Several factors influence the real estate market in Kerala. The state is close to large metros like Bangalore and Chennai which have slowed its growth in the past. With the government’s initiatives to improve the infrastructure and economy, Kerala is emerging as a growing real estate market. The booming IT sector has created direct and indirect employment opportunities paving the way for residential and commercial real estate development. It is one of the wealthiest states in India due to the high remittances from the non-resident population living in the Gulf countries who invest in property. The growing tourism sector and consumerism have made Kerala a strong economy fuelling rapid urbanization.
This blog discusses the key trends and real estate insights in Kerala.
1. Development of Cities
The major cities of Kerala – Trivandrum and Kochi are getting urbanized quickly. This is prompting the development of all real estate classes – retail, commercial, hospitality, and residential. Trivandrum’s Technopark and Kochi’s Infopark remain the major attractions for IT-enabled businesses and employees. They generate high housing demand with a ripple effect on the neighboring Thrissur which enjoys good connectivity to both cities. The development of metro projects is driving the growth of new markets in the cities. Student housing is a major opportunity as educational institutes can house only 10% of students on university campuses. This is very low as the two cities have the highest rate of student enrolment for higher studies.
2. Luxury Real Estate
Kochi and Thrissur have thriving luxury residential markets with high demand. The economic development in Kochi and the growing gold and jewels manufacturing industries are attracting attention from the government and private sectors. The growing affluence has resulted in demand for luxury homes, villas, and apartments in these cities. This is expected to grow attracting NRI investments to invest in properties by well-known builders like ABAD Builders.
3. Sustainable Luxury
The increasing awareness of environmental friendliness has made the home-buyer and investor conscious of the properties they invest in. Real estate with energy-efficient solutions and eco-friendly designs are emerging future trends. Green technologies like rainwater harvesting, solar panels, and waste management systems are adopted by many developers in their projects to save natural resources. Smart home technology makes this easier with pre-programmed devices that help in conserving power. High-tech security systems that allow monitoring homes instill a sense of security and comfort.
The future trends and insights for Kerala real estate look positive. Home buyers can enjoy the best lifestyle in the scenic state whereas investors will get a good return in their investment.
