REAL ESTATE SCENARIO IN KERALA
Kerala has rightly earned the sobriquet ‘God’s Own Country’ for many reasons but mainly on account of its natural lush green settings and scenic landscape. The State has also attained a unique status on account of making it to the list of the top must-see global destinations. Over the last few years, tourism has been peaking in Kerala which has had a direct bearing on its economy and other related industries like the hospitality and real estate sectors.
The large scale tourism-enhancing activities that are being undertaken in Kerala, have been attracting the attention and interest of many real estate companies to invest in the State, in order to cater to the accommodation needs of the tourists on a larger scale. Owing to its world renowned status, Kerala is expected to provide the best of real estate services to the prospective clients. Several well-reckoned as well as upcoming real estate firms in Kerala have been vying with one another to offer their clients the best of properties comprising luxury/budget hotels, resorts and homestays as well as apartments, villas and independent houses in ideal locations, and the most feasible land transactions along with a host of other quality services.
In a similar manner, the IT sector boom in the State especially in the rapidly expanding Kochi and Thiruvananthapuram cities and their suburbs has also paved way for the setting up of IT parks with state-of-the-art buildings and hi-tech campuses, thus enhancing the scope of the real estate scenario in Kerala. Besides, developments such as privatization of the International airport and upgradation of the sea port at Kochi have brightened the prospects of the real estate scene in the city. As part of the latest trends in the industry, religious tourism has been a motivating factor in the realty boom seen in the famous holy centres of Kerala such as Guruvayoor township.
Kerala’s strategically advantageous geographical location and its multi-cultural ambience has gained a lot of importance among the masses from outside the State and the country. The real estate clientele has been building up in the last decade, with numerous clients both domestic and multi national, pouring in to make investments in the State. With the State Government also implementing new ways to attract more FDI’s in the form of real estate investments, the realtors of Kerala are playing a pivotal role in mobilizing the movements of potential clients across Kerala. The facilitation of such a move has encouraged a lot of other realtors outside Kerala to take a keen interest in unleashing the State’s potential in terms of real estate.
Going by a recent international survey conducted in the country, more than 45% of the surveyed people expressed their desire of owning a property in Kerala. This is worth mentioning considering the volatile political situation in the state, with frequent strikes and harthals being declared by the political parties and private organizations amounting to crores of rupees going down the drain. As Kerala is increasingly gaining popularity regarding investment in the real estate sector, the realtors are also keeping in mind the economical as well as ecological concerns. Nowadays, the architects and civil engineers of Kerala are coming up with new strategies and methods of planning and construction with the idea of retaining the charm of the serene locales of the State. In the backdrop of the climate change causing concern at the global level, the fuel-efficient ‘green building concept’ using available resources has been catching on in the State of late, as both builders and customers have realized the value of preserving the natural environs and conserving energy for better results.
With easy access to home loans and other beneficial schemes offered by banks and private institutions, the budgets and expectations of the masses are rising. The real estate companies are driven by a common motive of providing excellent and affordable residential, commercial and industrial properties to the public. They are found to be taking effective measures so as to retain their existing clientele as well as to increase the number of customers.
The real estate firms and developers have understood the importance of offering exclusive, valuable services in this field, as the competition is getting tougher. With the spreading of a global culture due to the arrival of joint venture companies and multi national firms bringing with them their high technology standards in construction and infrastructure, Keralites have become more aware of quality and cost effectiveness.
The major obstacles witnessed last year have been a liquidity crunch, shooting prices and slackening demand.With the latest reports predicting a revival in the real estate scene, it can be safely hoped that the worst part is over and that the coming years will be a positive one for real estate development in Kerala.