KOCHI: Residential stocks are getting concentrated at Kakkanad, which is home to nearly 35 per cent of apartments in the metro city, according to a survey, ‘Unravelling Kerala Real Estate, A Study on Kochi, Thiruvananthapuram and Thrissur,’ carried out recently by JLL.
As per the report, Kochi has a total organised residential stock of 47,858 units in 494 apartment projects. The market estimates suggest that more than 70 per cent of this supply has already been sold. The Peripheral Business District (PBD), which comprises Aluva, Kakkanad, Nedumbassery, Maradu, Kalamassery, Tripunithura, Vazhakala, and areas adjacent to Seaport-Airport road, account for more than 60 per cent of the total supply of the city. As many as 55 per cent of the supplies are situated within Kakkanad area. Kakkanad area alone has 35 per cent of the city supply.
On the other hand, Central Business District (CBD) comprising Marine Drive, Thevara, Ravipuram, Panampilly Nagar, Kadavanthara, Banerji Road, and Elamkulam only accommodate 15 per cent of the total stock in the city. Similarly, Secondary Business District (SBD) based on locations, Irumpanam, Vytilla, Kaloor, Vennala, Palarivattom, NH Bypass and Edappally only have 20 per cent of the stock.
Najeeb Zackeria, Chairman, Confederation of Real Estate Developers Associations of India (CREDAI), Kerala, said the availability of land and developmental activities, especially the presence of Infopark, has turned Kakkanad as favourite place of builders and consumers.
Two most popular places for the buyers are Kakkanad and Marine Drive.“Affordable projects are concentrated around Kakkanad. While luxury projects make Marine Drive area one of the most sort-after places in Kochi, average price of the apartments is around Rs 8000-11,000 sq ft in Marine Drive. In Kakkaand we get apartments which cost less than Rs 5,000-sqft in Kakkanad,” he said. The JLL report observed that 3-bhk homes account for a maximum supply of 55 per cent in Kochi. This is followed by 33 perent for 2-bhk.
JLL report also suggests that Kakkanad is also popular for commercial office space in Kochi. “Infopark has been a primary driver of real estate development in the vicinity. The Kakkanad area, which falls under the PBD East micro-market of Kochi city, has witnessed good commercial development following heavy investments made by the state government in 30-km stretch of sea-port, airport ring road and construction of the collectorate. The NH bypass also provides connect,” says the report. As far as the retail market is concerned, Panampilly Nagar has grown in prominence recently.
‘Kerala needs sustainable model of construction’
Kochi; Shashi Tharoor MP on Friday said Kerala at present needs a socially committed and sustainable model of construction. He was speaking after inaugurating the fourth state conference of CREDAI Kerala held at Kochi. “We need more expertise in building homes that can resist and survive landslides. To create such initiatives the state government and agencies can use the expertise of organisations like CREDAI. Profit, Planet and People (3P’s) are the three mantras a construction company should follow. Profit may not be the refining parameter but the other two have social commitments. Prefab construction model which is a great success in foreign countries can be implemented in Kerala to create light and durable buildings,” he said
Apartment real estate sector in nascent stage in T’puram and Thrissur
Kochi: The residential apartment culture in Thiruvananthapuram and Thrissur is still in its nascent stage compared with Kochi. A survey carried out by JLL reveals that urban infrastructure projects will boost real estate development in Thiruvananthapuram and Thrissur. When Kochi has a total organised residential stock of 47, 858 units in 492 apartment projects, the same in Thiruvananthapuram has a stock of 19,680 units. The total stock in Thrissur is 7,229 units in 131 projects. In Thiruvananthapuram, the highest share of supply is in 3-BHK which is more than 50 percent of the total stock. The total 2 and 3-BHK units account for 88 per cent of the total stock. There are 2,719 villas in Thiruvananthapuram, mostly developed by local developers. In Thrissur also a substantial part of the stocks consists 2 and 3-BHK apartments, accounting for 79 per cent. Thrissur has 583 villa units.