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Dotting all corners of Kozhikode
Branded building companies and small-time property developers are changing the face of posh localities in Kozhikode city that once had been purely residential areas. A little more than a year ago, the 3-km East Hill Road, stretching from East Hill Junction to Chakkorathukulam, looked like a customary side road running parallel to Kannur Road (National Highway 17) and linking to the Mini Bypass. All that has change
d now. Eight new projects have come up on this road. A few of them are nearing completion. Apartments of some developers have already been sold out.
Owning a house in posh residential areas these days is difficult. The land prices have gone up to such an extent that it is unthinkable to a middle-class buyer. To buy a plot closer to the Mini Bypass or the highway is not easy. A cent commands Rs. 3.5 lakh to Rs. 4.5 lakh, although the draft of the fair land value quotes less than 60 per cent of this market value.
Many say development in these areas started with the establishment of a star hotel seven years ago on Kannur Road. This has given an advantage to property developers. Now, many people are shifting from the heart of the city to residential colonies such as Jawahar Nagar Colony.
Besides, many homebuilders feel that purchasing an apartment for Rs. 25 lakh is better than acquiring a 7-cent plot and then constructing a house that may cost between Rs. 15 lakh and Rs. 20 lakh.
The flats constructed by the Kerala State Housing Board at East Hill and at Vikas Nagar at Chakkorathukulam several years ago are much in demand for rent. A three-bed room flat is now quoting for sale in the range of Rs. 10 lakh to Rs 12 lakh.
One of the major projects on East Hill Road and that is ready for occupancy is Sreerosh Residency. It is promoted by Sreerosh Properties. Amenities include lifts to all floors, landscaped exteriors, covered car parking, standby generator, potable groundwater, recreation room, swimming pool, gymnasium, health club, terrace party area and garden.
Apartments are categorized into three bedroom (type A and B) and two bedroom (type C) ones. All apartments have been fully booked.
The 14-storey Sterling Apartments promoted by Express Housing Complex is another luxury apartment coming up on East Hill Road. It will have a spacious penthouse. The apartment is also one of the tallest residential buildings in the city. It will have a full-fledged clubhouse with modern recreation facilities such as jacuzzi, sauna and multi-gym.
Crown Hill Apartments promoted by Mellow Foundations is a big project offering amenities of modern living. Flats will be of A, B and C types. There will be 20 units in three storeys. “This residential complex still enjoys great proximity to the major landmarks of the city,” says R. Muraleedharan, managing director, Mellow Foundations.
Neighbouring areas such as Bilathikulam and Vandipetta have also flourished. The Kingswood and Falcon Winds of Southern Investments are completed projects. The built-up area of Falcon Winds is 19,067 sq.ft while Kingswood is of 32,799 sq.ft. The Crescent Court at Vandipetta is a big project.
Cashing in on the realty boom are small property builders. They have also come up with two-storey projects in smaller projects.
Time was when the area had only single- or two-storey houses. Now, it has towering buildings giving the area a cosmopolitan look, says P.A. Jaiprakash, a resident on East Hill Road.
BIJU GOVIND
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