Ernakulam Properties

Ernakulam is located in the Western part of Kochi, Kerala. It is the main nerve of business in the state and is referred to as the ‘Commercial capital of Kerala’.

Located in the land of temples, the first heritage centre of Kerala is Hill Palace, and at a distance of 12km from Kochi, it lies in the Chottanikkara-Ernakulam route. Surrounded by peaceful environment and lush greenery, the city has become one of the favorite places for tourists to spend their weekends and take a break from their stressed daily life.

Current Situation of Real Estate Sector in Ernakulam

At the tail end of the Indian map, the ‘God’s Own Country’ is famous for its romantic backwaters and lushgreen landscapes. Ernakulam earns a large economy of its revenues from the tourism sector. Though the industrial growth isn’t that great, it has a better social network than any other city. Located in the state with highest literacy rate, Ernakulum is currently facing a tremendous hike in land, property, and housing prices. The values of Ernakulam properties are going out of the reach of the common man now.

Ernakulam real estate sector is observing a great boom, and the numbers of home seekers are increasing with each passing day. The property prices in Kerala have almost tripled, and Ernakulum, Cochin and Kochi have become the major destinations for realtors after metro cities like Chennai and Bangalore.

Investing your money in Ernakulam properties can turn out to be a great way of securing your future. Seeing the increasing demands in Ernakulam property market, investing in Ernakulam real estate sector seems like a good option for everyone who can afford to do so.

The recent survey shows that youngsters are currently investing major portion of their earnings in buying properties rather than investing in share markets, looking at the great prospects, and disinteresting share market growth.

Ernakulam, the top-rated tourist hub (not only in India, but also in international tourism map) is witnessing a sudden growth in the real estate business. Even NRIs are investing money in purchasing properties in tourist areas due to its pleasant and warm climate. There was a time when a piece of land measuring 1000-1200 sq. ft. used to sell for hardly Rs. 5 lakhs, but things have changed radically since then!

Apart from tourism, the reason behind the sudden growth of real estate in Ernakulam is due to large inflow of NRI investments. Indians working in Middle East, Europe, and US are now investing money in purchasing land pieces, and apartments to save taxes, and to enjoy great returns on their investments. In fact, Ernakulam realty sector has become the backbone of the Kerala realty industry.

In recent years, Kerala’s Government is encouraging the establishment of software industries, and the introduction of IT has further helped in the improvement of the realty market.

Property Price Trends

1350 sq-ft 2BHK residential apartment at Tripunithura, Ernakulam, will cost you around Rs. 40 lakhs (i.e. Rs. 3000/sq. ft.).

A residential land of 2400-2600 sq. ft. area at Edapalli would cost you in excess of INR 50 lakhs, while a 3000 sq. ft. land at Kakkanadu also costs nearly the same; per square feet rate is relatively low at Rs. 1800 per square feet, so you can invest safely and expect the rates to rise up to Rs. 2500 per square feet in a matter of just 2-3 years.

A residential land measuring about 5200 square feet at Kuruppampady would hardly cost Rs. 18 lakhs, at about Rs. 350 per square feet; though the region hasn’t developed a lot, you can expect to sell it at about Rs. 700-800 within the next 3-4 years.

Fully-furnished semi-luxury 1000 sq. ft. 2BHK apartment at Kakkanadu costs Rs. 30-32 lakhs, at the rate of Rs. 3000-3250 per sq. ft., while an independent villa measuring 2900 square feet would easily cost you over Rs. 1.25 crores.

3BHK luxurious residential apartments (measuring 2200-2400 sq. ft.) at Kochi, Ernakulam are priced above INR 1 Crore, so there’s no point in investing at such saturated zones.

On the other hand, the cost of a 3BHK 1800 square feet independent villa in Muvatupuzha region is around Rs. 50 lakhs, and you can still expect the prices to go up to Rs. 60-65 lakhs by 2015, pretty comfortably.

The prices of an agricultural land in Kolenchery, Ernakulam, begin from Rs. 860 per square feet, and a commercial or industrial land in Puthuvype can be bought at the rate of Rs. 1250 per square feet onwards.

The cost of the commercial properties at Chittor road is about Rs. 3890 per square feet, and a farm land in Kakkanadu currently sells under the Rs. 200 per sq. ft.mark.

Some of the new entrants to the Ernakulum property markets are Desai Homes, Southern Investments PVT ltd, Good Earth, and Hi Brite. Investing money in the booming Ernakulum real estate doesn’t seem like a bad option.