Kerala never ceases to amaze. Thanks to foreign remittance from the significant share of the NRI population and the tourism sector, the state has one of the largest economies in India. Real Estate is one of the few sectors which was not significant in contributing to its economy till the first half of the 2010 decade. However, things changed rapidly and have grown as one of India’s leading real estate hotspots. In the past few years, the colossal growth of Kerala’s business and IT sector has galvanized the sudden boom in real estate investments. Excellent Public infrastructure, outstanding conveyance facilities, and top commercial development have helped bring in investments with no qualms.
With an upward trend in the job opportunities in Kerala in many industries like IT, Education, Hospitality, Healthcare, and tourism, there is an increasing demand for urbanization and housing facilities. While the Government is investing in facilities like IT parks, Metro, Airports, public transport in major metropolitan cities like Kochi, Trivandrum, and Kozhikode; the top developers of Kerala are making sure they are building top-notch shopping malls, theme parks, commercial and residential buildings of global standards. These factors indeed helped the NRI Population, working professionals, and the affluent percentage of Keralites to invest in the Real Estate market to get a remarkable experience.
Let’s take a look at the latest trends that paved the way.
The quality of a real estate project has increased with the introduction of Technology aptitude. With digitalization, the projects are completed swiftly, allowing the builders to work on different projects simultaneously to meet the ever-growing demand. Both the construction industry and the lifestyle of people were transformed with the introduction of IoT (Internet of Things). ‘Smart’ has been incorporated into the lifestyle with the Automation of home appliances to provide the optimal user experience.
Green Home and Sustainable Consistency
With the introduction of new policies to promote sustainable living by curbing environmental hazards and climatic change, builders focus more on eco-friendly projects, from procuring raw materials to creating the right design. The young generation is conscious about these topics and understood their importance.
Greater importance on the security
While most properties offer security services like doorkeepers and front desk personnel, Homes and properties are becoming more innovative with technologies like smart locks and other security automation systems. CCTVs provide a sense of safety to their customers. The gated community offers swimming pools, play areas for children, gardens and health clubs, etc.
Interiors are planned to get sleeker and have a sophisticated look with the arrival and usage of modern technologies; investors and buyers want a sleek and stylish look as their interior design structure. Builders and interior designers are designing elegant, regal contemporary designs to attract the millennial.
Due to the ongoing unprecedented pandemic situation, the real estate demand in Kerala reduced by 15 to 25 percentage. According to the Real Estate Developers Association of India (Credai), there is a decline in NRI investments due to the Job crisis in the Middle Eastern countries. Earlier, 80 per cent of the flats bought by the NRI’s have now been reduced to just 50 per cent. However, Kerala is always known for its resilience showing signs of fast recovering from its effects. There is an upsurge in the number of inquiries received by top Real Estate developers from NRI’s of different parts of the world, hoping to close the final two quarters of the year on a high note.