Kochi will become a highly- preferred real estate destination in the country driven by various infrastructure development projects in the city, which has been included in the list of Smart Cities programme, says a report.
“Kochi hits a six to become the next highly preferred real estate destination in India,” JLL India said in a report.
All potential drivers like IT development for job creation, metro rail, the Smart City tag for basic infrastructure, port-based development for industry and commercial growth, airport terminal, foreign investment and tourism are emphasized in Kochi, it added.
“This will ultimately boosts demand for housing and make it one of the next highly-preferred real estate destinations in India,” JLL India National Director & Head of Operations – Strategic Consulting A Shankar said.
Kochi – which was earlier struggling to recover from an oversupply scenario – would see a massive revival due to creation of demand from these initiatives, JLL said.
“Sustainable growth in real estate prices is now assured in the city, and this has incited new interests from numerous real estate developers from all over India who are keen to launch residential, commercial and hospitality projects there,” JLL said.
The report highlighted that the Urban Development ministry identified the top 20 cities under the Smart City mission initiative through a competitive selection process. Kochi ranks 5th and expects an investment of Rs 2,076 crore for pan city solutions and area-based development.