Real Estate Kerala eyes on the Goshree Islands
Goshree islands, one of the few islands situated in the mainland part of Kochi , has gained immense popularity in the current date. Recently, Goshree Islands Development Authority (GIDA)one of the two government agencies for the development of Kochi City has decided to renovate and beautify the road between High Court junction and Goshree bridge.
The islands were earlier connected to Ernakulum through its bridges and the places like Bolgatty and Vallarpadam are also connected to this island. Apparently, there are a few more projects lined up which are associated with the Goshree islands. Due to the upcoming real estate projects on the Goshree islands, the area has come into light and the land prices around the region has increased.
The Goshree island which was just a source of migration to the main land has now boom time with major infrastructure projects Kochi property buyers and real estate investors shown increasing interest to buy land here. Both the public and private sector investments are expected including foreign investment. The first container transhipment terminal in the country with modern mega container ships, Vallarpadam International Container Transhipment Terminal, results in real estate boom in Vypeen islands.
Business tycoons and real estate industrialists are eyeing this fast growing island and are hoping to contribute in the development of the infrastructures. Projects like a floating hospital, Single Buoy Mooring, connection of Delhi metro bridges a tourism hub project and many more are on their way on this island. The dream of Kochi harbour has come true which was foreseen in the past. On the other hand, Kochi city is also a popular trading destination both nationally and internationally, hence the development of real estate and other projects will give make this place a bustling trading centre.
One of the ample invested projects on this island is by the Cochin Port Trust dealing with Rs. 10,000 crores. Various public sectors, private sectors and foreign investors are expected to contribute in this project.
The land prices have reached the skies. The start being the Goshree bridges connecting to the mainland two years ago. Doing this made the island an improved one with better infrastructure and easy access to the land with an increased real estate boom.
Bolgatty Island, which was a popular tourist destination, was valued to be about Rs. 3.5 lakh of a land cent in the past years.Now the land is valued to of about Rs.8.5 lakh a cent. Mulavukad, which was the first island to be connected by the Goshree Bridge, has also witnessed a great significance in the development as well as an increase in the land prices. This will perhaps increase the main harbour activities.
Similarly, the land value of Mulavukkad was about Rs. 30,000 for cent two years ago. But now it has increased to Rs. 1.10 lakhs for cent. This price was declared for the undeveloped land in this area and outwardly the land prices away from the main road would differ and see a booming effect.
When the region has been witnessing developments, so will it have to face a few problems. One of the major problems being the inability to acquire land for development by the Goshree Island Development Authority (GIDA). The lands here are held by innumerable people and are fragmented, in turn GIDA has promised to provide the road connection from the mainland to all the six grama panchayats.
One of the major projects being established currently is the linking of Kadamakudi Island followed by another project with six bridges connecting to the islands. These upcoming projects will generate innumerable benefits like generating employment, generating houses and infrastructure and more. Also there will be an increased opportunities for maritime based services.
The panchayat has already submitted a proposal to setting up facilities for boating, benches for visitors, food courts and other required amenities of a tourist spot noticing the tourism potential of the area. For constructing three main bridges, the final nod is awaited from the Environment Ministry. Other upcoming projects like a desalination plant for water supply will lead to a greater economic activity increasing the industrial and commercial activities. Despite of developments in all the fields it is believed that land transactions will generate more income.
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