Kerala

02 Aug 2010 CW Staff

Known as ‘God’s Own Country’, Kerala has witnessed a major growth and development in real estate for the past few years. Unlike their ancestors, today’s generation has begun to think about their own abode much early in life.

Taking a definite cue from the present situation in the state, the prominent property developers have turned their attention towards developing Kerala’s real estate, thereby bringing several innovative transformations in its infrastructure. Architects and civil engineers are coming up with new strategies and methods of planning and construction with the idea of retaining the charm of the serene locales of the state. In the backdrop of the climate change causing concern at the global level, fuel-efficient ‘green building concepts’ using available resources have been catching on in the state of late. Both builders and customers have realised the value of preserving the natural environs and conserving energy for better results.

Residential developments

With some big national players holding land in Kerala, residential property prices are shooting up. Marine Drive, Kadavanthra, Panampilly Nagar, Edappally, Thevara, and Kakkanad are some of the prime locations in the state that have emerged as the hottest in terms of both demand and value. A multitude of residential projects are already on the development track in all these places. “A lot of these projects are in the affordable housing category, ranging between Rs 20-30 lakh,” says Meena Yadav, Sales Executive, DLF Group, which is coming up with New Town Heights at Kakkanad. The project comprising 21 towers of G+22 floors offers 1,700 apartments of 2/3 BHK.

Eco-friendly houses are the latest trend emerging in the state. Builders and developers are concentrating in constructing eco-friendly houses and buildings as they not only reduce carbon footprints but also bring down maintenance cost and utility bills. Prominent among these include Greenature by Noel Builders that offers 100 villa apartments each one with its private garden, walkway and garden view.

Some of the other upcoming residential projects in the state include:

1. Eternity by the Purvankara Group over 5.5 acre at Kakkanad offers 2-3 bedroom apartments in the range of 1,595 sq ft - 1,742 sq ft.
2. Oceanus Maple by Oceanus Group is an upcoming residential tower on 2.67 acre in Kochi. The project comprises G+23 floors having 163 flats of 2/3 BHK.

Commercial developments

“The commercial real estate market in Kerala is much stronger than the residential market,” says Biji, Purchase Manager, Desai Homes Builders & Developers. The successive announcement of several industrial projects, especially in the field of IT, has provided a huge boost to market. Of all cities, Kozhikode, with the streamlining of two IT parks in recent months, is turning out to be one of the most sought after destinations in South India. The commercial sector in Kochi too is being escalated with substantial trigger from huge multinational companies with IT parks being set up in the city. There is an immense impact on the commercial real estate market of the city with the influx of event management firms and the budding industrial sectors of Kerala. The commercial sector in the state as a whole is undergoing an enormous upsurge with significant investments by large scale firms and NRIs.

Some of the upcoming commercial projects include:

1. Sarovar Premiere, a 50-room hotel at Valayar by Sarovar Hotels & Resorts which is likely to get completed by December 2010.
2. Technocity, an integrated 433 acre township at Thiruvananthapuram by Kerala State IT Infrastructure Ltd comprises IT, ITeS infrastructure as well as residential, commercial and touristic structures in addition to public service and educational institutions.
3. A commercial complex cum hotel project on of 2.87 hectare in Ernakulam by Colossal Projects comprises shopping mall, office blocks and 198 hotel rooms.