REAL ESTATE IN THE THRISSUR CONTEXT
Real estate is one of the sunshine sectors of city of Thrissur’s economy. Land availability, image of a clean and green city, good law and order situation, presence of reputed educational institutions and tremendous scope for promoting tourism industry are the pillars of Thrissur real estate hopes. With Kochi becoming more and more congested day-by-day, in due course of time the city of Thrissur is expected to see a spurt in the number of property buyers. City of Thrissur has always been a favourite among builders of owing to its central location. Further, the increasing prominence of Guruvayur, warrants the construction of additional apartments/ flats in Guruvayur.
Demand for flats, villas or plots in Thrissur has since long been primarily dominated by the genuine home seekers, rather than those on a speculative note. As such, it has been witness to consistent and steady growth over the last couple of decades. The profile of buyers are essentially of the salaried segment, NRI’s and people who are currently working in different cities of India and looking forward to retire and return to roots. The demand therefore is for budget flats, premium apartments and luxury villas in Thrissur.
According to real estate consultants Cushman & Wakefield, the presence of a number of educational institutions, leading hospitals are instrumental in driving the demand for flats, villas and gated communities in Thrissur. A Cushman report says that the availability of land and preference to villas have convinced developers to go in for niche products. This has resulted in apartments/flats in Thrissur being launched in crucial locations where land is scarce. Given the land prices in the heart of the city, purchase of requisite land and construction of an independent home has become a herculean task especially when it comes to financial outlay. The budget flat/apartment buyer is then left with only two options, either to move to the outskirts or to opt for flat/apartments in Thrissur City. The general consensus indicates to the latter where the client prefers to be near all basic amenities without being part of the traffic and congestion as seen in other cities. This is combined with the added advantage of community living and the security that the flats/ apartments in Thrissur have to offer.
For an investor, Thrissur provides for realistic growth as has been seen over the last couple of decades. The areas in Thrissur witnessing apartment activity are Punkunnam, Kottapuram, Viyyur, Muthuvara, Swaraj Round and Guruvayur to name a few.
Metamorphosis of dwelling culture in Thrissur
The initial baby steps on the real estate front started way back in the 70’s where people started investing in plots paving the way for a gated community living in Thrissur. Land at that time being affordable and with the onset of the nuclear family revolution, real estate activity started to pick up steam. The primary reason for the immense market growth was the increased acceptance to the flat/apartment culture similar to what each client was used to outside of Kerala.
As indicated earlier, with only 30% of the state land available for residential development, the only probable and logical solution to the housing crunch is in going vertical. This is one of the reasons which led to Vishraam executing over 30 multi-storey projects in and around Punkunnam. We sincerely hope that the government along with all our support will come up with a long term vision and a sustainable development plan to ensure that all living creatures are entitled to a fair share of Mother Earths natural resources and avoid any sort of undue exploitation in an attempt to leave behind a legacy for the generations to come.
