The Kochi Metro is a rapid transit system serving the city of Kochi and the wider Kochi Metropolitan Region. The construction began in 2013, and the service was thrown open to the public in 2017. There are several firsts associated with the Kochi metro project. It is one of the fastest metro projects completed in the country. It is the country’s first metro project connecting rail, road, and water transport facilities. It is also India’s first metro system that requires minimum human intervention as it uses a Communication-Based Train Control signaling system. The Kochi metro rail system has had a significant impact on the economy and population of the city.
Understandably, it has influenced real estate substantially which will be discussed in this blog.
1. Convenience
The Kochi metro has improved the mobility of people within the city and beyond. The connectivity stretches beyond the corporation’s limits, improving the infrastructure in the adjoining localities. It is an effective means of transport due to its high carrying capacity and faster movement. Working professionals living the apartments in Kochi experience the ease of commuting to work and back home enhancing comfort in their daily lives.
2. New Locations
As the Kochi metro expands, the number of locations where new residential projects are developed has increased dramatically. As these locations connect, the infrastructure also improves allowing them to attract property developers and home buyers. The metro project has driven the development of new educational institutions, healthcare facilities, and retail establishments improving the social infrastructure. All these developments benefit the real estate sector as new residential and commercial developments are undertaken by builders in Kochi.
3. Connectivity
The Kochi metro is designed to connect 23 stations in the city improving the connectivity to various destinations. The metro lines, like the one connecting The International Container Transshipment Terminal (ICTT) near Port Kochi and the integrated transit terminal at Vytilla Mobility Hub, are game changers for the real estate industry. Real estate prices are directly related to urban connectivity and are projected to increase due to the metro. Investors can expect good returns of 10 to 15% on the investments made in projects along the metro project development in Kochi.
4. Property Market
The returns on investment in real estate have improved with the development of the metro. The rental income has shown a positive trend as the metro connects residential locations and commercial hubs. As the metro expands new luxury property markets, like the 4 BHK flats in Kochi, are expected to rise in the new locations. The existing property markets in major hubs are appreciated due to the location advantage. At the same time, new locations offer affordable and mid-segment residential and commercial properties. Top builders like Abad builders are taking advantage of these developments to create premium housing projects.
The Kochi metro project is responsible for improving the lives of the citizens of Kochi by easing connectivity and providing the much-required housing solutions.
