Demand For Housing To Surge In Kakkanad
Infopark and SmartCity to create thousands of new jobs by 2020, triggering demands for new housing, says T.A Joseph, Managing Director, Confident Group.
Kakkanad, it should be said, is growing terrabytes, in comparison to any other town in Kerala. It has emerged as the IT capital of Kochi city. Just a few years ago Kakkanad had that rustic charm and idyllic life. In such a short span, the area developed to one of the most advanced urban spaces in Kerala. Simply because, Kakkanad holds the potential for infrastructural development more than any other area in Kochi.
The leap of development Kakkanad witnessed started with the arrival of Infopark and SmartCity. Till then land was available at low prices in the region. The commissioning of these projects, along with the massive improvement in the connectivity, with the completion of seaport-airport road and related facilities changed it all. With the commissioning of the second phase of the smart city and infrastructure projects like metro and water metro transport systems, Kakkanad is poised to step up its growth rate by manifold.
Among those who foresaw this exponential growth of Kakkanad is T.A Joseph, the Managing Director of Confident Group. He had first-hand information regarding the development. “I had brought land for around Rs 30,000 in 2004, which now costs 30-40 times of that price today. This is a clear indicator of the direction in which land price is heading to and the growth that Kakkanad achieved as an IT hub,” he says.
Right now, Infopark alone provides job for around 35,000 persons. This, along with other ongoing infrastructure projects, make it nearly impossible for ensuring house, either in ownership or for rent, to people coming into Kakkanad. It is a combination of factors at work here. The shooting up of land value is accentuated by rising cost of construction, corresponding increase in wages pattern and cost of material make it hard for someone to think of a home in and around Kakkanad these days. The non-availability of land for developing in tune with the pace in which Kakkanad is progressing make the situation even more complicated, Mr Joseph points out.
An analysis of the development that happened in Kakkanad in the last one and a half years is a clear indicator of what future holds for it. The region is fast emerging as the most vibrant part of already entrepreneurial Kochi city. Infrastructural projects like Lulu, Prestige, Marattukulam and sands Infra; IT companies like Cognizant, TCS, and UST Global and development concepts like Gems School and Muthoot International School are all collectively bringing about a development revolution here. It is expected that all these ventures will generate a job market for more than 75,000 persons by 2020-21.
It is pointed out that the IT sector alone might require more than a lakh workforce and finding accommodation for them alone is a humongous task. Mr. Joseph says that he could learn from varied interactions with the SmartCity representatives that second phase of SmartCity and related infrastructure projects have already been included in the master plan and the work is all set to start soon.
This means that the land availability is fast depleting in Kakkanad. Another major reason for this implementation of the Wetland Paddy Land Act in 2008. This Act states that only those plots reclaimed before 2008 could be considered as solid land. To get this right over land, 50% of the fair value should be remitted to the state government. This situation, along with lesser land available for development, sure to escalate the land value.
However, this scenario should be treated as a golden window for those who want to own a home in Kakkanad which is growing exponentially, or to invest here as price appreciation and rental income have never been so bright, says Mr Joseph. Moreover, metro rail, water metro and bus hub, are all being planned in relation to the emerging trend in the IT sector. Already authentic studies like JLL report have come out with predictions on how Kochi is poised to become the city with most growth rate citing the financial progress and massive development in basic facilities and real estate. No wonder, Kakkanad is going to play a significant role in this future.
Shortage of land available for development and escalating land value has increased the radius of real estate focus from 4 to 5 km around IT sector to 10 to 12 km at Kakkanad. Right now, areas like Pallikkara, Kizhakkambalam and Pookattupadi on the East and South East regions of Kakkanad hold the potential of being developed to match the boom Kakkanad is expecting. Anticipating tremendous growth in Kakkanad, Confident Group is planning apartment and villa projects ranging between Rs 34 lakh to 1.25 crores within 5 to 10 minute drive from SmartCity and Infopark. Those who prefer to have more private living space and own villas, Confident Amber is the right project. The villas start from Rs 80 lakhs. There are 65 villas in 3.7 acres, which also houses facilities like Club house, Swimming pool and Badminton court.
The price for 2 BHK and 3 BHK dwelling units in Confident’s luxury apartment project Iris start from 54 lakh onwards. The prices at Confident Freezia, which is a compact apartment project catering to the common man’s dream to own a home in Kakkanad starts from Rs 34 lakh onwards.
Commercial spaces are available from 19 lakhs onwards in Confident Gem Kakkanad. To learn more about Confident projects visit the property Expo at Hotel Park Residency, Kakkanad and Confident Group’s office at Vyttila on September 19, 20 and 21 (10 am to 8 pm). Attractive loan facility available at the Expo. Call: 98959 04444, 98958 11811, 0484 4093333
Content Courtesy: The Hindu (Article Was Published On The 19th Of September 2018)