PROPERTY RENT IN KOCHI- STUDY OF RENT AT DIFFERENT LOCATIONS.Ganga Viswanath
According to Census of India, Population of Kochi in 2018 is estimated to be 681,264. Its ever expanding Metropolitan area is currently home to 2,669,815 (2.6 million) making it largest urban agglomeration in Kerala. At present Kochi is a commercial hub and an industrial hotspot in Kerala, compared to other cities. It has grown from an ancient port city to a well-developed trading center. Info Park, SEZ, oil refineries, shipyard, malls, beauty industry, tourism sector, banking, fisheries, and construction sector are the core areas which provide employments to outsiders. Being the financial, commercial and industrial capital of Kerala, it provides large opportunities for mushrooming companies as well. Eloor, situated 13 kilometers away from the city, is the largest industrial belt in Kerala, with more than 250 factories manufacturing a range of products including chemical and petrochemical products, pesticides, rare earth elements and leather products. True code, Market Research agency in Kochi has done a survey on rental properties in selected areas like Marine drive, Panampalli Nagar , Edappalli, Palarivattam, and Kaloor in the city. This report focuses on the rent for 2 bhk and 3 bhk apartments and independent houses which are fully furnished, semi furnished and unfurnished. It is witnessed that, there are many apartments and houses available in the city, but only rich get more options to choose from, poor suffer largely by affordability crisis. Marine drive, which stretches from Jankar Jetty in the north to the Ernakulum Boat Jetty in the south, is one of the most popular and expensive area in the city. Marine drive gets a beautiful water frontage, which makes the place costlier than the remaining. It costs around 43,667 INR for a 3 bhk apartment here. Since land is limited in these desirable areas of Kochi, land prices, costs, and ultimately rent, have gone up. It cost around 31,666 INR for a 3 bhk furnished apartment in Panampally nagar. Thevara comes next in terms of rent which is about 29,667. It ranges from 22000 INR to 27000 INR in Kadavanthra, kaloor, kakkanad, palarivattom, MG road, Tripunithura, Vyttila, and Ravipuram. Marine drive stays the most expensive in the case of 3 bhk semi furnished apartments, which is around 26667 INR . The second most expensive apartments for rent in kochi are at Panampilly nagar and Edappally which is around INR 2000. It ranges from 15000 to 18000 INR . Edappally the most costlier in the case of an unfurnished 3 bhk apartment ,the rent is about 19500 INR. Least expensive apartments are seen at Thripunithura. The amount is around 13000 INR. When it is looked for a 2 bhk apartment at Cochin, Marine Drive remains the most expensive location. It costs 32500 INR rent for a 2 bhk furnished apartment at this place. It costs about 21500 INR rent for a 2bhk furnished apartment at Palarivattom. The rent at other important locations ranges from 18000 INR to 20000 INR. Vyttila is the most high priced for 2 bhk semi furnished apartment with a cost of 20,333 INR. The second most expensive locations are Kalore and Kakkanad which about 14000 INR. For a 2 bhk unfurnished apartment at Kochi, Panampalli nagar, Ravipuram and Kadavanthra are equally expensive, the cost is around 13000 INR. It ranges from 8000 to 10000INR at other locations. Choices for the high-end of the market do not mean more choices for lower cost rental housing. Rising prices and demand for rental apartments make the life for low-income groups increasingly challenging. The trend of apartment rent in Kochi is growing at a rate double of what we saw a decade ago. For an 2 bhk fully furnished independent house in the city, it costs 19000 INR and for an 3 bhk fully furnished independent house it costs around 28000 INR. For an 3 bhk unfurnished independent house it is about 15000 INR. At the same time one has to pay 12000 INR to an unfurnished 2 bhk independent house. Many factor influence the property rate in a city such as transportation facility, proximity to work place, surrounding environment, drinking water availability and cleanliness and so many other reasons. In this study it is understood that Marine Drive is the most expensive and luxurious area in Kochi.