Real estate market in Kerala witness to great buoyancy – The Hindu

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The emergence of a new class of home buyers in the State, rising demand for commercial spaces in Tier-II cities like Kochi and Thiruvananthapuram, and greater transparency and accountability in the market have combined to give a big boost to real estate development in the State.

The market is now open, more quality players are in, and transactions are transparent with builders taking customers into confidence, said Rijaz K., a practising chartered accountant in Kochi and a recent home buyer. He felt that the uncertainties posed by the pandemic three years ago had blown over, and real estate business was bouncing back.


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Kerala Real Estate Regulatory Authority (K-RERA) Chairman P.H. Kurien said the number of new projects registered with the regulator had gone up consistently over the years. He felt that while Thiruvananthapuram and Kochi accounted for a big chunk of the annual business in the sector, the emergence of local buyers, who were capable of investing in a home with bank loan support, had increased, possibly augmenting the pace of urbanisation in the State.

The latest data from K-RERA said the calendar year 2023 showed a significant increase in the number of new projects registered. In 2022, 159 projects were registered. The number rose to 211 in 2023. A total of 191 projects were completed in 2023. The year also saw the highest number of registrations in the residential apartment segment. They stood at 122. Fifty-six were villa projects and 21 plots were registered. The number of residential-cum-commercial space projects stood at 12 during 2023.

Residential apartment units registered stood at 7,362. As many as 1,181 villas and 1,623 plots were also registered. The largest number of new registrations were in Ernakulam district. The number stood at 78, accounting for 2,787 units. Thiruvananthapuram district saw 51 new registrations, and they account for 2,701 units. No registrations were reported from Wayanad and Kasaragod during 2023.

The K-RERA data also showed that 15,14,746.37 sq.m. built-up area was registered during 2023. Of this 17,103.61 sq.m. are commercial space.

The Confederation of Real Estate Developers’ Association of India (Credai) has felt the increasing buoyancy in the market. The apex body of organised real estate developers, representing over 20,000 developers across 21 States and 220 cities in the country, it has engaged in creating a policy framework conducive to the growth of the real estate sector. Credai has also worked to form guidelines and a code of conduct to promote integrity and transparency to provide confidence and comfort to customers.

Credai Kerala chapter secretary Edward George P. said the real estate market was bouncing back. There is optimism and a sense of positivity as visible in the robust demand for both commercial space and homes.

He lauded K-RERA for creating great confidence in the market. The days of non-serious players are over. Only those who are serious about honouring their commitments to consumers enter the field. They do it after proper planning and setting a timeline for customers so as to avoid any trouble. He conceded that the number of projects and players in the market might be less, but they were reliable for their commitment and quality.

Mr. Edward also said that the demand for space in Tier II cities was supporting the commercial space sector. Multinational companies, which can operate out of any city in the country, are moving out of larger cities for various reasons. Kerala stands to gain with the availability of quality manpower, he added.

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