Real estate in the south is moving out of the biggest metros, and Kochi is one of the fast movers leapfrogging on this shift. Indeed, real estate consultant CBRE recently predicted that Kochi is set to become the next IT hub, thanks to “its low manpower cost, stable political environment and robust infrastructure”.
The city’s recent growth spurt has sent the property market here soaring to new heights. The News Minute puts together the list of Kochi’s most preferred and most expensive neighbourhoods.
The famous Marine Drive lakeside walkway was built in the 1980s. Two years ago, the Greater Cochin Development Authority expanded on this, building more walkways along the lake shore.
But living near Marine Drive does not come light on the pocket. According to realtors, the market value of land ranges from Rs 75 lakh to Rs 85 lakh per cent (435.6 square feet). And with almost all plots near the lakeside walkways occupied by builders, and fresh land in short supply, apartments in this area cost a cool Rs 8,000-10,000 per square foot.
The commercial hub of Kochi, MG Road boasts of showrooms of major national and international brands in textiles, jewellery, accessories, and more. One of the busiest roads in Kochi, MG Road features some of the costliest commercial spaces in the city, priced between Rs 55-60 lakh per cent.
Edapally - Vytilla bypass
Running from Edapally to Vytilla, this seven-kilometre bypass road boasts of some of the most expensive road front property in Kochi. National Highway 66, of which the bypass forms a key section, is the chosen route for travelers going from the north to the south of the state. And with its many luxury restaurants, shopping centres and hotels, the bypass is a popular stretch for stopovers. With easy connectivity to Kakkanad, Vytilla, Palarivattom and Edapally – the main centres of Kochi, the bypass is as much of a preferred residential zone as a commercial zone. While commercial plots range between Rs 40-45 lakh per cent, residential plots go for Rs 20-25 lakh per cent.
Possibly the greenest and most beautiful area in Kochi city, Panampally Nagar has also turned into a fashion hub, thanks to the number of boutiques and spas that have sprouted up here. Despite being in the heart of the city, Panampally Nagar also has the reputation of a calm, quiet neighbourhood, and is quickly growing into a high-profile residential zone, with residential plots going for between Rs 35-40 lakh per cent.
With the only private bus stand in Kochi besides the Vytilla hub, Kaloor provides the best connectivity to all of Kochi and to neighbouring districts. Close to the Ernakulam North Railway station, Kaloor junction is one of the oldest centres in Kochi. Commercial plots here range around Rs 30 lakh per cent, while residential plots go for Rs 17 lakh to Rs 20 lakh per cent
Kochi’s famous tourist section, Fort Kochi brings the city’s heritage alive. Fort Kochi and Mattancherry in Ernakulam still reflect the city’s colonial heritage in their streets, with traces of Dutch and Portuguese culture in their buildings. Even the streets bear resemblances to the colonial era, with tinges of Jewish heritage as well. A residential plot here might cost you Rs 10-15 lakh per cent, with commercial plots going for Rs 20-25 lakh per cent.
Residents head to the outskirts
As Kochi grows into a major urban centre, say real estate insiders, the city centres are turning almost entirely commercial. Meanwhile, hunting for more affordable housing, newer residents are turning to suburbs like Varapuzha, Pallikkara, Pookkattupady, Trippunithura and so on, where residential plots are available for Rs 4-7 lakh per cent.
“The city areas have almost entirely turned into commercial spots. For residential purposes, the outskirts are growing popular these days, as they provide a serene atmosphere with a waterfront in almost all areas,” says Benoy Paul Managing Director Lyra Realtors.