Living on the Waterfront
In Kochi, riverside apartments have become the hottest places to aspire for
Realty majors have made a beeline to Kochi, Kerala’s largest city, sparking intense competition in the luxury home segment. Kochi’s rapid growth, as reflected in the new IT Smart City in Kakkanad and ongoing infrastructure projects such as a metro rail, Kinfra Park, LNG terminal, container terminal and refinery expansion, has been matched by a rapid rise in uber- luxury apartments in the past two years. A November 2012 report by Geojit BNP Paribas Property Services says properties within 500 m of the 23 proposed stations in the first phase of the metro will see at least 50 per cent rise in prices when they are built.
Vytilla, Palarivattom, Edappally, Kaloor, Thevara, Kakkanad, Marine Drive, Maradu, Seaport- Airport Road and Kadavanthra are centres of luxury living in this city of 600,000 people. Palarivattom, Edappally and Kaloor score on good infrastructure and facilities such as hospitals and public schools. But with a demand for natural vistas on the rise, the waterfront of Marine Drive, Thevara and Vytilla have become the hottest destinations. Delhi- based DLF’s premium offering in Vytilla, DLF Riverside, on the Chilavanoor river, offers flats for Rs 1.4 crore to Rs 4 crore. “Seventyfive per cent of the flats have been sold out already, even though we’ll officially launch this Diwali,” says Vimal Kandathel, sales head of DLF in Kochi.
Bangalore- based Puravankara Group has two luxe projects on Marine Drive: Purava Oceana and Purava Grandbay. Asset Homes, Kerala’s leading builder, has its own luxury project in Thevara, the Asset Casa Grande, with fully AC 3,500- sq- ft flats at Rs 3.5 crore each.