Ernakulam – The most preferred investment destination of NRIs

rnErnakulam and Kochi are the two major commercial hubs in Kerala which are brimming with rapid real estate developments over the past few years. Though both of these cities are popular in Kerala, they differ in character. Kochi is renowned for its heritage of Chinese fishing nets and a fort here is favorite place for foreign tourists while Ernakulam is considered to be a hub for business and retail. Also, the presence of good social infrastructure in terms of educational institutes and health care facilities has lured several NRIs to invest in these cities. Another factor that booms the property prices is the hospitality and retails sectors which include hotels and malls As Kerala has been witnessing several investments from non resident Indians (NRIs) in the Middle East and from the West, the economy of the state has grown remarkably in recent years. Especially, the tourism sector here has playing a major role in booming the economy here. Also known as “God’s Own Country”, Kerala is one of the preferred tourist destinations for foreigners and domestic tourists. All these factors have pushed up the property prices in these two cities. As most of NRIs who would like to own a home in Kerala prefer both these cities to invest, the demand for residential properties have increased in Ernakulam and Kochi. respectively. As these two cities spread horizontally, the prices of the residential plots have been constantly increasing in recent times. Located on the coast, Kochi has been growing inward into the nearby villages and towns. On the other hand, Ernakulam has been growing eastward towards Kakkinad, Kalamassery, Aluva, Paravur, Nedumbassery and Perumbavur.rnOver the past two years, the real estate sector in both of these cities has been witnessing an upward trend. The localities such as Tripunithura and Edappally have seen a capital appreciation from INR 25,000 to INR 2 lakh per cent over the past two years. Good connectivity to other parts of city has played its part in making these micro-markets popular among property investors. When it comes to Ernakulam, the demand has been high for apartments when compared to other property types. A majority of home buyers who buys an apartment in Ernakulam are people from this state. Before the existence of Informational Technology, the number of migrants to the state was very less from other states who seek for employment opportunities here. However, the state is today has been brimming with IT companies which has resulted in increased job opportunities. Since the demand for residential properties have been high among the working professionals and NRIs, the residential developers have been engaged in constructing residential projects with modern amenities such as swimming pools, clubs and 24×7 security, etc. Many of the leading construction companies in India such as DLF, Emaar MGF, Prestige Group, Puravankara, and Sobha Developers are having their presence here. Some of the ongoing projects here include Olive Kalista, Hill View Villas, Jewel Pristine Greens and much