Kerala next in list for realty boom

Good opportunities in Kochi and Trivandrum
Credai, Cushman & Wakefield report reveals

A report prepared jointly by Credai, Cushman & Wakefield states that Kerala will soon become the best destination for real estate investments in India. The report, titled ‘Destination Kerala: The Next Big Real Estate Growth Story’, released at the 7th State Con in Kochi, elaborated on many points.

Kerala is the only state in India that does not have a top-8 real estate market. However, a real boom will soon follow in Kerala, and the next phase of commercial real estate growth will continue to be strong, the report said. It explained that the real estate sector is booming, especially in Kochi and Trivandrum. According to the 2011 census, Kerala recorded a high urbanisation rate of 48 percent. This is much higher than our country’s average urbanisation rate (31 percent). Kerala is likely to create a record as a fully urbanised state in about 10 or 12 years. A large number of Keralites are working in high-income countries. This is increasing consumer spending. It is also inviting many retail brands and mall developers to the state. According to a recent NSSO survey, Kerala’s average monthly household expenditure not only exceeded the national average but also surpassed most industrialised states, including AP, Karnataka, and Tamil Nadu. Kerala has an extensive infrastructure network with good roads, railways, airports, and metro rail connectivity. This has made the state an attractive destination for many businesses and individuals.

Kerala’s real estate sector is benefiting from many government schemes. The government is providing incentives and investment subsidies to startups. Companies are encouraged to set up offices in Kochi through the Kerala Startup Mission. Also providing seed funding through the Kerala Startup Mission. Apart from these, quality IT parks are being set up in cities like Kochi, Trivandrum, and Thrissur to meet the needs of global IT companies like Techno Park, Info Park, and Cyber Park. In this background, Kerala’s real boom is sure to start, the report said. Kerala is the only state to have two cities on the list of the 10 fastest-growing real estate cities in the country. Kochi and Trivandrum are on this list. Cities like Kozhikode, Thrissur, and Palakkad are also making significant progress, the report said. It is believed that Kerala will become a popular destination for those looking to set up offices in Tier-2 cities in the coming years.