Housing demand slowly picks up along Metro route

Kochi: Metro’s arrival has slowly started redefining rentals in Kochi and its suburbs. As people take an interest in residing near Metro stations, those keeping a watch on real estate say that there has been an increased

demand

for apartments and individual houses along the Metro route.

They added that areas between Palarivattom and Lisie are witnessing a sea change in

housing

. Councillor Gracy Joseph said there was a slow impact in housing. “Not everyone in the city owns a vehicle and there are parking issues in Kochi. Places like Kaloor offer easy access to JLN stadium, Kaloor and Lisie stations. Hence, this area has become a favourite destination for those looking out for residential buildings. When demand increases, the rent goes up,” she said.

Here building owners are converting small spaces into residential quarters, which they give on lease. There are others who give large houses or multiple flats on lease and run hostels for students, men and women. Separate facilities are being created to accommodate bachelors. “Metro has given a boost to business here,” said CJ Alex, a building owner in Kaloor.

While a 1BHK is available for Rs 6,000 a month in Kaloor, the tenant will often have to shell out Rs 1,000-Rs 2,000 month for parking space. This is apart from the monthly maintenance charges. “The trend of additional rent for parking spaces is one reason why people seek apartments or houses close to Metro stations,” added Alex.

Joseph said that hostel accommodation was earlier available in this region for Rs 4,500-Rs 5,000/person on a sharing basis. Real estate brokers say that that there is a general willingness to look out for houses at places like Pulinchodu, Companypady, Ambattukavu and Muttom.

“Rentals are less in the outskirts compared to places like Edappally, Palarivattom or Kaloor. Those who work in the heart of the city and have easy access to Metro stations prefer suburbs now,” said Jason George, a real estate broker from Pulinchodu.

However, there are people who nurse a different viewpoint. “It is the middle class that seeks a housing facility where there is easy access to public transportation system, including Kochi Metro. However, there is an increased demand for bachelor accommodation in the areas close to metro stations. Many owners feel that bachelor accommodations are more profitable,” said Apartment Owners Apex Association’s V K Sankarankutty.

Meanwhile, Johnson, a real estate broker near Padma Junction is of the view that Metro has not created any significant impact on rentals. “Those looking for a decent 3BHK family accommodation will hardly takes such factors into consideration. For them, it is always comfort and luxury that matters,” he said.