Property boom takes this town by storm
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The temple town of Thripunithura too is capitalising on the building boom in Kochi and its neighbourhood, says Shyama Rajagopal
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REGAL SPLENDOUR: The changing face of Thripunithura. — Photo: H. Vibhu
The royal town of Thripunithura, or the temple town, as popularly known, has earned a place for itself in the hearts of people who wish to settle down near Kochi. A place where retired men and women have been finding peace of mind, this town has grown to attract young couples to set up homes.
Before long, this little town will expand and meet its big sister, Kochi, which has been spreading. The process is already on.
Ten years ago, not a single high-rise apartment was there in Thripunithura. Now, the municipal area has more than 30 projects.
Better options
Housing needs and infrastructure bottlenecks in Kochi have made people look for better options on the outskirts. The city is bursting at its seams and expanding to the suburbs. Huge projects are in the offing. The international container transshipment terminal project at Vallarpadom, along with the city emerging as an information technology hub, is also fuelling the boom. And these developments have found their echoes on the outskirts, which, builders feel, are suitable to fulfil the housing needs of the growing city.
Thripunithura is one such town, becoming one of the main areas for setting up flats. The big names among the builders have launched projects there.
While the heart of Thripunithura remains unchanged, the high-rise buildings have come up at various places inside the Fort area and also outside, slowly changing the face of the town.
Heritage structures
The town does not have a heritage status as such, but certain structures have been identified as heritage buildings. The first high-rise apartment came up in the centre of the town at Statue junction in 1996. While many were sceptical about all flats in the first project being sold out, all of them found takers within no time.
"We took only 50 per cent booking for our project," says M.D. Unnikrishnan, managing partner of Royal Project Group. The rest of the flats were sold at a higher price, so that we could meet the price escalation, he added. The land itself was purchased at a record auction price of Rs. 1 lakh a cent, he adds.
There has even been talk about whether people will go in for apartments. High land values, and easy availability of loans probably, have given a boost to buying of flats.
And people have been forced to look outside the city for living spaces. After Kakkanad, where development is more focussed being a commercial area, Thripunithura, just 8 km from South Railway Station, has become a haven for builders, as well as buyers. The place is well connected by road and railway.
Though there are seven members or so in the Builders' Association, Thripunithura, only three or four are active and are based in the town.
Apart from the Skyline Group, Star Homes has found Thripunithura inviting enough to set up its projects.
Both the mega projects of the builders are on the boundaries of the town, one on the east and other on the west. These projects together offer 200 flats.
Another major project that came up some years ago was the Jyoman Palace apartments at North Fort Gate crossing. Most of the smaller apartments have come near Statue junction.
Among the ongoing projects, the Royal Group offers 116 flats near S.N. Junction on KRL Road.
Another major project coming up near the waterfront area, off the age-old iron bridge on the southwest side of Poornathrayeesa Temple, is a project called Lotus Gardens, where Lotus Builders is planning more than 60 flats.
Jayachandra Associates, an architectural firm, is associated with the project, says Jayanthan Namboothiripad, managing partner of the project.
The average price of a three-bedroom flat here is about Rs. 14.5 lakhs, including the cost of registration. Premium flats may cost upward of Rs. 16 lakhs.
The town area will probably accommodate a few more apartments, after which it is likely that the builders may move to the outskirts, says Mr. Namboothiripad, who is president of the Builders' Association. Land value in the prime areas has touched about Rs. 4 lakhs a cent.
A little away on the inner roads, the prices go down to the range of Rs. 1.5 lakhs to Rs. 2 lakhs. Land prices are not lower than Rs. 1 lakh a cent anywhere in Thripunithura, except, maybe, in relatively inaccessible areas.
A hurdle
A problem faced by builders in Thripunithura relates to structural planning, Mr. Namboothiripad says. The builders have to conform to the old norm of constructing only up to a height of 1.5 times the given area, whereas in the Greater Cochin Development Authority limits, the height of a building can be three times that of the given area.
A separate sanction is required for taking up the construction of more floors than what is permitted under the old norm.
It is an official guideline which needs to be revised once in 10 years.
However, it has not been revised for Thripunithura since 1980. Though this is only a technical correction, it should be done promptly, Mr. Namboothiripad adds.
There is hardly any support from the local government here, says K. Mohandas, secretary of the association. Apart from the issue of revising the norm, the transfer of ownership of flats to the clients is a major problem. It is being sorted out at various levels, but it a nagging problem, he adds.
Civic facilities should be planned by the local body, considering the needs of the town, says Mr. Mohandas, managing partner of Maruti Enterprises.
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