Although a large number of Kerala residents live abroad, real estate in Kochi has always been of interest to NRIs. Recently, property prices in Kochi have also increased due to the rise of IT/ITES companies in the property market.
The city is home to a large number of employees and capital prices and property rental values have been hit hard by demand. However, NRIs do not have the same connection and real estate investment in Flats for sale in Kochi remains one of their preferred options, the source pointed out.
According to real estate traderFlats for sale in Ahmedabad, most NRIs seek beachfront residential properties in cities. Perhaps for this reason, the locations around Marine Drive and MG Road are the most luxurious residential areas in the city.
However, the vacancy rate in this sector is the lowest and there are almost no properties for sale. Moreover, market experts believe that the current price is too high and leaves no room for further investment growth.
Accordingly, NRI investors would be attracted to suburban areas such as Kakkanad, Edappally, Kalamssery, Ankamali and Thripunitura.
Extensive construction activities are taking place in these areas and real estate companies such as DLF, Puravankara, Sobha, Prestige and Brigade Group are developing their ambitious projects in these areas.
Given the demand for high-end residential properties, international players are also eyeing the Kochi property market Flats for sale in Chandigarh. Dubai-based Emaar Group recently launched its project in the city.
Property values in Kochi
In the wake of India’s property boom over the past two years, apartment prices on Marine Drive have increased by almost 300%, from Rs 1,500-Rs 2,400 psft to Rs 5,000-Rs 7,000 psft, during the period 2005-2007.