City's gold mine
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The Thrikkakara region has emerged as a focal point in the real estate map of Kochi. It is witnessing dramatic change.
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THE THRIKKAKARA region has become a hot spot in the real estate map of Kochi, as it tends to be favoured for large projects, the latest one being the Smart City. Real estate developers and builders have been cashing in on the growing importance of this region, particularly Kakkanad.
A price of lakhs for a mere cent of land was a distant dream for the residents of Kakkanad some years ago. In the earlier part of the 1950's and 1960's, the area was primarily hilly and negotiating the rocks and the paddy fields in between was not easy.
As years went by some of the hillocks were flattened out and converted into plain land. The agricultural land was left fallow until recently. Then it began to be filled up and the process of selling land at fancy prices began.
A hub
Thrikkakara is the hub of famous institutions and schools, including the Cochin University of Science and Technology, Model Engineering College, Rajagiri School of Engineering and Technology, Bharat Matha College and Polytechnic apart from the CEPZ, Kinfra Industrial Park, Infopark, Collectorate, Civil Station, NPOL and the VSNL international gateway.
Residential areas
Located about 25 km from the Cochin International Airport and 12 km from the city, Thrikkakara has full-fledged residential areas now, attracting more and more inhabitants.
If plots along the Vazhakala main road cost only Rs.1,000 a cent 15 years ago, today they command a whopping Rs.4 lakhs a cent. It is tough to drive a bargain in this part of Kochi, for it is well-known that this is the most-sought after area given the commercial development taking place here and the expectation that land prices are steeply headed only one way - upwards.
This has induced many local people to sell their land and move away to other parts of Kochi, where the land cost is lower.
Smart city effect
The Smart City tag has led to the doubling of land cost within the last six months. Now, residents from other parts of the city as well as the State live in Thrikkakara.
The best places to own a property are considered to be Chembumukku, Padamugal and around the Collectorate. Vazhakaala too almost comes on top.
"Mosquitoes are quite less here compared to other parts of Kochi, which is a boon, says Manoj, a resident of Padamugal. A low pollution level and the availability of facilities such as supermarkets, banks, temples, churches and clubs are the other attractions of the place. Good drinking water availability is also considered a huge plus point.
Says Oomer, a real estate agent and native of Padamugal: "People prefer to buy houses rather than plots. At times, houses are available at affordable rates compared to land alone or at least they help save time on construction."
Investment
Adds in an enthusiastic landowner, Kamath: "People buy land mainly as investment rather than to live here, like I did." A plot in Thrikkakara is now considered a good form of investment.
Flexible loan schemes provided by banks are a boon to the common man, enabling him to invest in land.
The development of the area has been dramatic.
It was once inhabited by foxes recalls, G. Ravi, an 81-year-old resident near the Thrikkaakara temple. "Today there isn't a single bit of land available on this jam-packed street," he says. Land costs Rs.2 lakhs a cent around the temple. Says Abraham, one of the partners of Divine Builders: "We choose this area because land is available here."
Moreover, since the area comes under a panchayat, it is much easier to go through the procedural formalities, he explains.
"The cost is calculated at the rate of 1,250 a sq.ft. - with a 2,000 sq.ft. flat costing around Rs.20 lakhs. They are selling like hot cakes. No more is a Rs.20-lakh to Rs. 25-lakh flat considered a luxury. The takers includes NRI's and software engineers, who earn well." .
Builders
Builders and developers are many. Among them are Alfa Ventures with its latest project of 24 villas, located opposite to Kinfra, Gokulam Engineers Private Limited's Aditya with 28 flats, located near Kinfra and CEPZ, Southern Investment Private Limited with 2 projects (villas and flats) at Vazhakaala, Noel Villas with 3 new projects under its wing - 2 villa type and the other comprising flats and Noel Palm Dale, with two village projects near the Collectorate and CEPZ. How far the rates will shoot up and the pace of the real estate boom in the area remains to be seen. As of now, owning a few cents of land at Thrikkakara is like owning a gold mine.
RESMI SHAJI-JAIMON
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