‘Often the presence of mind and energy of a person remote from the spotlight decide the course of history for centuries to come’. Stefan Zweig, Writer. This quote seems to be completely apt for Kochi at this moment. You ask why? Well, Kochi is in the spotlight and for all good reasons. Reportedly, Kochi is all set to become destination-to-be for real estate according to JLL India reports. Presently, Kochi ranks in 5th place from among the top 20 destinations identified under the Smart City mission initiative.
Factors such as IT development, Metro rail for the commute, the Smart City fame , port-based development facilities, a well-placed airport terminal have influenced to make Kochi the place-to-be for real estate investment. A more detailed analysis is given below on what makes the Kochi ‘the next hotspot of real-estate’. Have a read.
Smart city eminence:
Smart city tag has done wonders for Kochi in overall development. Furthermore, the declaration by Indian ministry of the name of 20 cities for smart city initiative has given a big boost to Kochi. It presently ranks 5th in the list. The city of Kochi reportedly expects an investment of Rs. 2,076 crore for city solutions and area development. Pertaining to this several new investors are buying lands in and out of the city to take advantage of this future prospect. Kochi-Mattancherry-Central City is selected as the area for development and is all set to witness humongous development in the upcoming years.
The only Tier-II city to initiate metro rail facility:
In Phase I, the Kochi Metro Rail Corporation has already proposed an elongated route which spans approximately 25.25 km from Aluva to Pettah. Metro rail connectivity in Kochi is under stages of construction and is deemed to be operational by 2017. Once the metro rail becomes operational real estate will be greatly benefitted. Distinct areas such as Edapally and Vytilla can all be connected through it.
Emergence of new international airport terminal:
Rs 1,100 crore international terminal is being constructed by Cochin International Airport Ltd (CIAL) which will be commissioned by 2016. Once this becomes operational. This terminal will pave the way for international communication for global business firms and MNCs.
The Venue for submarine cable landings in India:
SEA-ME-WE-3′ (South-East Asia – Middle East – Western Europe 3) and ‘SAFE’ submarine cable landings are done in Kochi and is the only location after Mumbai to have two submarine cable landings. This fact itself is a huge boost for IT-enabled services. The demand for IT services will help to create demand for residential properties, big office spaces and retail projects.
Strong Port Infrastructure:
The largest and perhaps the only global hub terminal – the International Container Transshipment Terminal (ICTT) at Vallarpadam makes Kochi the ideal location for port facilities. Port gateway business is all set to prosper via this great infrastructure facilities and ongoing development will be the icing on the cake.
The Ideal tourist spot:
Kochi has a great mixture of natural heritage sites and it contributes quite immensely towards Kerala Tourism Industry. The city witnesses an annual tourism inflow that almost equals about four times its population of which 14 per cent accounts for foreign tourists. The hospitality sector seems quite poised for growth in this region in coming years for sure.
Kochi at the moment is going through a revival phase and is all set to become the place to watch out for in coming days.
For a further insight, you can check out this video:
Curated by editor at Wienerberger India