According to JLL (Jones Lang LaSalle), a real estate consultancy, Kochi will become the most preferred destination of real estate in India. A Shankar, director national and head of operations at JLL India, there are 6 reasons for this happen.
Composition in 20 Smart Cities:
Through a competitive selection process, Ministry of Urban Development, Government of India recognized 20 cities under the Smart City mission. Kochi ranks fifth, for pan city solutions and area –based development investment expected of Rs 2,076 crore. Water management and E- Governance are target areas as also part of pan city solutions which will benefit Kochi to improved and well planned infrastructure with satisfied power and water supply, solid waste management and sanitation, public transport and urban mobility, IT connectivity etc.
First Indian Tier-II city to propose Metro:
Connectivity via Metro in Kochi is under construction at various stages and is expected to be ready by 2017. Kochi Metro Rail Corporation has proposed a grand route spanning approx. 25.25 km from Aluva to Pettah in Phase 1.
New international airport terminal:
CIAL (Cochin International Airport Ltd) is creating International Terminal of Rs 1,100 Crore with a space of 15,000,000 square feet. It is designed such that it has occupancy to handle 4,000 passengers per hour and will be started by 2016. Once started, the new international airport terminal will have a very good and positive economic impact and will boost the real estate market in whole region.
Venue for one of two submarine cables
Landings in India:
Kochi is one of the venues for ‘SEA-ME-WE-3’ (South-East Asia- Middle East- Western Europe 3) and ‘SAFE’ submarine cable landings, and is the 2nd Indian location along with Mumbai to have two submarine cable landings. This evidence focuses that Kochi is a big destination for IT sectors.
Continued tourism growth:
Kochi is famous for its high culture value, and contributes denoting to Kerala’s tourism industry. It notices an annual tourism inflow that equals about 4 times its population, for foreign tourists 14 percent accounts, and reflects an annual increase of about six per cent.