Sunday, March 02, 2008

Kochi real estate

Real Estate
Kochi is the new realty hotspot
The queen of the Arabian Sea is now a hot destination for real estate giants. What is unique to Kochi is that the city has attracted almost every domestic property developer worth its salt, and a slew of foreign companies, mostly from the Middle East. Leading real estate developers like DLF, Sobha Developers, Ansals, Purvankara, Confident Group, Oceanus, Unitech, Nitesh Estates, Housing Development and Infrastructure, Prestige Group, Emaar MGF and Parsvanath Developers have all descended upon Kochi,the financial and industrial capital of Kerala, during the last 6-8 months with a cumulative investment of over US$2.5 billion. Prominent among the Middle East-based business groups that have forayed into Kochi are KGA Group of Kuwait, EMKE Group of Abu Dhabi and Indroyal. Some of them are also investing in the hospitality sector to set up luxury hotels chains. Property prices in the city have
appreciated by around 60% in 2007. Though builders have been focusing on Kochi, the supply is still grossly inadequate compared to the potential demand, according to builders.

source: Cygnus research for Kerala