Expandable Horizontal

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Smart city and Kochi real estate

Kochi (Cochin), is in the lime light these days as the Govt. of Kerala signs the partnership deal with Dubai based TECOM for the development of ‘Smart city’. Now, what is this smart city and how its going to change the real estate business of this fast growing city on the eastern cost of India?

Kochi Smart City, is an infrastructure development project to accommodate a large number of technology and BPO companies in a special economic zone. This infrastructure project will be executed by TECOM and the space will be leased to IT/ITES companies for setting up their centre. An ambitious project, it promises to bring billions of dollars as investment in Kochi, in the next couple of years. Kochi has the strategic advantage of submarine OFC connectivity which is particularly attractive to ITES/BPO companies.  The low cost of land (compared to Mumbai, Bangalore & New Delhi) and its lush green landscape were the other two favorable factors.

An interesting development is that a whole new township is being built surrounding this special economic zone. This township which is coming up on the suburbs of the present city has made the city expand horizontally. This was indeed great news for the real estate developers and they had pounced on this opportunity, turning out a largely unused piece of land into a modern township.

Kochi (Cochin), primarily a trade and export oriented business city is now active with real estate development. A large number of builders in Kerala have already started their apartment projects and many major builders in India have announced their projects in the city. It is estimated that the supply of new Kochi apartment units can only meet a quarter of the estimated demand for 100,000 units for the next couple of years. Not surprisingly many new builders have come up to tap this opportunity. Apart from the smart city project similar projects like Shobha HiTEC city, coming up in the vicinity of Kochi, will further increase the demand for new construction. Kochi is also an ideal location for holiday homes with its beautiful hillside resorts and waterfront villas & apartments.

As Kochi prepares itself to be the new hub for IT companies in southern India, it is opening a world of business opportunities for real estate developers in Kerala.

About the Author

Jacob writes for KeralaListings.com a real estate consultancy for Kochi Real Estate and

Thrissur Real Estate.

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