real estate market in kerala
The Kerala real estate segment comprises of a good mix of thoughtfully planned building projects, including high end commercial establishments, hi tech office spaces, comprehensive residential layouts, and even sophisticated IT parks.
Kerala is indeed God’s own country, blessed with the best of what nature has to offer. And this plays a direct role in the upward mobility of the real estate market. The state is blessed with good weather year round, and ample greenery to brighten any real estate space. Kerala is also an internationally acclaimed tourist destination, so several tourist cities are seeing a major growth now despite the recession that took a toll on the tourism industry in the last decade.
Key cities like Kochi, Trivandrum and Calicut are acting as people magnets, attracting more investors especially in the real estate sector. Let us look at the current real estate trends in these three major cities.
Current Real Estate Trends in Trivandrum
The majority of developments in Trivandrum are happening in places like Vattiyoorkavu, Vazhuthacaud, Vellayambalam and Technopark. The job openings at Technopark are attracting a variety of IT professionals to the city, thereby giving the city’s real estate market a huge boost.
The Vizhinjam harbor project is also in the works, and will be a game changer in the real estate industry once the work commences. Real estate investments in the state are sure to take a turn for the better in the days to come.Kerala is definitely going through some huge lifestyle changes in this era.
The earning potential of the people in the state has drastically increased, and so has the growth in health and family welfare schemes. This has directly led to the rise of the real estate business in Kerala. With the increased developments that we’re seeing in Kerala’s major cities, now is the best time to start investing in real estate.
On the State budget
Government should consider lesser stamp duty of say 2 to 3 per cent on the market value of land instead of unrealistically hiking duty on a fair value, which was fixed a long time ago. Unfortunately, the State budget doesn’t consider the National Housing Policy of ‘Housing for all by 2022.’
Another proposal of seeking the certificate from a Central Public Works Department -approved engineer to fix fair value of apartments would result in another opportunity for corruption.
One may tempt to bribe the official to fix his property at a lower rate to evade tax.
Government may not frame new policies to aid corruption. Government may mull fixing a fair value for apartments instead.
Above all, no builder is going to get affected by the increase in taxes and duties.
Whatever taxes the government imposes are ultimately paid by the common man.
And finally, State budgets are presented as a routine affair without an element of ownership.
Rather, every State budget should be a progress report that goes on to compare last year’s target and actual achievements of the government.
But this never happens.
State budgets, which are usually a jugglery of figures, should be made totally comprehensible to the common man.
Strict efforts are to be made to strengthen peoples’ trust.
Actually, the tax regime has to be renamed as ‘Mismanagement Tax,’ the cost we pay for running the machinery.
But in general, the recent State budget has been drafted quite well and shows the promise that i
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