Kerala, located on the southwestern coast of India, is a state known for its natural beauty, culture, and high literacy rate. The state also has a thriving real estate sector, with property rates varying depending on several factors. In this article, we will provide a comprehensive guide to Kerala property rates, the factors influencing them, the residential and commercial property rates trend, and upcoming infrastructure projects impacting property rates. We will also cover how to find property rates in Kerala while availing of a loan against property.
Factors influencing Kerala property rates
Several factors influence Kerala property rates, including location, accessibility, infrastructure, demand & supply, and development plans. Below are some factors worth mentioning:
- Location: The location of the property plays a vital role in determining the property rates. Areas that are in prime locations, such as cities and tourist hubs, may have higher property rates than those in rural areas.
- Accessibility: The ease of access and connectivity to main roads, markets, and transportation hubs can impact property rates.
- Infrastructure: The availability of basic amenities such as roads, electricity, water supply, and broadband connectivity can positively affect the property rates.
- Development plans: The upcoming development plans such as the proposed metro rail, commercial, and industrial zones can impact the property rates.
Residential property rates trends in Kerala
The residential Kerala property rates vary depending on the type of property, location, amenities, and other factors. The top areas for residential properties in Kerala include Kochi, Thrissur, Trivandrum, and Kozhikode, among others. The average residential property rates in Kerala range from Rs 3,000 to Rs 12,000 per square foot.
Recently, the demand for ready-to-move-in apartments and luxurious villas with modern amenities has increased significantly. Developers are also coming up with innovative projects such as eco-friendly homes and smart homes to meet the changing market trends.
Commercial property rates trends in Kerala
The commercial Kerala property rates depend on the location, size of the property, and other factors. The demand for commercial properties such as office spaces, retail spaces, and warehouses are increasing as more businesses are entering the state.
Some of the popular commercial areas in Kerala include MG road in Kochi, Gandhinagar in Kozhikode, and MG road in Trivandrum. The average commercial property rates in Kerala range from Rs 7,000 to Rs 20,000 per square foot.
Upcoming infrastructure projects impacting property rates in Kerala
Several infrastructure projects are underway in Kerala, which can significantly impact property rates. Here are some of the upcoming projects worth mentioning:
- Metro Rail: The Kochi metro rail project is already operational, whereas similar projects are in the pipeline for Trivandrum and Kozhikode. This project will enhance connectivity and accessibility, leading to an increase in property rates in these areas.
- Smart City projects: Several smart city projects are causing significant development and investment in areas such as Kochi, Thrissur, and Trivandrum, leading to a rise in property rates.
- Kerala fibre optic network: The Kerala government's ambitious project to lay a fibre optic network across the state is set to propel the connectivity and IT industry in Kerala, leading to a positive impact on property rates.
How to find property rates in Kerala while availing loan against property
If you are looking to avail of a loan against property in Kerala, it is essential to know the property rates in the area to determine the loan amount you are eligible for. Here is how you can find Kerala property rates:
- Visit the websites of leading real estate portals to get a fair idea of property rates in various locations in Kerala.
- Consult with licensed property valuers in Kerala who can provide expert advice on the estimated value of a property.
- Check with local real estate agents who have a good idea of the current market trends and can help you with the information you need.
Kerala has a thriving real estate sector with varying property rates, depending on several factors such as location, accessibility, infrastructure, development plans, and demand and supply. The demand for residential and commercial properties is growing, leading to an increase in property rates in many areas. The upcoming infrastructure projects such as the Kochi metro rail, smart city projects, and Kerala fibre optic network will significantly impact property rates in the state.
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Steps to check the value of any land in Kerala:
To check the value of land in Kerala, follow these steps:
- Official website: Visit the Kerala registration department website.
- Select fair value of land: Look for the option labeled "Fair Value of Land" on the website's homepage.
- Enter required details:
- Choose the district where the land is located.
- Select the taluk (administrative division within the district).
- Select the village or locality.
- Search for the specific survey number:
- Enter the survey number of the land, which is a unique identifier for land parcels in Kerala.
- Input additional details if necessary, such as block number.
- View the fair value:
- Submit the details to view the fair value of the land, which is the government-set benchmark price for land in that area.
- Consult local sub-registrar office:
- For more precise and updated information, visit the local sub-registrar office where land transactions are recorded.
- Check market rates:
- Speak with local real estate agents or check recent sales data in the area to understand the market value, which may be higher than the fair value.
By following these steps, you can obtain both the government-assessed fair value and an estimate of the market value for any land in Kerala.
