Realty hotspots of capital city
The growth of the city over 10 years is hard to predict, driven as it is by mega projects. T. NANDAKUMAR takes a look into the future.
Every city has its realty hotspots where development is in progress or likely to happen and where property appreciation is likely to be significant in view of such activity. Thiruvananthapuram is no different; it has its own focus areas which have become nodes of development for a variety of reasons.
The area around Technopark has been perceived as a development hub for the past few years. With ongoing development of over 5 million sq.ft of space in Technopark as well as on the campuses of several IT firms, the number of employees in the Kazhakkuttom area is likely to hit the 50,000-mark by 2011.
The proposed Telecom City and the KINFRA International Apparel Park will contribute another 20,000 to 30,000 employment opportunities. Further north, another major hub is slated to come up at Pallipuram in the shape of the Technocity project. The project that has already attracted the attention of developers, is likely to add up to 15 million sq.ft of business space and generate 1,50,000 jobs by 2016.
Other projects in the area include the KINFRA Film and Video Park and the KSIDC Life Sciences Park, located next to the Sainik School and at Thonnakkal, respectively. With the four-lane work on National Highway 47 due to start in early 2009, the rapid development of the Pallipuram-Mangalapuram-Thonnakkal stretch will result in the periphery of Thiruvananthapuram city extending to Attingal within five years.
Back towards the inner city, Aakulam is emerging as a leisure, retail and commercial destination.
This placid lake region has recently seen a development spree as the city expanded along the National Highway bypass towards Technopark.
Once famous for its tourist attractions, the area is now the location for a set of giant projects, epitomised by the Rs.800-crore International Convention Centre Complex. When complete, the complex will boast a 350- room five-star hotel and serviced apartments and retail space.
With over 20 residential, hospitality and commercial projects in progress, Aakulam has become one of the most intensive hubs of development in the l city.
The international deepwater container transhipment terminal scheduled to become operational at Vizhinjam by 2012 is expected to set off a cascade of development which will change the southern fringes of Thiruvananthapuram, if not the entire city, beyond recognition.
With up to Rs.8,000 crore of direct investment resulting in over 1,00,000 direct and indirect jobs, the development potential for the area is mindboggling.
As the area around Vizhinjam, Balaramapuram and Poovar is suburban in nature and lacks major residential and commercial development at present, the gap which needs to be filled in the coming years is significant.
The acquisition of over 2,500 acres of land by the government and the inherently high density of population in the remaining areas will make it tricky for developers to put up major projects.
The real estate scene in the area is already buzzing as big and small developers try to corner the available land. Large projects are expected to be announced in the area from 2009-10 as the port enters its construction phase. Core areas of the city such as Kowdiar, Vazhuthacaud and Medical College will continue to see both demand and supply. But the space crunch may be finally catching up.
Land prices are affordable in the eastern suburbs of the city such as on the way to and around Nedumangad where developers have announced mini townships. The growth of the city over 10 years is very hard to accurately predict, driven as it is by mega projects such as the Vizhinjam port and Technocity.
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