Business | Property
Kerala property market sees steady decade-long appreciation
The property market in the Indian state of Kerala is witnessing steady growth.
- By Suzanne Fenton, Staff Reporter
- Published: 00:41 December 2, 2008
Dubai: The property market in the Indian state of Kerala is witnessing steady growth.
While the market here in Dubai is slow for the time being, over on the subcontinent, property is affordable.
"There is renewed interest and Kerala prices have not been high because it is not a speculative market. We've got about 60 to 70 per cent of our investment from the Middle East. And as the dirham has appreciated against the rupee, people stand to gain around 30 to 33 per cent," George E. George, chairman of Kerala Business Forum, said.
The average price per square foot for Kerala property is around Dh200, George said.
Regulation Act
The state has seen a steady appreciation in property prices of up to 35 per cent annually over the last 10 years, he said.
The average three-bedroom house in Kerala is now around Dh333,000, George said.
And with minimum land prices fixed by the state government and construction prices realistic, the opportunity for investment in Kerala is promising.
Under the Urban Land Ceiling and Regulation Act, the land banks of India were only in the hands of a few, select builders. It also prevented anyone from holding more than 500 square metres of land.
Now, due to urban sprawl and the emergence of many international developers in India, the recent release of the land is a positive thing for India's real estate. Kerala is still one of the states where growth has been steady.
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