Liv­ing on the Wa­ter­front

In Kochi, river­side apart­ments have be­come the hottest places to aspire for

India Today - - REAL ESTATE - by J. Binduraj

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.

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