According to Jones Lang LaSalle (JLL), a renowned real estate consultancy, the city of Kochi is poised to emerge as the most sought-after real estate destination in India. Mr. A Shankar, Director National and Head of Operations at JLL India, outlines six compelling factors driving this projection. The expert suggests it will be the most attractive destination for property-related investments.
Integration into 20 Smart Cities
Through a rigorous selection process, the Ministry of Urban Development, Government of India, identified twenty cities for inclusion in the Smart City initiative. Scoring fifth in the rankings, Kochi is set to receive an estimated investment of Rs 2,076 crore for area-based development and city-wide solutions. Key focus areas encompass water management and e-governance, intended to enhance Kochi’s infrastructure by ensuring reliable power and water supply, effective waste management, improved sanitation, better public transport, enhanced urban mobility, and advanced IT connectivity.
Pioneering Metro Project in a Tier-II City
Kochi is at the forefront as the first Tier-II city in India to propose a Metro system. The Metro connectivity project in Kochi is currently underway, with completion expected by 2017. The Kochi Metro Rail Corporation has planned an extensive route spanning approximately 25.25 km from Aluva to Pettah in Phase 1.
New International Airport Terminal
Cochin International Airport Ltd (CIAL) is developing a new international terminal with a substantial investment of Rs 1,100 Crore, covering an expansive area of 15,000,000 square feet. Designed to accommodate 4,000 passengers per hour, it is slated to commence operations by 2016. The launch of this new terminal is anticipated to have a significant and positive economic impact, further stimulating the real estate market across the region.
Submarine Cable Landings
Kochi has been selected as one of the landing locations in India for the 'SEA-ME-WE-3' (South-East Asia-Middle East-Western Europe 3) and 'SAFE' submarine cables. This, along with Mumbai, marks it as the only other Indian city to host two submarine cable landings. This development underscores Kochi's growing importance as a hub for IT sectors.
Sustained Tourism Growth
Renowned for its rich cultural heritage, Kochi makes a substantial contribution to Kerala's tourism sector. The city experiences annual tourist arrivals equivalent to approximately four times its population, with foreign tourists accounting for 14 percent, reflecting a year-over-year growth of around six percent.