The southern part of India has always been famous for its abundant greenery and thriving wildlife. However, in recent times, Kerala has been making waves in the real estate industry with its emerging trends and growing reputation. Investors are increasingly drawn to this region, particularly in cities like Calicut, due to its lush landscapes, excellent transportation facilities, and highly educated society. As a result, the infrastructure of Kerala is rapidly expanding, providing attractive opportunities for both buyers and builders.
Why Is Real Estate Thriving in Kerala?
Kerala's exponential growth in the IT sector has positioned it as a prime destination for young professionals seeking a better quality of life. In 2020, the state's employment opportunities witnessed a significant spike of 21%, attracting more people to relocate here. As the number of residents continues to increase, so does the demand for housing. Real estate developers are capitalizing on this growth by investing in various cities across Kerala. Notably, international buyers and NRIs are among the major investors, setting high standards for real estate options.
Living in a close-knit community is deeply ingrained in our society, and when the opportunity arises to reside in an educated and like-minded community, it becomes irresistible. Kerala's major cities have witnessed rapid development, resulting in the construction of numerous residential complexes. These affordable housing options not only provide comfortable living spaces but also create a conducive environment for co-working and collaboration. It's truly a win-win situation for residents.
The Profitability of Real Estate in Kerala
Kerala's land prices have been decreasing steadily, making it an attractive market for property investors, especially for non-resident Indians. The depreciating rupee further boosts India's property market, making it a financially prudent decision to invest in Kerala's real estate sector. The ongoing developmental projects across the state have led to a surge in construction, consequently driving down land values.
Cities like Kochi, with its flourishing IT sector and numerous shopping centers, such as Lulu Mall and Oberon Mall, have become major tourist attractions. Recent statistics reveal substantial price hikes in popular localities like Marine Drive, Edappally, and Kadavanthra, with increments ranging from 61.9% to 225.6%. These rising property values make Kerala an ideal place for business growth and investment opportunities, thus attracting even more investors.
The Future of Real Estate in India
In terms of job creation, the real estate sector in India currently ranks second, just behind the agricultural industry. The growing number of NRIs and their increasing interest in real estate investments have significantly influenced the market. Kerala, along with cities like Bangalore, Goa, Pune, and Delhi, stands out as one of the favored locations for such investments.
A study predicts that by 2040, the Indian real estate market will grow to a staggering value of Rs. 65,000 crore, up from the current Rs. 12,000 crore. Additionally, it is estimated that by 2025, the real estate market will contribute about 13% to the country's GDP. This projection is driven by the expanding employment opportunities in sectors like healthcare and IT.
The growing demand for housing presents a multitude of business opportunities. Currently, there are only three houses available for every 1,000 people in India. However, the ratio is expected to balance out in the coming years, with at least five houses available for every 1,000 people. This clearly indicates the immense potential and profitability of the real estate market in India.
Ideal Places to Settle Down in Kerala
Kerala is becoming one of the most sought-after destinations for settlement, offering a plethora of options for individuals and families. Here are a few notable places to consider:
Kozhikode
For those who enjoy the coastal lifestyle, Kozhikode, also known as Calicut, is the perfect place in the southern region. Its picturesque coastline along the Malabar Sea attracts many people, while the vibrant business environment ensures a steady influx of visitors. Calicut offers affordable housing options in luxurious settings, making it an ideal location for both residents and tourists.
Kochi
Emerging as the economic hub among Kerala's major cities, Kochi boasts innovative construction projects and modern amenities. With well-developed IT sectors, including Infopark, Smart City, and Cochin Special Economic Zone (CSEZ), Kochi attracts individuals, especially from North India, who are keen on building their dream homes.
Kottayam
Known as the land of letters, Kottayam is a haven for literary enthusiasts. It houses prominent Malayalam newspapers and renowned educational institutions like Kottayam Medical College, CMS College, and MG University. The increasing popularity of apartment living among homebuyers makes Kottayam an ideal place for real estate investments.
Thrissur
Steeped in history and culture, Thrissur is a perfect place for families looking to settle down. It offers a serene ambiance, historic sites, and temples that contribute to a culturally enriched lifestyle. The famous Thrissur Pooram festival attracts people from all over the world, making it an ideal location for families seeking a culturally vibrant environment.
Tips for Buying a House in Kerala
If you are considering buying a house in Kerala, there are some important factors to keep in mind:
-
Location: The significance of location cannot be overstated. Kerala offers a wide array of places to choose from, so it's essential to thoroughly research and consider factors beyond the popular cities. Calicut, for instance, provides an opulent living experience in both overall and neighboring areas, making it an excellent choice for settling down.
-
Facilities: After selecting your desired location, ensure that essential facilities such as water and electricity are readily available in the area.
-
Floor Plans: Visit your potential home multiple times before making a purchase. Pay attention to details such as balcony spaces, living room layouts, and the number of bathrooms. This way, you can discover features that you love or identify any changes you may want to make.
-
Legalization: Verify the legal status of the property before making a purchase. Ensure that the property is free from any disputes and obtain all necessary documents, such as mutation records, tax certificates, and other legal paperwork. Taking these precautions will help you avoid any potential risks associated with the property.
Buying Land in Kerala
If you are interested in investing in land in Kerala, consider the following before finalizing your decision:
-
Licenses: Check for all the required licenses and permits associated with the land you wish to purchase.
-
Title Deeds: Verify the authenticity and legitimacy of the title deeds for the land.
-
Land Use Zone: Understand the specific land use zoning regulations in the area where you plan to buy property.
-
Size of the Property: Determine the exact size and dimensions of the property to ensure it meets your requirements.
-
Release Certificates: Obtain release certificates to confirm that the land is free from any encumbrances.
Below are the city-wise distributions of land prices in Kerala:
Calicut
- Vallayi: Rs. 3,288.03 per square foot
- Velliparamba: Rs. 3,800 per square foot
- Paroppadi: Rs. 5,412.37 per square foot
- Mankavu: Rs. 4,899.63 per square foot
Kottayam
- Kalathipady: Rs. 3,539.51 per square foot
- Indira Nagar: Rs. 5,110.73 per square foot
- Puthanangady: Rs. 4,035 per square foot
- Baker Junction: Rs. 5,867 per square foot
Kochi
- Kakkanad: Rs. 5,544.63 per square foot
- Thripunithura: Rs. 4,828.61 per square foot
- Maradu: Rs. 4,853.28 per square foot
- Vaduthala: Rs. 5,986.7 per square foot
The Procedure of Buying Land in Kerala
If you are considering buying land in Kerala, follow these step-by-step guidelines:
-
Identification: Determine the purpose of your land purchase, such as building a hotel, playground, or personal residence. This will help you choose the perfect location.
-
Get a Lawyer: Engaging a lawyer is crucial to ensure a smooth and legally compliant transaction. Your lawyer will conduct due diligence on the property, including reviewing necessary documents and certifications, such as mutation details, revenue records, and tax certificates.
-
Sign and Register: Once you are satisfied with all the legal aspects and have obtained the required clearances, sign the agreement and register the land in Kerala with two witnesses. Be sure to thoroughly read and understand the terms and conditions outlined in the agreement before affixing your signature.
In Conclusion
The real estate market in Kerala offers immense potential for investment. Economic factors, such as demonetization and currency fluctuations, coupled with the decreasing land prices, have created lucrative opportunities for NRIs and investors. Kerala's cities have experienced remarkable growth in the real estate sector, making it an ideal time to consider investing in this dynamic market.
If you are searching for superior apartment projects in Calicut, look no further. PVS Builders, one of the most reputable and trustworthy builders in Calicut, offer exquisite apartments in prime locations. Contact us today to explore the best flats in Calicut and embark on your dream home journey!