The surge is empowered by new buyers, transparent markets, and commercial space demand reports Surfaces Reporter (SR)
The real estate sector in South India has experienced a significant boost due to the growing demand for commercial spaces in Tier-II cities, the emergence of a new class of home buyers, and greater transparency in the market. This combination has led to a surge in real estate development in the state. A recent home buyer on the condition of anonymity noted that the market is now open, with more quality players and transparent transactions, instilling confidence in buyers. The uncertainties posed by the pandemic have subsided, and the real estate business is bouncing back.
Kerala Real Estate Regulatory Authority (K-RERA) Chairman P.H. Kurien highlighted the consistent increase in the number of new projects registered with the regulator, particularly in Thiruvananthapuram and Kochi. The emergence of local buyers capable of investing in homes with bank loan support has possibly accelerated the pace of urbanization in the state. The latest data from K-RERA revealed a significant increase in the number of new projects registered in 2023, with a total of 211 projects registered, including a high number of registrations in the residential apartment segment.
|
Category
|
Details
|
|
Demand for Commercial Spaces in Tier-II Cities
|
There is a growing demand for commercial spaces in Tier-II cities like Kochi and Thiruvananthapuram.
|
|
Number of Completed Projects
|
A total of 191 projects were completed in 2023.
|
|
Residential Apartment Segment
|
The residential apartment segment saw the highest number of registrations in 2023, standing at 122.
|
|
Villa and Plot Registrations
|
Fifty-six villa projects and 21 plot registrations were recorded in 2023.
|
|
Residential-Cum-Commercial Space Projects
|
There were 12 residential-cum-commercial space projects registered in 2023.
|
|
Total Units Registered
|
Residential apartment units registered stood at 7,362. As many as 1,181 villas and 1,623 plots were also registered.
|
|
Build-Up Area Registered
|
A total of 15,14,746.37 sq.m. built-up area was registered during 2023. Of this, 17,103.61 sq.m. are commercial spaces.
|
The Kerala Real Estate Scene (Source : Kerala Real Estate Regulatory Authority (K-RERA))
The Confederation of Real Estate Developers’ Association of India (CREDAI) has observed increasing buoyancy in the market and has been instrumental in creating a policy framework conducive to the growth of the real estate sector. CREDAI Kerala chapter secretary, Edward George P. expressed optimism and a sense of positivity in the market, lauding K-RERA for instilling confidence. He emphasized the reliability of committed and quality players in the market, acknowledging the support for the commercial space sector in Tier II cities.
Puravankara, a real estate company, is focused on expanding its presence in South and West India, with projects lined up in Bengaluru, Chennai, Coimbatore, Kochi, and Pune. The company reported significant business growth and plans to continue pushing sales, with an 89% growth in the first nine months of the financial year. Additionally, Purva Land, the plotted development unit of the company, has launched a new wellness-themed development project in Guduvancheri, Chennai, as part of a larger 120-acre development called Purva Soukhyam.
The surge in real estate projects in South India is indicative of the region's growing potential and the positive outlook for the sector. This trend reflects the evolving dynamics of the real estate market, driven by changing consumer preferences and market conditions.