Real Estate Trends in Trivandrum

Kerala is one of the most developed states when it comes to education, health care and social customs and practice. The important cities of the state are Kochi and Thiruvananthapuram or Trivandrum. Trivandrum is a well developed city which has a lot of job avenues and the earning of people are quite high compared to other areas. The realty sector of Trivandrum is quite thriving although people in the city still prefer living in houses and flats in the centre of the city rather than along the periphery. Another significant change that has come about in the real estate of Trivandrum is that most people want to stay in apartments rather than flats. Property developers have demolished quite a few houses to make way for apartments. Many of the older apartment complexes have been redesigned by builders through reduction in floor ratio for providing them at affordable prices to the mid income group.

Compared to other cities of Kerala, real estate in Trivandrum is quite steady. Most of the realty investments are in areas near the city centre rather than periphery as people prefer to live here. Because the cost of land in Trivandrum is quite high, more people are attracted towards apartments for sale rather than house for sale in Trivandrum. Because of absence of proper infrastructure, builders and buyers are hesitant to move to the peripheral areas. There is much need to improve basic amenities in the peripheral areas of the city for attracting more buyers. Pure drinking water, good roads that have proper transport facilities shall help in the development of rural areas on the outskirts.

The supply and demand of properties in Trivandrum is quite stable which lends a stable growth to the realty sector. Prices have not skyrocketed in the past years although a slight increase has been there which has further fuelled growth of the real estate market. For properties in the heart of the city, prices are between Rs 4000 and Rs 5000 for a square foot while it is Rs 3000 to Rs 4000 for a square foot in the outskirts. In the past years, almost 80 percent buyers belonged to the investors category (mostly NRIs) while they now number 50 percent. Nowadays, end users constitute almost 50 percent of the market. A lot of property developers have begun identifying centres of growth in the districts for starting newer projects. Some of the places that have been identified are Kovalam, Nedumangad, Vattiyoorkavu, Balarampuram, Peroorkada, Attingal and Kazhakkoottam. Once the peripheral areas become developed, the craze among people for house for sale in Trivandrum city centre would diminish. For instance, there is an oversupply of property in Kazhakkoottam locality as they have not received good response from the IT crowd, whom the builders were targeting.

The demand for house for sale in Trivandrum however has reduced. Many retired professionals nowadays prefer to stay in flats. Thiruvananthapuram is among the cleanest cities of the country and basic amenities are available quite easily which makes it preferred among senior citizens for spending their retired life. The trend of buying apartments with large area has now been turned over as builders are constructing affordable flats that may be sold for under Rs 35 lakhs. Roughly 50 percent of buyers want budget flats whereas thirty to forty percent of them can go for flats which are priced between Rs 50 and Rs 70 lakhs while only 10 percent buyers can opt for premium apartments which cost more than Rs 1 crore.

The lowest preferred projects in the city are the villa ones because of the high cost of construction and living within the city limits. A few of the villa and house for sale in Trivandrum projects are coming up along the periphery. However, they too are quite costly because land prices are quite high in the outskirts too.

Real estate development in Trivandrum is mostly happening in the localities of Vellayambalam, Vazhuthacaud, Technopark and Vattiyoorkavu etc. The inflow of IT professionals in Trivandrum for working in Technopark has given a strong push to realty development in Trivandrum.

The city is also eagerly awaiting the development of the monorail for augmenting the micro markets’ growth that is located far from the IT hub and CBD. The international stadiums development at Vattiyoorkavu and Kazhakootam has increased interest in real estate of the area. Some of the biggest industrial project in this region is the Engine Assembly Unit of German car maker Volkswagen at a cost estimated at Rs 2000 crores. A project worth Rs 1000 crores for making a world class convention centre in Trivandrum may also be implemented by RP Group.

To buy house for sale in Trivandrum, you can look up the various property sites online to know the properties listed in Trivandrum. From apartments to villas, all housing options are listed on the website. You can read up more about the locality, facilities offered and other details of the property. Most builders upload the floor plans of properties that they are developing for buyers to have a look. Even if you do not choose a property in the heart of Thiruvananthapuram, you should opt for peripheral areas which would benefit from the construction of the monorail or metro railway. Whenever you purchase property, you should always consider the capital appreciation prospects of the property. In case you need to sell the property for some purpose, you should be able to realize a good deal on it.

Prior to contacting a builder, you should look up the reputation of the builder along with the past projects that has been delivered by him. Property forums usually have these kinds of information listed and you can go through them to know more. A lot of websites also have live chat services that you can make use of for getting your personal queries answered.

Before you set out to buy property, make sure you have arranged for the finances as it may take up to 6 months to get an optimal loan.