Bangalore, India, May 11, 2007 - Sobha Developers Ltd has announced that the Company will be launching its first integrated township "Sobha City" in Thrissur, Kerala on May 13, 2007. This will be developed in 71 acres of land with a developable area of over 3.50 million SFT. This integrated town ship will have Super Luxury Apartments, Villas, Shopping Mall, Office Complexes, Hotel, Multiplex, and Convention Centre with Multi Speciality Hospital, located on the Thrissur - Guruvayoor highway. This project is expected to be completed over a period of five years.
Chennai, December 23, 2006 - INRnews features real estate and property news snippets from around the country. Read further for news snippets from Chennai, Hyderabad, Kochi, Mohali, Patiala and Pune.
December 22, 2006 - Dubai-based Condor group has launched `Condor Daffodils', a luxury apartment project in Thiruvananthapuram, Kerala. This is the second such project for the group in Kerala. Work on the first project, Marigold, is underway and will be completed in 2007.
Hyderabad, November 15, 2006 - If India's much anticipated retail revolution has a start date, it could well be the first week of November 2006. On November 3, in a classic RIL move marked by scale and ambition, Reliance Retail launched 11 Reliance Fresh retail outlets simultaneously in the southern Indian city of Hyderabad, firing the first salvo in what will be a keenly contested battle to win a huge prize - nothing less than the wallets of Indian consumers!
Dubai-based group, Condor is to build Kerala's first luxury high-rise apartments. Named, "Marigold", the project targets Keralites based in the Gulf. The complex will be ready for occupation in December 2007.
A step in the right direction.
The Kerala government aims to bring in comprehensive new legislation on land and property in Kerala. The set of new regulations aims to deal with issues such as the indiscriminate filling of paddy fields by construction companies, a reduction in stamp duty, filling up of water bodies, also by construction companies, fixing land prices to stabilise the market and levying a building tax on apartments. The new measures, when introduced, will have an impact on the fast growing real estate market in the state as well as a positive impact on the environment.
Acquiring 3.2 hectares of land at Vytilla, currently under the control of Kerafed, for a bus terminus cum commercial multiplex seems to pose a challenge for the concerned district panchayat.
Bangalore based real estate developer the Shobha group has proposed the development of a high-tech city on 300 acres of land near Kochi International Airport. The project costing Rs. 5,000 crore would create suitable infrastructure for companies from different sectors such as IT, Bio-tech, Electronics etc., to establish there. The Hi-tech city would provide employment to over 50,000 people.
The National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 138 crore for implementing 68 rural road projects with a length of 435km across Kerala. The road projects, including 25 bridges, will be executed in the districts of Alapuzha, Ernakulam, Idukki, Kannur, Kasargod, Kozhikode, Kottayam, Malappuram, Thrissur, Thiruvananthapuram and Wayanad.
The recently concluded Kerala Property Expo 2006 held in Kochi showcased more than 100 projects of 38 builders. Much of the development is focused on the Kakkanad and Edappaly areas. Real estate rates in Kochi have gone up significantly but are still cheaper than other major cities in India. A standard 2-3 apartment would cost Rs. 1,500 per square foot and fetch Rs. 5,000 per month in rental depending on location.
Thiruvananthapuram is to have a new international cricket stadium based on the decision taken by the Kerala Cricket Association on Sunday. This was announced by KCA president, S. Karunakaran Nair. The stadium with all modern facilities is likely to be built in Kazhakoottam or Kudapanakkunnu.
The Bangalore based Confident Group plans to set up real estate projects in Kerala including apartments, villas and resorts, with an investment of Rs. 60 crore.
The Peevees Group is to set up a new mall - The Summit - in Kochi at a cost of Rs 175 crore. Located on MG Road, the mall will house all major retail brands, a Gold Souk, cineplex and multiple dining and entertainment facilities. The mall will be a 420,000 sq ft development. An exclusive business hotel is also planned over 80,000 sq ft between the 6th and 12th floors.
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If your idea of Kerala is of tiled-roof houses dotting the landscape in pretty monotony, get set for a sea-change. Keralites now display a disturbing trend towards preferring highrise apartments like the rest of India. This observation was made by a representative of the Kerala Builders Forum (KBF), the organisers of the two-day Kerala Property Expo 2006. KBF is an association of builders and real estate companies based in Kerala, affiliated to the Confederation of Real Estate Developers Association of India (Credai).
The Kerala High Court has given the go ahead for the Kerala Government to sign an agreement with Dubai Internet City for development of the Rs.15 billion "Smart City" in Kochi. The signing had been delayed because of the assemmbly polls and an Election commission directive.
According to an MOU signed earlier, the government would hand over the existing Infopark at a cost of approximately $22 million, 136 acres of land at approximately $600,000 per acre and another 100 acres of land on a 99-year lease free of cost.
Industry sources say that roughly Rs. 135 crores is being invested in apartments in Kerala every month. Such growth is being driven both by returning NRIs as well as growing employment in the IT sector. An average flat in Thiruvananthapuram costs Rs. 25 lakhs while in Kochi, per sq. ft. prices in areas like Vytilla are in the range of Rs.2000 -2,500. The growth in residential demand is benefiting builders like Skyline, Mather, SI and Abad.