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Kochi Property: Kochi Real Estate

 

Project Spotlight Kochi

Top Localities in Kochi

Kakkanad

 

Current Price Rs 3756
per sq. ft.

Aluva

 

Current Price Rs 3513
per sq. ft.

Edapally

 

Current Price Rs 4100
per sq. ft.

Testimonials

Kochi Property Latest Discussions

Aug 27, 2014

Edapally's educational institutions

Comments : 3

Aug 27, 2014

Tourist spots in Aluva

Comments : 3

Aug 27, 2014

Aluva's malls in Kochi

Comments : 2

Aug 27, 2014

public transport options in Aluva

Comments : 3

View More Real Estate Discussions

Recent Properties Posted in Kochi

Kochi Overview

  • Kochi, also known as Cochin, is a port city on the west coast of India. It is a part of Ernakulam district in Kerala. Kochi is also sometimes referred to as Ernakulam.
  • Kochi spans an area of 94.88 sq. km and has a coastline of 48 km. The city sits on the backwaters, enclosing the northern end of the peninsula, several islands and a portion of the mainland. The Arabian Sea lies to the west, and the urbanized region in the rest of the mainland area lies to the east
  • Kochi has a tropical monsoon climate. There is however some variation in seasonal temperature, with moderate to high levels of humidity. From June to September, the south-west monsoon brings heavy rains. The average annual rainfall in Kochi is 3,228.3 mm, It has an annual average of 132 rainy days
  • Kochi is ranked the 6th best tourist destination in India according to a survey by the Nielsen Company on behalf of Outlook Traveller magazine. Kochi is one of the 28 Indian cities among the emerging 440 global cities that will contribute 50% to the world GDP by year 2025, according to a study by McKinsey Global Institute
  • The Indian Navy's Southern Naval Command and the state headquarters of the Indian Coast Guard is in Kochi. Commercial maritime facilities of the city include the Port of Kochi, which is an International Container Transshipment Terminal, offshore single point mooring (SPM) of the Kochi Refineries, the Cochin Shipyard, and the Kochi Marina. Kochi is home for the International Pepper Exchange

Demographics:

  • Kochi is the most densely populated city in Kerala, with a population of 6,01,574 and a population density of 6,340 people per sq.km. The metropolitan area's population is 2,117,990. Kochi city is also a part of the Greater Cochin region. It is classified as a Tier-II city (being just smaller to major metropolitan cities) by the Indian Government. This makes it the highest graded city in Kerala
  • The sex ratio in the city is 1,028:1,000, significantly higher than the country's average of 933:1,000. The average literacy rate of the city is 97.49%. The female literacy rate is 96.69% and male literacy rate is 98.31% The male to female literacy rate gap is just 1.62% making this one among the lowest gaps in literacy rates in India
  • The economic boom post 2003 has attracted a large number of migrants flowing into the city. Kochi has the largest share of migrant workers coming to Kerala in search of employment. This has created a problem of a massive migration, which has contributed to a growing population of slum-dwellers. The Kerala government plans to make the city slum-free by 2016
  • Kochi has the least number of crime against women in the state of Kerala. According to the 2011 report on Liveability by CII/Institute of Competitiveness, Kochi stands 1st in the state, and 6th in the country. According to a 2009 study by Nielsen Company, Kochi is ranked 7th in the list of the top ten most affluent cities in India.
  • Kochi has the same major urbanization problems as any fast growing city in a developing world such as poor sanitation, heavy pollution and vector-borne diseases (such as malaria). The city is ranked 10th among the Indian cities in terms of house-cost and availability, urban household crowding and household incomes. Shortage of drinking water is a major concern in Kochi. Water pollution in Kochi is very high, further aggravated by the presence of industrial areas. About 80% of the open wells are polluted. Kochi is also one of the 50 most polluted cities in India

Employment Opportunities

  • The economic boom of the last decade in the IT/ITeS sector has made Kochi a favourite spot for employment opportunities. In 2003, the city registered an unemployment rate of 24.5%, approximately 9.7% more than the rate in 1998. However, the economic boom after 2003 saw Kochi soaring into one of the employment hubs of the country. The work participation rate in the city is 37.08%
  • The construction and manufacturing industry combined contributes 37% while trade, tourism and hospitality together provide another 20% to Kerala's GDP. Sales tax income generated in the Kochi metropolitan area contributes about 14.47% to the state's GDP
  • Kochi is the commercial capital of Kerala. It has the Cochin Stock Exchange and Federal Bank, the fourth-largest Private-sector bank in India. SEBI has opened its local office in Kochi. Kochi also houses major chemical industries such as the FACT, IREL, TCC, HOCL and Kochi Refineries. It has electrical industries like TELK.
  • There are various technology and industrial campuses in Kochi including the government promoted InfoPark, Cochin Special Economic Zone (SEZ) and KINFRA Export Promotion Industrial Park. There are also several new industrial campuses under construction in the suburbs of the city. Cyber City at Kalamassery is an integrated IT township SEZ being planned.
  • In recent years, Kochi has witnessed heavy investment, making it one of the fastest-growing second-tier metro cities in India. Major business sectors in the city include construction, manufacturing, shipbuilding, transportation/shipping, seafood and spices exports, chemical industries, information technology (IT), tourism, health services, and banking. Employment opportunities can be found in all these sectors

Connectivity

  • Kochi has several national and state highways that connect the city to other cities in Kerala as well as outside Kerala. The table given below shows the different national and state highways running through Kochi

Type of Highway

Areas connected

National Highways

 

NH-47

Kochi, Salem, Coimbatore, Palakkad, Thrissur

NH-17 (Now NH-66)

Kochi, Panvel

NH-966 A

Kalamassery, Vallarpadam International Container Transshipment Terminal

NH-966 B

Kundanoor Junction, Willington Island

NH-85

Kochi, Madurai, Dhanushkodi

State Highways

 

SH-15

Ettumanoor, Kothanalloor, Thripunithura, Vytilla, Pulikkal junction

SH-41

Kochi, Eastern parts of Ernakulam

SH-63. SH-66

Coastal roads


  • Apart from the national and state highways, there are other major arterial roads in Kochi. They include Chittoor Road, Park Avenue, Banerji Road, Kochi Bypass, Shanmugham Road, Kaloor-Kadavanthra Road, S.A. Road and Seaport-Airport Road. A new ring road is proposed for Kochi by the state government

Transport Services

Airways

      • Kochi has the Cochin International Airport (CIAL) located at Nedumbassery. It is about 28 km north of Kochi city, and handles both domestic and international flights. The airport provides direct connectivity to popular international destinations in the Middle East, Malaysia and Singapore. Kochi is also the headquarters of the Air India Express service

City transport network and railways

      • The major form of public transport within the city is through privately owned bus networks. The state-run Thirukochi service also operates its services in the city. The major bus terminals in the city are Ernakulam Town, Ernakulam Jetty and the private bus terminal at Kaloor. An integrated transit terminal at Vytilla is under 2nd phase of its construction
      • Kochi has two major railway stations: Ernakulam Junction and Ernakulam Town (also known as the South and North railway stations respectively). The South station is one of the busiest railway stations in South India. The North station is situated on the northern side of the city and caters mostly to long distance services that bypass the South station. The Kochi Metro is currently under-construction. The first phase is expected to be complete by 2016. It will have 22 stations connecting the suburban towns of Aluva and Pettah and will pass through downtown Kochi

Waterways

    • Kochi has passenger ships and ferries to Colombo and Lakshadweep. Boat services are operated by the State Water Transport Department, Kerala Shipping and Inland Navigation Corporation, and private firms from various boat jetties in the city. With the construction of the Goshree bridges that link Kochi's islands, ferry transport has become less important

Kochi civic administration

  • The Kochi Corporation, established in 1967, administers the city of Kochi. The corporation is headed by a mayor. The city is divided into 74 wards for administrative purposes, The general administration is handled by the Personnel Department and the Council Standing committee Section. Other departments include the departments of town planning, revenue and accounts, health and engineering. The corporation is also responsible for sewage management and waste disposal
  • The Greater Cochin Development Authority (GCDA) and Goshree Islands Development Authority (GIDA) are the government agencies responsible for planning and developing the infrastructure of Kochi metropolitan area
  • Kochi houses the High Court of Kerala, The Kochi City Police is headed by a Police Commissioner. The city is divided into five zones and each zone under a circle officer. The Kochi City Police functions under the Home Ministry of Government of Kerala. The city police also comprises of the Traffic Police, Riot force, Narcotics Cell Armed Reserve Camps, Women's Police Station and District Crime Records Bureau

Infrastructure projects:

Name of the project

Impact areas

Expected Completion Date

Remarks

Kochi Metro

Petta, Aluva

First phase expected in 2016

First Tier-II city which is developing a metro rail system. It will be 25.25 km. It is expected to reduce the travel time by half.

Widening of Banerjee Road and North Road overbridge, approach to Ernakulam junction station, Salim Rajan road, MG Road, SA Road and Vytilla-Thripunithura road

Multiple areas

Proposed

Proposed in order to facilitate smooth vehicular traffic along metro corridor. Banerjee Road and North Road overbridge to be widened to four-lane. MG Road, SA Road and Vytilla-Thripunithura road to be four-lane

Widening of NH-17 (Edapally-Muthakunnam stretch)

Cheranaloor, Koonammavu, Cheriapilly, North Paravur, Chittatukara

Under-construction

The 25 km stretch will be widened to four-lane (30 mt)

Residential real estate market in Kochi

  • The city is currently growing towards the suburbs of Kalamassery, Kakkanad, Paravur, Aluva, Perumbavur and Nedumbassery
  • The real estate market is investor driven, mainly driven by NRIs working in the Middle East and Western countries. Vytilla, Aluva and Kakkanad are some of the residential hot spots in Kochi
  • Property prices had shot up in the last few years anticipating a boom in the IT and ITeS sector. Due to heavy migration, there was a good supply of residential projects in Kochi. But due to the economic slump post 2008, many proposed mega projects have not seen much progress. Hence, property prices have remained almost stable for the last 5 years with very little appreciation
  • The situation has been further affected by the global economic slowdown. The last 12-18 months have seen a fall in number of transactions in residential projects. With reduced demand for residential projects, there is a situation of oversupply
  • However, the economy is expected to start making a recovery next year. With that, property prices are expected to bounce back. Hence, with the current property prices in mind, this may be the best time for investing in Kochi

Key localities in Kochi

Locality

per sq.ft price in Q3 2013 (Rs.)

Rent per month for 2 bhk apartment in Kochi (per sq.ft)

High Low

Aluva

3,230

9

6

Edapally

4,180

10

8

Kadavanthra

4,200

13

7

Kakkanad

3,600

13

8

Charges by Government Body

Property Registration

  • Stamp Duty: 10 percent of property registration value
  • Registration Charge: 2 percent of total registration value
  • VAT: 3.03 percent of property registration value
  • Service Tax: None

Kerala State Electricity Board (KSEB)

  • Electricity to Kochi is provided by the Kerala State Electricity Board. KSEB is a public sector agency under the Government of Kerala. It has 23 Hydro Electric Projects, two Diesel power plants and one Wind Farm. The total installed capacity of these power plants is 2229.6 MW. The demand for power in Kerala as a whole is about 3,528 MW. Hence, the expected deficit would be about 1,298 MW. The state government has already proposed new hydel-power generation units to increase the power supply throughout the state

Kochi electricity rate urban areas:

  • Rs 0.85 per unit up to 40 units
  • Rs. 1.40 per unit for 40 to 80 Units
  • Rs 1.65 per unit for 81 to 100 Units
  • Rs 1.65 per unit for 101 to 120 Units
  • Rs 2.00 per unit for 121 to 150 Units
  • Rs 2.65 per unit for 151 to 200 Units
  • Rs 3.30 per unit for 201 to 300 Units
  • Rs 4.30 per unit for 301 to 500 Units
  • Rs 4.45 per unit for 501 to 1000 Units
  • Rs 4.45 per unit for 1001 units and above

Kochi water supply

  • Drinking water in Kochi is sourced from the Periyar River. This is handled by the Kerala Water Authority with support of the department of Water works of Kochi Corporation. The total demand for water in Kochi is 425 mld. The Aluva plant has an installed capacity of 225 mld (millions of litres per day), but has been overloaded. It is currently pumping out 260 mld. Kochi faces a deficit of approximately 200 mld of water. A proposed water treatment plant at Kalamassery will supply 190 mld of water.

Kochi Property Tax:

The Kochi Corporation is responsible for assessing the properties for property tax & collection of property tax in Kochi. The Kochi corporation has introduced plinth-area based tax system this year. As per the system, following are the new property tax rates.

    • Residential buildings: Rs. 20 per sq.m (depending on flooring, roofing, age of building and road connectivity)
    • Additional 15% if flooring is made of luxury tiles or marbles (for buildings of 250 sq.m or more)
    • Additional 10% for buildings with centralized air conditioning.
    • If connecting road width is 1.51 – 5 m, 10% extra will be charged. For road width above 5 m, 20% extra will be charged.
    • Buildings 10-25 years old will have concession of 10%. Buildings 25-50 years old will have concession of 20% and buildings older than 50 years will have 50% concession
    • Commercial buildings: Rs. 90 per sq.m

Kochi Real Estate Growth

Real estate in Kochi is considered as second largest employment and is thus showing excellent growth in real estate market. Few favorable factors are as below: *Excellent focus of investors and developers from around the world. *Major hub for information technology. *Large portion of NRI investment. *Good infrastructure and quality of life. *Well established educational systems.