Real Estate Fall in Prices in Kochi?

Q: I'm most probably relocating from Hyderabad to Kochi very soon but I recently read somewhere that Kochi's housing sector isn't doing too well? I have to invest here so I want to know if I'm going to get my money's worth. Any info would help. Thanks

Micheal George, Kochi

7th August 2014

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Replies (5)

Even the number of joint venture projects between builders and landowners have declined. The reason for this fall in property registrations I feel is because of the new government policy that makes even registration of "agreement for sale" mandatory. Apart from this, the revenue department has made a proposal that builders having unsold property, will also be taxed. These regulations are not providing the necessary incentives for investment in the property market.

Amal Anthony, Kochi

8th August 2014

Comment

1,201 registrations decline, from 8,121 in 2013 to 6,920 in 2014. That's quite a drastic change. Apparently the reason for this decline was mainly because of the sharp decline in the price of rubber as this area is very dependent on rubber. These are the other places in Kochi where property registration declined: Chennamangalam, Chengamanad, Mattancherry, Kaloorkkad, Koothattukulam, Kuruppampady, Maradu, Muvattupuzha , Njarakkal , Paravoor, Perumbavoor, Piravom , Pothanikkad and Sreemoolanagaram, However it went up in Alangad, Aluva, Angamaly , Edapally, Ernakulam, Kuzhuppilly, Mulanthuruthy, Thrikkakara and Tripunithura.

Rajagopal Menon, Kochi

8th August 2014

Comment

I have no idea why project launches and sales declined this year, but they did. Kochi has a very sluggish real estate market right now, according to me. The 921 target reached last year couldn't be reached this year. Even apartment registrations have majorly reduced from 5,074 in 2012-13 to 3,844 last year. Maximum number of flats were registered in Thrikkakara, Maradu and Ernakulum. Now the situation has just changed.

Smitha Ravi, Kochi

7th August 2014

Comment

Yeah the fall in property registrations can be seen in the data presented by the revenue department which shows the fall in property registrations by 1,717 in 2013 to 2014, from 1,26,391 to 1,24,674. Interestingly enough though, compared to the 2010 to 2011 period, property registrations had drastically improved from 2012 to 2013 to 1, 27,506 property registrations, which is an increase of almost 25,150 registrations. because of this property registration decline, the Ernakulum district is facing a lack of funds by 346 crore less than the intended target for fiscal year 2013 to 2014.

Sreekutty Nair, Kochi

7th August 2014

Comment

It depends on how you look at it really. See if you go by the number of project announcements, then you'd think that Kochi is doing really well real estate and infrastructure wise. But if you go by actual property registrations alone, then you'd be disappointed because there actually aren't many at all. As compared to 2 years ago, 2013 and 2014 have both witnessed property registration decline by at least 1% and it's expected to fall further in this quarter.

Vineet David, Kochi

7th August 2014

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