Prime Meridian Nest

By: Prime Meridian in Ernakulam

Ernakulam is located in the Ernakulam district in the heart of Kerala. It is known as the commercial capital of the state, and is a very active town with regard to economic activities and tourism. With its close proximity to serene backwaters and various health resorts in Kerala, Ernakulam has become a major pit stop for tourists heading to Kerala. This has caused many hotels and homestays to spring up all across Ernakulam.

Being close to a major Indian port like Kochi helped in the development of Ernakulam. The tarred roads and flyovers are signs that the city is growing at a steady pace. With the Kochi metro line scheduled to be up and running by 2017, the real estate prices in Ernakulam will see a rise in the coming years.

Connectivity and Transit Points

The Kerala State Road Transport Corporation is the state-owned transport in Kerala. They have an array of buses that make travelling to various places in the region and in other districts easy.

The city has a number of jetties from where you can catch ferries to places like Vypin, Fort Kochi, and Willington Island. In certain cases, the waterways offer better routes than roads due to the lack of approach.

South Indian Railways operates two major train stations near Ernakulam town, Ernakulam North and Ernakulam South Railway Station, of which Ernakulam South is a major train stop in south India. This railway station is a junction with tracks going north towards Shornur, south towards Alappuzha, south-west towards Willington, and east in the direction of Kottayam. This station is a major starting point for many trains in the region.

Direct flights from Cochin International Airport, located 27 km away from the town, helps connect cities like New Delhi, Mumbai, Bangalore, Chennai, Hyderabad, and Kolkata to Ernakulam. International flights to major destinations in the Middle East and East Asia are also available at the Cochin International Terminal. In addition to this, chartered flight services and Heli-taxi services are also available at the airport.

Major Landmarks

•      Mangalavanam Bird Sanctuary
•      Ernakulam Siva Temple
•      St. Mary’s Syro-Malabar Catholic Cathedral Basilica
•      Jawaharlal Nehru Stadium
•      Marine Drive
•      Ernakulam Boat Jetty
•      Hill Palace at Thripunithura
•      Fort Kochi
•      Spice Markets in Mattancherry
•      Lulu Mall

Factors for Growth in the Past

Historically, Ernakulam was the capital of the Cochin state. It had a major hand in helping naval trade flourish during the medieval period. Today, Ernakulam attributes its commercial growth to its proximity to key locations like the Cochin international airport and Cochin harbor. This had kicked off developments in the locality, in the form of better roads and services like ATMs, hospitals, and schools. The Cochin Stock Exchange is also situated close by.

Residential & Commercial Market

Residential Market Trends

A vast majority of the real estate property seen in Ernakulam are layouts and plots. Houses and apartment blocks are also available in good numbers. Villas are found here too, but not in large numbers. The cost for purchasing apartments in Ernakulam is Rs 3500 per sq. ft. Plots and layout prices vary between Rs 1,400-1,600 per sq. ft., depending on the location.

Commercial Market Trends

Due to the lush commercial environment, Ernakulam has ample commercial areas for rent and sale to suit every commercial requirement. Rental rates vary between Rs 48-80 per sq. ft. for commercial space in the region.

Major Challenges

Traffic congestion and open drains during monsoon are common issues faced by the locals. The ongoing metro construction across the region add to the traffic woes and noise levels. This disturbance is likely to reduce once the construction is completed.

Factors for Growth in the Future

Being a key region in Kerala for commercial activities, Ernakulam has seen gradual changes in all sectors of housing, infrastructure, and transport. Proximity to other major cities in Ernakulam district, such as Kochi, Vyttila, Edappally, Aluva, and Kalamassery is also aiding its growth.

Kochi Metro Rail, which is estimated to be completed in the year 2016, will make the area effortlessly accessible, and will usher in more opportunities for development in the region.

A number of ongoing constructions by various firms like Skyline Builders and Kent Constructions are underway, to cash in on the price rise in property once the metro system is completed.