InFocus | India
Buoyant property market
The real estate scene in South India is dynamic, with potential for further growth.
- By Latha Krishnan, Gulf News Report
- Published: 00:00 August 14, 2006
From the verdant cities of Kerala and Karnataka to the sprawling urban areas of Tamil Nadu and Andhra Pradesh, cityscapes are changing from the traditional to the ultra modern.
Where traditional houses stood in glorious isolation amidst trees and gardens, you now find skyscrapers with landscaped surroundings set in artificial or sometimes natural waterfronts. On the outskirts of cities developers are building townships that are a combination of multi-storeyed residential and commercial buildings, as well as villa complexes with every leisure amenity possible.
Construction boom
People from Kerala have always been preoccupied with owning property and now they can choose from a wide range of complexes. Every major town of Kerala, from Thiruvananthapuram to Kozhikode, is witnessing a real estate boom. Developers from within the state and outside are vying for the attention of buyers for their villas, apartments and commercial spaces. And property seekers include Keralites working abroad as well as within India.
The state capital Thiruvananthapuram is more laid back than the commercial hub that is Kochi. But villa complexes nestling among the hilly outskirts of the city or the impressive high-rise apartment buildings and commercial towers standing tall within the city, tell another story. The real estate scene in Thiruvananthapuram is not only dynamic, but also distinctive in style and substance. Skyline Builders, Southern Investments, Hira Builders and many other such companies are responsible for the changing cityscape of Thiruvananthapuram. They offer buyers not just quality construction of their dream homes, but amenities that are equal to any other city in the country or the world.
Skyline Builders is the flagship unit of the Skyline Group that has been in existence since 1980. It has been a market leader for almost 15 years and has to its credit three million square feet of built-up area, projects and offices in five major cities — Thiruvananthapuram, Kottayam, Kochi, Trichur and Kozhikode — and a clientele of about 3,300 satisfied customers. It is also an ISO 9001-2000 certified company with membership in the Kerala Builders Forum as well as CREDAI (Confederation of Real Estate Developers Association of India).
New landmarks
Kochi is where all the builders in Kerala and other states are present, each offering high quality standards and facilities. Major landmark buildings are coming up in the trendy areas of the city, including Edappally, Kakkanad, Palarivattom, Kaloor, Vytilla, Kadavanthara and Marine Drive — a stretch of reclaimed land near Lake Vembanad.
The Marine Drive area is now teeming with construction projects by companies within Kerala as well as other parts of India.
Abad Marine Plaza is one of the prestigious multi-purpose projects nearing completion at Marine Drive. The Bay Pride Mall and residential tower nearby were recently completed by Abad Builders, part of Abad Group, which is a leading business concern in Kerala.
Puravankara Group, one of the leading real estate developers of the country with extensive presence in Bangalore, Mumbai, Chennai, Hyderabad, Mysore, Coimbatore and the UAE, is now in Kochi too. With construction starting on a big project on Marine Drive, completed and ongoing projects measure about 15 million square feet.
Jain Housing, which has been recognised by the Builders Association of India as the ‘Best Builder in Chennai', has also ventured into other cities such as Bangalore, Kochi, Coimbatore and Hyderabad. Jain Housing has 80 completed projects and 32 ongoing projects.
Innovative projects
Ceebros is one of the leading property developers in Chennai and is heir to a history of pioneering innovations, concrete success, and a relentless devotion to customer satisfaction. With more than 3,500 customers, Ceebros has ambitious expansion plans and aims to attain a most preferred status in the promising sphere of the hospitality industry. The Raintree, South India's first Five-Star Ecotel Hotel is the maiden venture in this direction. Ceebros is also planning to diversify into professional property management services of international standards.
Among local developers in Hyderabad, Babu Khan Builders, the Jayabheri Group, Janapriya Engineers Syndicate, SMR and Sanali are among the biggest builders in the industry.
Babu Khan Builders is probably among the oldest real estate developers in Hyderabad. They have ventured into most areas of construction including factories, commercial complexes and residential apartments. Some of their most prominent buildings include Babukhan Estates, Babukhan Chambers, Deccan Towers and Babukhan Mall.
Major upswing
The real estate development business has seen a major upswing in Bangalore and Hyderabad, especially with the advent of the information technology sector which, in turn, has brought an increase in the number of highly paid young people with a lot of disposable income.
One of the most noticeable developments has been the spawning of a number of mega malls as well as housing of international standards in various parts of these cities.
Land prices have risen twenty times in value over the last few years. Developers from around the country as well as international developers from the US, Japan, Singapore, Malaysia, UAE, etc., play a vital role in keeping the real estate scene dynamic.
Development forums
Most of the leading real estate developers in South Indian states have offices in Dubai and other cities of the Gulf to enable buyers to make informed choices of what kind of home or real estate investments that they want back in India.
There are also forums such as CREDAI that promote housing and real estate developments in an organised and cohesive manner and provide a liaison with government bodies to effectively represent the views and needs of the industry.
Even though property prices seem to be rising every day, buyers are snapping them up. But will these rising prices be sustainable over a period of time or will the property bubble burst?
Developers know that with more infrastructure developments, such as airports, metro rail systems and better highways, investment is bound to go up. The rush to develop real estate at the current pace looks like it will continue.
However, it is essential that while encouraging high-density development, the environment should be protected to ensure clean and healthy living and working conditions.
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