PROPERTY RENT IN KOCHI- STUDY OF RENT AT DIFFERENT LOCATIONS.
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.
