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TOPIC: Proximity to IT parks raises the price of properti

Proximity to IT parks raises the price of properti 6 years 5 months ago #244

  • Glass41
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Some years ago multinationals began shifting their back-end offices to India. Outsourcing works demanded vast office spaces to accommodate their staff. The existing business houses in Indian metros including Kerala’s could not match up to their requirements.

This is when private builders made their entrance. They found a way out of the space crunch by creating cyber cities and technology parks on low-priced land on the outskirts of the cities and metros. Alone with the demand of working space was the increased demand for residential spaces. The innovative builders supplemented the workplaces with smart residential projects for their employees.

One residential project led to another and transformed the urban landscape in an almost unbelievable way. As the IT industry flourished, the barren patches of land turned into satellite towns around the city perimeters

Soon however the land so utilized was no longer low-priced. The proximity to the IT parks and the amenities provided in the Kochi flats and apartments caused their prices to go high. The number of multinational companies also increased with a corresponding increase in the employees.

So the demand for land and residential as well as commercial building continue to go up while the available land for further development continue to diminish. Usable land has become a rare commodity and hence the corresponding price hike of properties.

The current situation has made the realty industry a sellers and property owners market. Nevertheless, the prospective buyers need not despair for their investment will bring them huge returns in a short period.

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