A city known for its immense natural beauty, rich cultural heritage, and ideal tourist location, Kochi is emerging as the economic capital of the state of Kerala. Some serious developments in commerce, infrastructure, and industry have boosted the real estate landscape of the city.
Let us look at the factors that are responsible for Kochi’s emergence as an ideal location for real estate investment:
One of the top 20 smart cities in India
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 the development of 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 special focus on Kochi is bound to improve investments in the city that will boost real estate development at a fast pace.
The Kakkanad technological cluster and Cochin Special Economic Zones are initiatives taken up by the government to develop Kochi as an industrial hub to boost IT and other industries. The Cochin International Airport’s new international terminal with operational metro and upgradation of the seaport is poised to attract global companies and cargo-based businesses to set shop in and around it. The metro rail will improve connectivity and travel time from Aluva to the key micro markets within the city ensuring real estate development in surrounding areas. These initiatives will drive the demand for residential properties, savvy office spaces, and retail properties.
Growing real estate market
Kochi’s real estate market has seen one of the highest growth amongst Tier 2 cities in India. The boost in infrastructure development, expanding economy, and growing population of skilled workers are reasons for the growth of the real estate industry in the city. There is potential for high returns on investment in real estate with a good scope for rentals. Builders and developers in Kerala consider Kochi an important market. The flats in Kochi are being developed with a vision to match international standards.
Kochi sees an annual tourism influx equalling 4 times its population. It sees Indian as well as foreign tourists, of which foreign tourists account for 14% making tourism a major industry in the city’s economy. The city’s effort in transforming into a tourism hub will lay the groundwork for the development of hospitality and allied industries.
Infrastructure development backed by economic development has traditionally boosted the real estate industry. Kochi is on the path to becoming a major economic hub in South India and investing in the city’s property market is definitely a smart choice.