Not only Kochi Metro but projects like Smart City, second phase of Infopark, Kochi Refinery expansion and Petronet LNG Terminal will also put Kochi as the preferred destination for the real estate sector. The project announcements in the city would be at least double in the near future from the current tally of five per month, industry sources said.
It is learnt that at least 1,500-2,000 residential units are required in Kochi annually as a result of the big-ticket investments pumping into the city.
Major industrial players said the price appreciation has already been witnessed around the 22 Kochi Metro stations in the city. John Thomas, president, Confederation of Real Estate Developers’ Associations of India (Credai) - Kochi said that with the commencement of Kochi Metro construction work, the real estate market in the city will get be better.
“Kochi Metro will bring in more mobility in the city. This will inspire buyers to announce new projects in and around the city. The professionals from other metro cities like Bangalore and Chennai may prefer to relocate to Kochi because of the increased connectivity and opportunities coming up here,” he added.
According to experts, areas within 500 meters from the 22 Metro stations coming up in the first phase will witness a minimum of 50 per cent appreciation in the property pricing when the project becomes a reality. It is pointed out that property prices have risen 30 per cent in areas where the Metro Rail work has already commenced.
J Paul Raj, secretary, Credai Kochi said that any development project would create momentum for the real estate sector.
“The areas in and around Kochi Metro have already witnessed price appreciation. Moving forward the demand in these areas will enhance. As the project provides better connectivity within the city limit, more residential projects are expected in the areas adjacent to metro stations,” he added.
Mathew Murickan, head-Geojit BNP Paribas Property Services said the Kochi Metro would be a catalyst for the entire real estate sector in the state.