities, etc. Everything that a growing city needs to develop and attract more investment!

The city is witnessing a flurry of activity in the real estate sector, with several renowned builders undertaking prestigious residential projects in Thrissur.

The level of economic development has exponentially increased, and Thrissur is equally appealing to entrepreneurs and professionals, and homeowners and investors. The real estate investment strategies in Thrissur today are shaped by the new entrants into this city, which seamlessly combines tradition and innovation. Where sprawling mansions and compact apartments both exist harmoniously. 

Residential Real Estate Trends in Thrissur

• There is a heavy demand for housing options near cyberparks and other IT hubs, as the new entrants prefer to stay close to work.
• Splitting of joint families into several nuclear families also push up demand for housing
• There are also an equal number of people looking for tranquil locations a little away from the city bustle, making a quiet suburb like Poochatty one of the top residential areas in Thrissur.
• With many young professionals in the beginning of their careers moving to Thrissur, there is a demand for quality yet affordable housing.
• The growing tourism sector has also created the need for good hotels, homestays, resorts etc; that means even commercial property is in demand
• There is a shift of preference towards gated communities - apartments and villas thanks to the convenience and security they offer
• Most homebuyers want all the modern amenities possible like swimming pool, community halls, power backup, games areas, and more
• Sustainable construction methods, and green living is gaining popularity - homeowners want implementation of solar lighting, rainwater harvesting etc.
• Home automation technology is also being explored by the younger homeowners. 

The Real Estate Regulatory Authority monitors the real estate sector and makes sure that buyers are protected. They see to it that there is fairness and transparency in real estate dealings, and penalize those who indulge in unfair practices. This should reassure buyers and investors.

The state government policies have also increased the availability of affordable housing for lower-income families with initiatives like the Kerala Affordable Urban Housing and Habitat Policy, and the Kerala Infrastructure Investment Fund Board, which funds infrastructure projects and real estate development. These factors have a significant impact on real estate investment strategies in Thrissur.

Thrissur is growing exponentially and the demand for real estate is spiralling. We can safely conclude that the real estate market will not only be stable, but that the values will continue to appreciate over the years.

Real Estate Value Appreciation in Thrissur

Several reasons combine to increase property value in Thrissur:

• Thrissur is growing at a rapid pace thanks to the growth of the IT sector, creating hundreds of jobs and entrepreneurial opportunities
• Numerous infrastructure projects are being implemented, brining even more professionals in need of housing
• High demand for modern amenities and living spaces by young professionals and new migrants to the city
• Preference for housing near IT parks and offices
• Desire to have tranquil life fuels the demand for flats in suburbs
• Proximity to healthcare, education, markets, entertainment, roads and highways, transportation, and more.

Infrastructure and Connectivity in Thrissur

The coastal highway project will pass through Thrissur, boosting connectivity with the rest of Kerala. Apart from that, the fibre optic project, expansion of roads, highways, high-tension electric wire installation and several other projects are in the pipeline. All these will vastly enhance the infrastructure of this ancient city. 

With road networks being fortified, the demand for real estate is likely to get a further boost. After all, everyone wants to stay close to good roads and ease their daily commute.

Technology Integration in Thrissur's Real Estate

Technology plays a big role in real estate today - just as it does in every industry, or aspect of our lives. Builders, real-estate agents, and even investors are leveraging technology to ensure that they get the most out of their investment. Ai and machine learning help in streamlining processes and automating repetitive tasks. All-inclusive property management portals help combine disparate systems into a single platform, to bring more efficiency into property management and make it more profitable.

Builders and brokers user CRM software to deliver exceptional customer service. They are able to build long-term relationships with customers, suggest the ideal properties to them according to their past preferences, give them sneak peeks into new projects, special offers, and more. Developers and brokers can utilize drone cameras to record aerial views of the property to show to prospective buyers. Data analytics have become indispensable tools in the hands of both investors/buyers and brokers/builders, as it helps them understand the volumes of data churned out, and get insights into trends and prices.

Sustainability and Green Building Initiatives

The younger generation is highly concerned about environmental impact of development. Therefore, they prefer builders who implement sustainable construction (materials like composites and salvaged items), and incorporate eco-friendly initiatives in the amenities like solar panels for power, rainwater harvesting, proper segregation and disposal of waste, waste water treatment, including more green spaces, and installing charging points for electric vehicles. The government does its bit to encourage going green, by lowering taxes, fast-tracking permits, and so on.

Real Estate Regulatory Changes in Thrissur

It is normal for the government to bring changes into the regulations suddenly. A savvy real estate investor or homeowner must verify the rules existing at the time of their deal. Zoning, FSI, taxes, safety requirement, registration and stamp fees and so on, are the factors that are often changed, and it’s important that you know the right details to avoid unpleasant surprises later.

Future Projections for Thrissur's Real Estate Market

We have seen above how Thrissur is growing phenomenally, and how it is leading to an increased demand for quality housing. The presence of the gold industry, the growth of the IT sector, infrastructure development, presence of reputed healthcare and education facilities, the expansion of the road network, excellent rail connectivity, are all factors that are pushing the demand for high-quality real estate projects. Even quiet suburbs are rapidly getting urbanized, and this is creating even more demand for housing, and increasing property values across the city.

Conclusion

Let’s revisit the real estate market trends in Thrissur:

• People want smart homes, sustainable construction, and green initiatives
• Affordable housing initiatives are gaining popularity as many young professionals are migrating to the city
• Proximity to essential services and IT parks is a preference for most
• Modern amenities are a must - everyone wants to live in style: landscaped gardens, swimming pools, spa, gym.games room, and similar amenities are popular among the younger homeowners.
• Flats in Thrissur are in much higher demand than individual houses or villas as they are easier to maintain, offer more security, and are convenient in many ways.

The real estate boom in Thrissur is expected to continue for the foreseeable future, and that makes this the perfect time to invest - whether for personal user or pure investment purposes.

The longer you wait, the more capital you may have to sink in. the time is now - act quickly before the opportunity is lost. Invest in apartments constructed by reputed builders like Varma Homes to be sure of your returns.