Marine Drive Apartment Prices Soar

Q: What is the reason for the sudden increase in real estate prices in Marine Drive, Kochi? Does the area have potential?

Sreekutty Nair, Kochi

9th July 2014

Real estate News in Marine Drive, Kochi

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Replies (4)

I think that there is a lot of potential in Kochi when it comes to real estate. And yes, Marine Drive will be the first location to really thrive! But there a few hitches, yes, that Marine Drive needs to overcome. Builders are getting annoyed with the number od residents associations that are sprucing up because they feel it affects their bilding activity. However the residents are keen on the builders having 3 shifts a day like in Bangalore instead of just 1, so that the project can be completed in 1 year instead of 3. The locality has a really great charm about it and the view is beautiful. One of the best places to live in Kochi! :)

Smitha Ravi, Kochi

11th July 2014

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Hey I think this topic is something to really debate about. See I've lived in Bombay also for a while, and even though Marine Drive in Kochi is considered the most influential and expensive prime locality, it is still very cheap when you compare it to other cities like Bombay and Delhi. The basic problem that Marine Drive is facing is that there is less space for development because of bad administrative decisions. But at the same time, face lifting projects like Tunnel Drive and Kochi Fast Ferry Service are already ongoing projects! So the question on everybdy's mind should be how much is it really going to amount to? Should the appreciation rates be compared to Mumbai's Malabar Hills? Or will it fetch only normal returns? Hmm..

Vineet David, Kochi

10th July 2014

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Now all people want swimming pool and club house in their apartment complex. The maintencnace costs especially have shot up because of this. But even though rent in other places in Kochi like Chottanikkara, Panangad and Vaduthala, is cheaper, only few people are interested. And many people are thinking that the rent was artificially created by real estate brokers but that is definitely not true. People prefer to be closer to main roads, in places with good infrastructures. So demand for property there is always high but supply is low. Definitely prices will increase then But people are little biased towards government employees and professionals because they easily find apartments more than these politicians and actors. :D

Micheal George, Kochi

10th July 2014

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So Marine Drive in Kochi is one of the more popular locations there along with Kakkanad, MG Road and Panampilly Nagar. See, in these places between last year and now alone, the rent has gone up by 2000 to 5000 Rs. But only for residential apartments. You still find very cheap individual houses in these areas. Funny thing is that rent prices went up even though there was no proportionate increase in the number of apartments as compared to the increase in the number of people. Basically, shortage of houses led to a rent price hike every 11 months. Tough luck!

Sathish Menon, Kochi

10th July 2014

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