Workplaces can dictate a shift in residential preferences. So, can a new transport corridor. In Ernakulam, the combination of emerging work nodes and planned infrastructure is a powerful driver for housing demand. For property investors, it means recognising the local levers that can drive housing demand.
Jobs Are Coming To Ernakulam
Ernakulam has long been an economic powerhouse for Kerala, driving industry, trade and commerce. The city is seeing an additional boost with the growth of Kochi’s technology industry. With Infopark looking to grow its footprint through the development of a Phase 3, the area is set to see the creation of new IT and commercial space. This, in turn, has the potential to generate employment opportunities that will drive demand for new housing stock.
New Transport Corridors Have The Power To Change The Equation
Kochi Metro’s Phase II, which is set to link central Kochi to Kakkanad, Infopark and SmartCity, will see the development of an 11.2 km corridor.
As the metro network is at an early stage of development, it’s important that buyers take the current state of transport links into consideration as a deciding factor for making a purchase.
Housing Demand Varies Depending On The Buyer
From established local residential enclaves, the builders in Kochi also offers value for first-time buyers seeking to invest in an emerging district. A buyer’s priorities will vary depending on whether they’re buying for an end-user or for rental income, with the location of a property being key to its appeal (and therefore its capacity to drive rental yields).
When weighing up apartments in Kochi, keep in mind what the drawcard for a prospective tenant or buyer would be, as this will be a good indication of the property’s potential.
Other Factors Should Be Weighed Up Before Committing To A Purchase
While a rise in employment hubs and improved transport infrastructure has the capacity to boost the value of a property, there are a number of other considerations that have an impact on an investment’s viability.
From the purchase price, competition from similar properties, maintenance expenses and ongoing council rates, there are a number of variables that should be taken into account before finalising flats in Kochi.
Before committing to a purchase, it’s important to conduct due diligence and research to determine the reputation of the builder and any relevant RERA accreditation. Investors should also consider the length of time a property is likely to remain vacant, as well as projected rental income.
While buyers weighing up their options in Kerala may find value in the flats in Trivandrum, buyers should be aware that the appeal of a property in each city is dictated by a mix of factors, including the unique mix of employment hubs and infrastructure projects.
The rise in Ernakulam’s stature as a commercial and residential district is being driven by existing industry and the potential for future growth. A smart investment in will always be dictated by local research and the fundamental value of a property.