The Union budget that was presented by Finance Minister Nirmala Seetharaman has a significant impact on the real estate sector in India. The Indian real estate sector is poised to make a major contribution to the country’s GDP in the coming years. It is also a prime employment generator employing thousands of people and securing their livelihood. The policies framed by the budget will have a significant impact on the economy in general.

Key announcements

1. In this budget the housing needs of 1 crore urban and rural middle-class families will be addressed. The government has allocated Rs 10 Lakh crore to create 3 crore additional houses under the Pradhan Mantri Awas Yojna (PMAY). This is expected to increase the demand in the mid-segment and affordable housing segment encouraging developers to construct more projects catering to affordable ready to occupy flats in Kochi.

2. The government will help develop “plug and play” industrial parks in 100 cities to attract investment and encourage industrial growth. These parks will attract industries with ready-to-use facilities reducing their operational costs and time. The government intends to support regional development in strategic locations for increased economic benefit. All these initiatives are set to increase real estate activity in these locations to meet the housing and commercial demands.

3. One of the significant announcements of the budget was the withdrawal of indexation benefits on long-term capital gains. This means that the purchase of the property can no longer be adjusted for inflation while calculating taxes on after-sale income. The tax on the long-term capital gains has been reduced to 12.5 % from 20% but the removal of indexation benefits will increase the tax bills by a significant margin, especially for properties purchased many years ago. The returns on investment will be reduced for long-term property investors due to this move. This is expected to stabilize the property prices due to reduced speculative investments benefiting the first-time home buyer.

Another consequence of this policy will be the slowdown of the luxury real estate market like the 4 BHK flats in Kochi, while the urban rental markets will witness increased demand. Also, the affordable housing segment is expected to grow.

4. The budget has reduced stamp duty charges for women home buyers promoting inclusive home ownership. A progressive move that will motivate real estate developers to target women home buyers with specifications catering to their needs.

These are the key announcements and the impact they are expected to have on the real estate industry impacting builders and developers in Kochi.

Luxury living in Kochi is an ever-evolving phenomenon as builders in Kerala are upping their game to win the hearts of luxury home buyers. The residential landscape is changing fast in Kochi as the number of luxury flats in Kochi rises. Aspiring professionals, entrepreneurs, and expatriates have embraced sophisticated living in luxury residences like never before. Kochi offers an ideal mix for luxury connoisseurs with its natural beauty and growing urban lifestyle.

This blog provides a glimpse into the factors influencing this trend:

1. Economic Affluence

The Kochi economy has seen a steep growth trajectory in recent years driven by the IT, tourism, and healthcare sectors that have contributed greatly to the prosperity of its residents. The rising affluence has empowered residents to invest in luxury apartments in Kochi to upgrade their lifestyles. The new-age home buyer demands world-class opulent residences, amenities, and facilities.

2. Aspirational Lifestyle

We are aware that Kerala has one of the highest NRIs living and traveling abroad. The modern homebuyer is exposed to world-class luxury living and won’t waste time in fulfilling the aspiration of living an opulent lifestyle. Luxurious homes, premium amenities, and a thriving social life are the expectations of these home buyers. Builders and developers in Kerala are leaving no stone unturned in alluring them with premium apartments in Kochi.

3. Exclusive Branding

Branded developers collaborate with high-end consumer and hospitality brands in their projects to offer the residents an elite lifestyle. These projects are complemented by high-end amenities like concierge services, high-end security systems, and personalized home services which complement the lifestyle of high-net-worth individuals.

4. Smart Home Technology

Luxury residences are now adorned with high-end technology features like home automation systems, enhanced security features and remote-controlled systems. The luxury experience is taken to the next level by the convenience and automation provided by these systems which can create an automatic ambiance by recording the customer’s preferences. Controlling temperature. lightning and programmed operation of electronic devices are other features of automation systems.

5. Sustainability

An added advantage of home automation is their contribution of enhancing sustainability and eco-friendly features in modern luxury residences. Automated systems help in conserving natural non-renewable resources fulfilling the sustainability aspirations of the new age homebuyers. Green and eco-friendly features are essential attributes of luxury projects.

These are the distinguishing features of luxury projects in Kochi that are transforming the residential real estate landscape.

The fast-growing real estate industry is undergoing rapid transformation powered by technology. The way property is bought, sold, and used is changing quickly with each passing year and is changing fast. Property builders in Kochi must keep up with these changes to meet buyer’s demands. By understanding emerging technologies and changing buyer preferences, builders and developers in Kerala build projects that boast comfort, convenience, and luxury like never before.

This blog discusses emerging trends and technologies in the real estate landscape:

1. Demand For Luxury Real Estate

The rise of disposable incomes and shifting consumer preferences are influencing homebuyer preferences, especially millennials. They are gravitating towards luxury real estate due to the growing affluence and changing urban lifestyle. They aspire to live in exclusive residential projects with high-end amenities. The potential for high return on investment and increased rental incomes are also pushing investors towards luxury apartments in Kochi. These factors have resulted in a significant rise in the sale of luxury properties all over.

2. Rise of Low-density Housing

Low-density housing options like villas, townhouses, and plotted developments are in demand. These properties with less population use fewer natural resources like water, power, and air. Residents of these properties want to live sustainably by preserving resources like land and water to be in harmony with nature. The land is largely unused in these projects reducing the need for infrastructure and staying away from crowded cities. Builders in Kerala are responding to these trends by introducing well-planned low-density projects emphasizing open spaces, lush greenery, and exclusivity.

3. Smart Homes

Smart homes are built to make residences convenient for the owners by using technology to automate various activities within the home. Smart thermostats, efficient lighting, and the use of solar energy have helped in conserving power and reducing utility bills. Enhanced security features, remote control of home appliances and devices, and automatic control features are changing the living experience in the new age of smart homes.

4. Virtual and Augmented Reality

Prospective buyers can now take virtual tours of properties from the comfort of their homes. Virtual reality tours give buyers a seamless experience with property details in real time. They can have a good understanding of the properties, examine the details closely, and get a good understanding to make their decisions without having to visit the property. Augmented reality enhances the property experience by overlaying digital information onto the physical surroundings to envision their future home.

These are the trends and technologies being adopted by property developers in upcoming locations like flats in Vytilla. Combining technology and emerging trends in real estate most residential projects will keep evolving to meet the demands of the discerning customer.

In Kerala, where the real estate market is flourishing, opting for an under-construction project comes with numerous advantages for potential buyers. Builders in Ernakulam employ various strategies, such as enticing brochures, attractive offers, flexible payment options, and competitive prices, to attract a wide range of buyers. Despite the alluring offers, home buyers must exercise caution and conduct thorough due diligence before finalizing any deal.

Below, we explore crucial steps to ensure a seamless process when purchasing an under-construction property in Kerala:

1. Extensive Research

In the many projects in Kerala, developers offer diverse properties at varying price points. Extensive research of under-construction projects in Kerala forms the foundation for shortlisting potential properties that align with your expectations. Consider factors like location, price, configuration, and provided facilities when narrowing down your choices while selecting apartments in Ernakulam.

2. Legal Due Diligence

After shortlisting suitable projects, the next step involves ensuring clear titles and proper paperwork related to land and government approvals. The selected property should be free from legal disputes. The builder must possess all necessary permissions and certificates from authorities allowing the construction work to proceed.

3. Approvals and Permissions

Confirm that the builder has obtained project plan approval, outlining essential details such as project layout, the number of units, and building floors. Ensure the builder adheres to the approved plan of the flats for sale in Ernakulam without engaging in any unauthorized construction that may compromise the project’s designated open spaces.

4. Developer’s Track Record

Assessing the reputation of the builder becomes paramount when considering an under-construction property. Since judging builders solely on future promises is challenging, examining their track records and reviewing feedback from previously constructed flats for sale in Ernakulam is a good strategy for gauging their credibility.

5. RERA Compliance

According to the RERA Act, the selected projects in Kochi should be registered under RERA. Cross-check the developer’s claims and promises on the RERA website using the provided RERA number. RERA ensures adherence to strict timelines and provides a redressal procedure for buyers in case of grievances or disputes.

6. Property Pricing

Homebuyers should be informed about property prices in different locations in Kochi. Evaluate the project’s property prices based on its locality, considering the potential savings associated with booking under-construction projects in Kerala. This stage also allows for negotiations, providing additional benefits to buyers.

7. Payment Schedules

Developers typically offer flexible payment options for under-construction properties. Understanding the payment schedule, which often involves a 10% (may vary) initial deposit and subsequent payments spread over several years, is crucial to managing the financial burden effectively. Studying the payment schedule in detail helps avoid surprises later.

Approaching the purchase of an under-construction property in Kochi with diligence and care can lead to a rewarding investment. By conducting thorough research, ensuring the credibility of the developer and project, and being well-informed, homebuyers can confidently invest in a property that aligns with their aspirations.

Smart home technology integrates various home functions to control, automate, and monitor them remotely using technology. The technologies include smart thermostats, lighting, security systems, voice assistants, and appliances. As these devices integrate the home functions to give a seamless experience to the resident enhancing their comfort and convenience many folds, their impact on property value has been significant.

This blog explores how smart home technology is impacting property values:

1. Increased Demand

The tech-savvy millennials and younger home buyers seek the latest technology when they invest in their homes. The convenience, luxury, energy efficiency, and enhanced security features attract them. They are ready to pay more for these futuristic features improving their quality of life. Ready-to-occupy flats in Kochi have all the features pre-installed before the residents can get possession of their homes.

2. Energy Efficiency

Efficient systems that reduce utility bills lure the new-age home buyer as they achieve dual goals of savings and sustainability. Smart thermostats can reduce utility bills by understanding the heating and cooling preferences of the residents. Smart lighting can save power by optimizing the usage depending on the patterns. The new-age home buyer is ready to pay a premium for these efficient systems.

3. Enhanced Security

Smart security features like remote monitoring, app-based locking, and unlocking, instant alerts, and doorbell cameras enhance the safety and security of the homeowner. These features play a role in enhancing property value, especially for high-net-worth individuals. Many apartments for sale in Kochi come with these advanced security features.

4. Convenience

Smart homes offer the ultimate convenience to home buyers. From controlling home devices remotely to giving voice commands, comfort and convenience is an exclusive experience. 3 BHK flats in Kochi command a premium to offer these conveniences. These are highly attractive to younger home buyers who are willing to pay a premium.

5. Investment

Smart homes are future-ready and will not require significant updates after some years. These homes are more appealing to the homebuyer who may use their home as an asset. These homes have higher market value with a good demand from future home buyers. They can also earn a higher rental return if the buyer decides to rent it out.

Smart homes are here to stay and most homes will be equipped with at least the basic smart home features if not the advanced ones. The convenience offered by these homes and the status of living in an automated residence lure more home buyers to invest in smart homes.

Kochi is the Queen of the Arabian Sea for its natural beauty, scenic views, and rich cultural heritage. It is a top choice for domestic and international tourists and has been ranked sixth among the top tourist destinations of India by Nielson. According to McKinsey Global Institute, Kochi is one of the top 28 Indian cities that will be a part of 440 global cities, making up 50% of the world’s GDP by 2025.

Infrastructure

Kochi has been identified as one of the 20 smart cities by the Ministry of Urban Development, Government of India through a competitive selection process. This means that the city will get a special focus on developing planned and improved infrastructure. The focus will be on E-Governance, water management, power supply, sanitation, solid waste management, efficient urban transportation, and IT

Connectivity.

The city is well connected to the rest of the country and world by air, road, and rail. The domestic and international airports, state and national highways passing through it, and railways give access to all major hubs and cities within the state and country. The network of roads in the city is the principal mode of movement of transport within the city.

Economy

The Kochi Refineries, Kochi Shipping Yard, Eloor Industrial Estate, Kakkanad technological cluster, and the Special Economic Zones are the major hubs for industrial activity in the region. These regions are responsible for major economic development in the city and account for more than 450 IT companies and 250 companies from other industries. The demand for housing and commercial real estate is fuelled by these developments forecasted to keep growing in the future too.

Real Estate Scenario

There are several reasons that the Kochi flats for sale are preferred. The city is rated as one of the safest cities to live in India. The booming IT industry is attracting many professionals to migrate to the city as living in Kochi is affordable. These factors are responsible for the rapid development of the real estate sector.

The builders in Kochi are developing residential and commercial real estate to meet the growing demand. From budget to luxury apartments, independent houses, and villas in Kochi, the home buyer and investor have a range of choices offered by leading developers. Most of the ready-to-occupy flats in Kochi have the best amenities and facilities that meet international standards. 2 and 3 BHK flats in Kochi are the preferred configurations by home buyers and investors.

The pricing for residential homes ranges from ₹2000 to ₹9000 per square feet depending on the locality and type of projects. Some of the major locations are Kakkanad, Edapally, Kaloor, Thevara, Aluva, Panampilly Nagar etc. Kochi is a major hub for real estate and is poised for growth in the coming years.