Buying and selling property seems to be an interesting game these days. Those who are in this business have never had it so good, perhaps. With land prices rising astronomically in Kochi in just a short period, the only question is whether this trend is too good to last. And there are apprehensions that there may be a backlash soon. There is this talk about a lot of good things waiting to happen in the city, which has set people thinking about the future.
People are expecting a lot of activity in all kinds of fields. Jobs are expected to be created in many sectors - from shipping to software. All the speculation about the `high-tech transformation' of the city into an international centre in terms of port activity and in terms of development of a smart city has pushed up land prices and demand for Real estate Cochin sky high in just over a few months.
There are areas where almost a 400 per cent appreciation is being witnessed, said a couple of real estate dealers. The NH 47 Bypass Road is one such volatile area. Since there is hardly any space left on M.G. Road, the NH Bypas, which has a lot of scope for development, is seen as the next best bet for a commercial project. Many have already set shop and many are eyeing the place. This is when the real estate brokers got busy in pushing up the prices. Land prices have soared so much in the last couple of months that another look is needed into the factors that pushed the prices so much. Places such as Puthiyakavu, beyond Thripunithura and Chottanikkara are on the threshold of development. Land value at these places will show much appreciation once the airport-seaport road is better connected.
With Kochi's Master Plan providing for infrastructure development in the city to lessen the traffic congestion on its main arterial roads, there is hope that the city will breathe more easily. The development of the Pullepady Overbridge, which will open up another entry point to M.G. Road, and the development of and parallel roads to the main roads such as Sahodaran Ayyappan Road are expected to make transportation easy.
In some places people have been rating their land in a most unreasonable manner too. Mostly, prices have shot up in the city and its vicinity. But the rural areas have also seen its impact.