Real Estate Thiruvananthapuram
Blessed with breathtaking natural beauty, Thiruvananthapuram - the capital city of 'God's own country' Kerala - is fast emerging as another knowledge city of India.
This tourist destination is also rated best among tier II cities vis-à-vis its infrastructure for IT and IT enabled Services (ITeS) companies.
Establishment of Technopark since 1995 has given a lease of sustained development to the city. More than 100 technology companies from Indian and abroad including those from the US, Europe and Australia are operating from the Phase I, which is spread in area as large as 300 acre of land.
Moreover, the Technopark is expanding. More than 2.1 million sq. ft. of office space has been added to the project recently. Software major Infosys is set to come up with a 20 lakh sq. ft. building at the Phase II, soon while US Technology is also allotted with some 14 acres of land.
Not just this, plans to develop Phase III in about 100 acres are also underway and national real estate majors like DLF, L&T and Raheja Group are pondering to construct their own buildings within the site.
Besides, Thiruvananthapuram enjoys all the advantages a capital city does. State head offices of almost all the companies operating in the state are operating from here.
Real Estate Scenario
Presence of technology giants has given impetus to the local economies at an amazing extent. More than 1-lakh IT professionals have been employed by the companies operating from the Technopark only.
The real estate markets of the city are riding the road of dynamic growth. Rent for air-conditioned office spaces at Technopark is treading at Rs 18-22 psft. The non air-conditioned ones are available at Rs 16-18 psft.
Another magnanimous 500 acre project of Technocity is also in the pipeline. The campus site will be just 4-kms from the Technopark, adjacent to NH 47, towards Kaniyapuram. Besides IT, the project will facilitate biotechnology and nanotechnology units.
Capital value of land at Pattom hovers at Rs 3,200-Rs 3,400 psft. The same at Statue is as high as Rs 4,500 psft.
Real estate developers from abroad also have come up with their mega projects in the city. Dubai based Condor group alone is constructing a shopping mall, a six-screen multiplex and an 80 room three star hotel at Pattom. Spread in the area of 1.25 lakh sq. ft. the mall will have 5-floors for retail shops with all modern amenities available at such centers.
Residential Scenario: A large number of professionals are coming to the city owing to the burgeoning IT services sector. As per an estimate, more than 5-lakh persons will be employed in the city by the IT industry alone.
Besides, a considerable number of NRIs are scouting for properties in the city these days. People who had migrated to other cities in past decades are also looking to come back to their hometown.
With this, the scenario in the residential sector is changing at a great pace. More than 50 projects are underway at the city. Apart from national and international players, state-based construction groups like Muthoot Builders, Heera Constructions and Skyline Foundations and Structures have also launched residential projects at different locations.
Healthy appreciation is seen in the capital value and rentals of apartments, bungalows and villas. Prices vary from Rs 1,100 to Rs 3,500 depending upon the facilities offered by the builders.
Flats at prime residential locations of Kowdiar, Vellayambalam and Vazhuthacaud are selling at Rs 2,000-Rs 2,500 psft. Low-priced apartments are available at the outskirts.
Thiruvananthapuram's real estate market is poised for growth. IT majors are pumping in money. Realty majors from even outside the country have expressed trust on growth potential of the city.
The financial state of the city is also improving tremendously with more and more people from across the world investing in the city. Definitely, the businesses are also on uptrend owing to the increasing purchasing power of people around.
This is why, Thiruvananthapuram ranks among one of the fastest growing real estate markets in India, offering attractive options for buyers and investors.