Residential stocks in Cochin are getting concentrated at the Kakkanad area, which has almost thirty-five percent of flats in the metropolitan city, as per a survey titled “Unravelling Kerala Real Estate: A Study on Kochi, Thiruvananthapuram, and Thrissur”.
According to the report, Cochin had a total organized residential inventory of 47,858 apartment units in 494 residential projects. The real estate market estimates indicate that over 70 percent of this supply had been sold. The PBD (Peripheral Business District), comprising Kakkanad, Aluva, Nedumbassery, Kalamassery, Vazhakala, Tripunithura, and areas proximate to the Seaport-Airport Road, account for over 60 percent of the entire supply.
The CBD (Central Business District), comprising Marine Drive, Ravipuram, Thevara, Banerji Road, Kadavanthara, Panampilly Nagar, and Elamkulam accommodate only 15 percent of the whole stock. Likewise, SBD (Secondary Business District) based upon locations, Vytilla, Irumpanam, Kaloor, Palarivattom, Vennala, Edappally and NH Bypass have 20 percent of the stock.
Two most popular areas for homebuyers are Marine Drive and Kakkanad. Affordable residential projects are actually concentrated around the Kakkanad area. While luxury housing projects make the Marine Drive area sought-after, the average apartment price in the area is about INR 8,000 to 11,000 per square feet. In Kakkanad, flats costing less than 5,000 rupees per square feet can be found. The report also observed that three-bedroom housing units account for 55 percent maximum supply in Cochin, followed by thirty-three percent for two bedroom units.
The report indicates Kakkanad is popular also for commercial office spaces. One of the primary drivers of real estate growth has been Infopark. The area has seen good commercial development also after heavy investments in the Seaport-Airport Road as well as the Collectorate’s construction. These investments were made by the Kerala state government. As far as retail is concerned, another area that has recently grown in prominence is Panampilly Nagar.
Yet again at the center of the real estate boom is Kakkanad. You can find many flats in Kakkanad. If you have a home near the IT hub of Ernakulam, then you can easily travel to and from your place of work and home. That is one of the reasons why people migrate to this part of the district. Besides, choosing to invest in any of the ready to occupy apartments in Cochin from reputed builders offers great connectivity to other places.