KOCHI: Kochi is set to become the next highly preferred real estate destination in India, according to JLL India, a leading real estate consultancy.
A Shankar, national director and head of operations (strategic consulting) at JLL India, said there are six reasons for this to happen.
Inclusion in the top 20 Smart Cities:
Recently, the Ministry of Urban Development, Government of India identified the top 20 candidates under the Smart City mission initiative through a competitive selection process. Kochi ranks 5th and expects an investment of Rs 2,076 crore for pan city solutions and area-based development. E-Governance and water management are focus areas as part of pan city solutions which will help Kochi to access improved and planned infrastructure with assured water and power supply, sanitation and solid waste management, efficient urban mobility and public transport, IT connectivity, etc.
First Indian Tier-II city to propose Metro:
Metro rail connectivity in Kochi is under various stages of construction and is expected to be operational by 2017. In Phase I, the Kochi Metro Rail Corporation has proposed an elevated route spanning approximately 25.25 km from Aluva to Pettah.
New international airport terminal:
Cochin International Airport Ltd (CIAL) is constructing a Rs 1,100 crore international terminal with a built-up space of 15,00,000 sq ft. It is designed to handle 4,000 passengers per hour and will be commissioned by 2016. Once operational, the new international terminal will have a very positive economic impact and uplift the real estate market in the whole region.
Venue for one of two submarine cable
landings in India:
Kochi is one of the venues for ‘SEA-ME-WE-3’ (South-East Asia- Middle East- Western Europe 3) and ‘SAFE’ submarine cable landings, and is the second Indian location along with Mumbai to have two submarine cable landings. This fact highlights Kochi as an important destination for IT enabled services.
Home to India’s first global hub terminal:
Kochi is among India’s leading cities for strong port infrastructure and has the largest (and India’s first) global hub terminal- the International Container Transshipment Terminal (ICTT) at Vallarpadam. This makes Kochi the premier port gateway to South India.
Continued tourism growth:
Kochi is known for its high heritage value, and contributes significantly to Kerala’s tourism industry. It sees an annual tourism influx that equals about four times its population, of which 14 per cent accounts for foreign tourists, and reflects an annual increase of about six per cent.