Kerala state is on a mission of progressive growth even though other more industrialized cities like Chennai, Bangalore, and Hyderabad are overshadowing it currently. With the government’s backing, the technology sector is booming and has, directly and indirectly, produced job opportunities for uncountable people.
Aside from this, the growth of the IT sector has also led to a surge in the real estate sector and opened up numerous avenues for investment. The real estate sector in Kerala is seeing monumental growth in all the major cities, including the capital, Trivandrum. Real estate growth here is not just limited to land or housing, but also to commercial and non-commercial establishments. The significant tourism industry which accounts for 10% of the state’s GDP is likewise fuelling the need for real estate in prime areas. The fact that Kerala has been adjudged as the best-governed state since the past 3 years consecutively by the Public Affairs Index has also meant a greater interest and willingness in people to invest in the real estate sector in Kerala.About one-third of Kerala’s economy is fuelled by remittances room NRIs living in the Gulf and this has helped significantly in the growth of Kerala’s cities. With the innate inclination that Keralites have towards luxury homes, almost 55% of the population lives in large residential homes and only about 5% living in dilapidated homes.
The top destinations for real estate investments have been seen in Kochi, Trivandrum and Calicut cities. Trivandrum’s IT hub, the Technopark, has been one of the major driving forces behind real estate development with other factors like big infrastructure projects and high numbers of healthcare and educational institutions contributing their share towards an up-swinging trend too. While Trivandrum has seen a 38% increase in student enrolment in colleges, the hostels can only accommodate around 10% of these students. So student housing is another area that’s likely to see growth in the residential market.
Trivandrum is also modernizing at a rapid rate with an increase in demand for core real estate in the retail, commercial, residential and hospitality sectors. The upcoming Vizhinjam harbor project is another major contributor to real estate growth along with numerous state and central government projects. Some of the key locations where major developments are happening include Vazhuthacaud, Vellayambalam, and Technopark areas. Technopark and Technocity are on an expansion mode in Trivandrum, contributing to upward real estate trends.
The city is home to many well-known builders including the Muthoot real estate developers who have many commercial and residential projects located in key areas of the city and are worth checking out.