KOCHI: The Maradu demolition, which took place early last year, has enormously hampered the sale of popular waterfront properties in the city.Residents and investors have become conscious about Coastal Regulation Zone rules and prefer purchasing homes on the outskirts of the city
Manoj Mathew, a retired advocate, dreamt of settling down in Kochi. For the past six months, he has been apartment hunting in the coastal city. Ever since the Maradu demolition, his affection towards waterfront apartments has waned away. Like Manoj, many prospective buyers are shying away from purchasing waterfront apartments. Additionally, with the price hike in building materials, Kochi’s real-estate sector has taken a massive hit.
According to customers, the demolition hampered their interest in waterfront apartments. “Buying property has become a tricky affair now. We want to ensure a foolproof process, in every stage of the deal. We wouldn’t want to be schemed into buying the wrong apartment,” said Manoj.
Abdul Kareem, a businessman from Tripunithura, said, “With a possible modification in the Coastal Regulation Zone (CRZ) norms in the coming months, we are willing to wait to buy a waterfront property. Once the alleged violations are legalised under the new law, there won’t be a preventive factor in buying the apartments.”
Meanwhile, builders are staring at a bleak future amid the slowdown. “Maradu had a definite impact on buyers,” said a builder who does not wish to be named.Many real-estate brokers pointed out that prospective buyers have now begun to focus on properties on the outskirts of Kochi, as they are devoid of CRZ and other environmental laws.
“Also, as most waterfront properties are expensive, above `1 crore, it is natural that people tend to prefer safer options. Besides, the rising construction costs will not let the builders reduce their prices as well,” said Usman V, a real-estate broker. Vijaya Raghavan V L, another real-estate broker, echoed the same. “The dent on waterfront properties has set an unprecedented impact on the customer’s purchasing style. Now, people are looking at affordable villas in the mainland,” he said.
The trend of investment properties has also decreased in the last year. “Earlier, we used to get NRKS (Non-resident Keralites) who considered the purchase as a future investment. The pandemic and the domestic tussles within the country has deterred them from the same,” said another builder.
Maradu demolition
Five highrises in Maradu were demolished on January 11 and12, 2020 following the Supreme Court order which found that the residential buildings violated Coastal Regulation Zone norms. The apex court approved the razing of buildings and aimed to end the spree of environmental violations in the wake of
consecutive floods in 2018 and 2019.
A ‘welcome change’, for some
Although the aftermath of Maradu flat demolition has deeply affected the realty-sector, many green activists are looking at it as a welcome change. “Builders used to market their properties as ‘Waterfront’ or ‘Hillview’ earlier. With the closure of the Maradu chapter, customers are conscious of the environmental laws. Though this temporary change will be reversed with the amendments in CRZ norms, the newfound approach shouldn’t change.
It will help us protect our remaining natural resources,” said activist C R Neelakandan. Echoing a similar trend, Cheshire Tarzen, an RTI activist who led a crusade against CRZ violations in Chilavannoor backwaters, said, “The lack of interest from customers will force builders to abide by the laws hereafter. Buyers have begun to demand essential documents and approvals about the properties. The change will only result in a sustainable co-existence.”