KOCHI: Land acquisition for mega projects like Gift City, Silverline semi high-speed rail, NH-661 widening and construction of new roads like Angamaly-Kundannoor NH bypass road has given a push for real estate sector in Kochi.
Real estate agents have already started procuring land parcels in the suburbs of the city as well as eastern parts of the district in anticipation that those evicted for these projects may soon make a beeline for purchasing holdings.
Land acquisition for the widening of NH-66 (old NH-17) into a six-lane road is in its final stages while the notification for acquiring 144 hectares in Ayyampuzha for Gift City has been issued on October 4.
Procedures for land acquisition for the Silverline project and Angamaly-Kundannoor NH bypass road have already been started.
“We are all set to expedite the land acquisition for the widening of NH-66. Of the Rs 1,200 crore earmarked for the acquisition in eight villages in the district, we have already disbursed Rs 9 crore to the landowners,” officials with revenue department said. “We have arranged everything for giving compensation to the landowners within seven days of submitting all the original documents. The landowners will get up to a maximum of Rs 40.9 lakh per cent as compensation, including solatium,” officials said.
This will create an immediate spurt in demand for land as the evictees will be on a purchasing spree. Normally, the evictees would be preferring the suburbs or eastern parts of the district as the land in those areas will be comparatively cheap.
Sensing a surge in the demand, the real estate agents has started buying land in Angamaly, Perumbavoor, Puthenkurishu and Aroor areas. The realtors expect a boom in the housing sector as well.
“Growing demand can be expected mostly in affordable housing sector. The sector will be flourishing in the suburbs. More real estate projects may come up in Angamaly, Aluva, Perumbavoor, Vaikom and Aroor areas,” said Ravi Jacob, president of Confederation of Real Estate Developers’ Associations in India (Credai), Cochin chapter.
Similarly, there may be a spike in the demand for land parcels along Angamaly-Kundannoor NH bypass. Once the bypass becomes a reality, commerce and business on either side of the road will flourish. This will lure more investors to put in money in land holdings along the stretch.
Real estate sector in Kochi, like other areas, had been facing a slump for the past few years. Floods in 2018 and the pandemic had caused negative growth in the real estate sector.
Now, the real estate sector in Kochi city and suburbs have already started to show the signs of revival.
At the same time, the work from home culture which is a “by-product” of the pandemic may affect the construction of new apartment complexes in IT hubs and such potential areas where realty would have flourished otherwise.
