Waterfront Flats/Apartments in Greater Kochi Area - Review

The backwaters of Kerala are famous and the state is among the premium tourism locations in the country. The industrial capital of Kochi is a prime focus for real-estate developers and the area is blessed with several beautiful waterfront locations because of the confluence of three factors: the Arabian Sea, the back waters, and rivers. Below is a look at current waterfront flat and apartment projects in the area:

1. Heera Constructions:

Wind Faire (Vytilla, off NH47 byepass): A single block (G+19 floors) with five apartments in each floor (95 apartments total) on 1.61 acres of land. They are all 3BHK units with square footage between 2008sft and 2260sft. The apartments offer sweeping views of Chilavanoor Backwaters and takes after their previous project, Heera Waters. Amenities include club house, swimming pool with party area, gym, children's park, air-conditioned lobby, etc. 10/2012 Update: The Base Selling Price (BSP) is set at Rs 4150psft with car parking (Rs 3L) and other charges additional - that is quite a premium compared to the Rs 2200psft that their previous project was launched at, a few years ago.  10/2015 Update: The project is nearing completion and there is very limited availability. Current Status:  The project is delayed with construction progressing at a slow pace. Very Limited Availability. 


2. Purvankara:

Purva Oceana (Marine Drive): A large single block of 95 3BHK apartments with eight different plans facing the Arabian and Bolgatty Palace on 1.24 acres. Four of the larger plans (upwards of 3000sft) offer waterfront balconies. Square footage varies between 2536sft and 3417sft. Amenities include terrace pool, billiards, gym, steam and sauna, landscaped garden, jacuzzi, jogging path, etc. 2013 Update: Pricing starts at Rs 4000psft and goes up to a whopping Rs 8500psft for the ones on the higher floors with the best views. 10/2015 Update: Construction is in full-swing and there is limited availability. Price has gone up to a base selling price between Rs 6,495 psft and Rs 9,995 psft (all inclusive). Current Status: The project is complete. There is very limited availability.

Purva Grand Bay (Marine Drive): 265 three-bedroom units on 2.65 acres ranging in square footage between 1885 sft and 1933 sft located a little further up from their Oceana project. There are six blocks (B+G+14). 10/2015 Update: The base selling price is set at Rs 6,440 psft. Current Status: The project is complete. There is limited availability. 

Note: They have a huge new project in Marine Drive called Marina One coming up in a whopping 16.7 acres of prime waterfront land. It is a joint project with Sobha.

3. Dewa Group:

Dewa Pier20 (Marine Drive): Seven huge blocks with 605 apartments that cover a total built-up area of 1.5 million sft in Phase I. The blocks offer a large number of two, three, four, five BHK and duplex units that vary in square footage between 1200sft and 5150sft. Some of the first floor apartments have a private garden. The blocks are on the other side of the road and so cannot be considered a true waterfront property although the views are still very good. Amenities include family pool, 50M lap pool, kid's pool, wading pool, water walk, party area, decks, amphitheater, etc. Current Status: The project is delayed (frames of some towers are up). There is availability.   

4. Tata Realty: 

Tritvam (Marine Drive): Six towers on 8.44 acres of prime property located between the backwaters and Mangalavanam bird sanctuary (near Highcourt) at Marine Drive. Towers 3 & 4 are currently open for sale. The project is in its very early stages and is a maiden project of Tata Realty and Infrastructure Limited in the area. The towers offer 3 BHK units with square footage between 2268sft and 2185sft. The Base Selling Price is set at Rs 5850psft and applies to units that do not have Preferred Location Charges (PRC - for view). The pricing goes all the way up to Rs 9075psft for a unit that has a direct view of the backwaters. Floor Rice Charges also apply and that is set at Rs 50 per floor after second floor. 10/2015 Update: Tower 5 is currently in pre-launch. A sixth tower called iconic tower with duplex apartments was announced as well. Current Status: The project is almost complete and occupation certificate is obtained. Limited Availability.


5. Nest Infratech:

JKH Signature (Alwaye):  Ultra Luxury four and five BHK units on the Periyar riverfront from 2924sft to a whopping 10,000sft for a penthouse. Location is by the side of Perumbavoor bus-route, a popular spot with several other river-front projects. Ultra luxury features include centralized hybrid air-conditioning with room controls, infinity pool, video phone security, sky squash, roof top multigym, lawn tennis, etc. 10/2015 Update: Construction in full-swing - frame is up - limited availability. Current Status: The project is delayed. Limited Availability.

6. Asten Mather Company:

Nautica (Cheppanam, Panangad):  Sixty apartments on twin-18-floor towers in a prime waterfront two-acre location on Vembanad Lake at Panangad (near sailing club house). Square footage varies between 2500 and 4100 and prelaunch pricing (03/2013) is set at at Rs 5000psft. Amenities include leisure club, games room, pool table, half basketball court, muti-purpose gym, yoga area, steam and sauna, swimming pool, theatre, rooftop party area, etc.06/2013 Update: Asten Mather has a Periyar River Front project called Cocoon which features a distinct "villament" concept. The project is on 4.5 acres at Mudikkal (Alwaye-Perumbavoor route), 15 minutes drive from Alwaye. It is designed by nature lover and architect Mr. Sanjay Mohe - The design highlight of the property is the terraced design with each level unfolding beneath the other with sweeping views from the natural hillock on to the adjacent river. Pricing is at Rs 5500 psft.  10/2015 Update: The projects are delayed. Construction in full-swing on the Nautica project but the Cocoon project did not take off. Limited availability.  Current Status: Delayed - the 2nd tower in Nautica is still in pre-launch - pricing up to Rs 7Kpsft but they are taking only 5% upfront now.

7. Prime Meridian: 

Blue Waters (Panangad):  Blue Waters is a super-luxury project (Rs 8000 psft - very limited availability) nearing completion. 4/2014 Update: "The Dominion", an apartment project opposite Lakeshore Hospital on NH-byepass road is announced and is priced at Rs 5000 psft during the pre-launch period till May 10, 2014. After that, pricing is scheduled to increase to Rs 5500 psft. 10/2015 Update: The ultra luxury project got a huge boost recently when Sachin Tendulkur purchased one of the few independent homes in the project. "The Dominion" project is delayed and is still in pre-launch phase. Current Status: No further updates on "The Dominion" project and it is not even listed in their upcoming projects.

8. Trinity: 

Periyar Winds (off. Alwaye-Perumbavoor Road): 51 three-bedroom units (1555 sft and 1585 sft) on 53 cents of prime periyar waterfront land. 10/2015 Update: The project is in early launch phase. There is availability and pricing starts at Rs 58.5L. Current Status: Construction started with frames up till level-5. There is availability.

9. Anta Builders:

River Valley (Tripunitura): 62 three-and-two bedroom units on 74 cents of Kaniyampuzha River waterfront land. 10/2015 Update: The project is nearing completion and there is very limited availability.  Current Status: The project is complete - very limited availability.


Historical info on waterfront flat/apartment projects:

Below is some historical information (2012 thru 2015) on flat/apartment projects when we scouted in the 2012 timeframe. Updates over the years and the status as of 2015 are also included, if available:

1. Asset Homes Silver Swan & Silver Streak (Alwaye): Silver Swan is a single block (G+16 floors) of 73 apartments with two and three BHK units that vary in square footage between 1200sft and 2150sft and six different plans. The Base Selling Price (BSP) is set at Rs 3750psft with a floor rise charge (FRC) of Rs 20 per floor. It is a Periyar river-front property located off the NH47 Highway next to Uliyanoor Bridge. Amenities include raised swimming pool overlooking river Periyar, gym, children's play area, clubhouse facing river Periyar, river-side party zone, angling point, etc.Silver Streak is another Asset waterfront single block apartment in Alwaye. Pricing for both start in the Rs 45L range. Scheduled completion is set for March 2014 and April 2014 respectively. 05/2013 Update: Pricing for Silver Swan has increased from Rs 3750psft Base Selling Price (BSP) to Rs 4000psft to be effective May 15, 2013. Final Update - 2015: The projects are complete.
2. Sahara Grace (Chittethukara, Seaport-Airport Road): 944 two, three, and four BHK apartments and penthouses on 14.71 acres of land across 14 towers. The project is on the banks of Chitrapuzha river and the clubhouse has the best views. Square footage varies between 1200sft and 2500sft with the Base Selling Price (BSP) set at Rs 3000psft. The first two blocks (B1 and B2) are nearing completion while the recently launched A3 block is projected to complete by 2015. There is availability in all three launched towers. Amenities include swimming pool, health club with ayurvedic massage parlor, sauna, jacuzzi, gym), party lawn, billiards, snooker, table tennis, guest rooms, kids' play area, artificial lake, gazebo, jogging track, etc. Infrastructure facilities include piped cooking gas supply, helipad, substation, RO plant, CCTV, boom barrier, main gate and boundary wall security, etc. Final Update - 2015: Not much progress - the first two blocks are nearing completion - no ETA on when the project will complete.
3. Skyline Riverville (Alwaye): Around 60 three BHK units that vary in square footage between 1574sft and 2249sft. The project location is ~6KM from Alwaye by the Perumbavoor transport-bus route. The concept is similar to their completed project called Riverscape further up on the same route. The launch price is set at Rs 2990psft and Rs 3190psft for the smaller and larger units respectively - the larger units have better views of the Periyar river although all apartments have waterfront views from the balconies. Amenities include raised swimming pool with excellent views of the river, children's play area, landscaped garden, gym, and clubhouse. Final Update - 2015: The project is complete.
4. SFS Aqua Greens (Alwaye): Couple of large blocks with six different plans, some facing river Periyar. The location is on the Kalady road from NH47 at Desam Junction. Plans vary in square footage between 1209 sft and 1646 sft. Amenities include large swimming pool, clubhouse opening to the pool, gym, children's play area, garbage chute, incinerator, generator backup, etc. Final Update - 2015: The project is complete.
5. DLF Riverside (Vytilla): A large set of blocks on 5.12 acres on Chilavanoor riverfront with two, three, four BHK apartments along with larger duplexes (total units - 185). There are five different plans and the square footage varies between 2000sft for a 2BHK unit to 5600sft for a 4BHK Duplex unit. The Base Selling Price (BSP) is set at Rs 4750psft and there is Preferred Location Charge (PLC) for waterfront apartments at Rs 475psft for single apartments and Rs 575psft for duplexes. Amenities include clubhouse, swimming pool, landscaped garden, jogging track, party hall, yoga plaza, river decks, tennis court, boat jetty, and resting pavilions. Final Update - 2015: The project is complete but is in a regulatory cloud - Kerala government recently (June 2014) cancelled the environmental clearance for this previously approved project and in December 2014, the high court of Kerala ordered that the building be demolished.
6. Shwas Aqua City (Alwaye): A large waterfront city in the banks of river Periyar with around twelve different blocks and villas on 17 acres of riverfront property. It is located off Parur Kavala on NH47 after UC college. Amenities include clubhouse, gym, swimming pool, kid's pool, aquarium, riverside boat house restaurant, riverside walkways, boat club with pedal boats, jogging track, etc. Final Update - 2015: The project status is still listed as "nearing completion". The project is delayed several years and there are many customer complaints. 
7. Jewel River Woods (Alwaye): An apartment block on 60 cents of land (G+14) in the heart of Alwaye town (near private bus stand) located by the side of river Periyar with four units per floor. Square footage of the units vary between 1645sft and 1775sft. There are four plans of which two are water facing. The apartments are competitively priced at Rs 2900 to Rs 3100psft for town-facing apartments and Rs 3000psft to 3200psft for water-facing apartments, depending on floor. Amenities include gym, party area, children's play area, riverview point with park benches, generator backup, reticulated gas supply, RO plant, sewage treatment plant, etc. Final Update - 2015: The project is complete and sold-out.
8. Galaxy Winston (Kadavanthra): This is part of a twin project that also include Galaxy Kingston. The towers have 13 floors and face Chilavanoor river and is located at Chilavannoor road. There are two main plans with square footage at 1026sft for the 2BHK units and 1490sft for the 3BHK units. Amenities include gym, clubhouse, centralized gas supply, swimming pool, motor boat, mini auditorium, elevated river-view point, etc. Final Update - 2015: Both projects are complete.
9. National Puzhayoram (Alwaye): Sixty apartments in a single block just 100 meters from NH47 right after Maglapuzha bridge. They offer two basic plans with 1910sft for the 3BHK plan and 2490sft for the 4BHK plan. Pricing is set at Rs 3600psft with Rs 25 per floor Floor Rise Charges (FRC). Amenities include swimming pool, gym, party hall, children's play area reticulated gas connection, etc. Final Update - 2015: The project is ready-to-occupy. Extremely limited availability.
10. Chakolas Habitat Bayside (Thevara): Large 4BHK units (3690sft) in a single block on Thevara waterfront. Amenities include clubhouse, infinity pool, jacuzzi, sauna, steam room, landscaped waterfront garden, squash court, pool table, table tennis, and terrace garden. They also have a single-tower waterview project in Edakochi.  Final Update - 2015: The projects were originally set to complete in 2012 and are delayed significantly. Construction is almost complete. 
11. Holiday Group Baycastle (Marine Drive): A large single block with three and four BHK units on ten floors with first two floors of commercial space. The project offers four plans that vary in square footage between 1810sft and 2080sft. Amenities include swimming pool, kid's pool, jacuzzi, sauna, children's play area, clubhouse, gym, generator backup with apartment coverage at 2000 watts, etc. Final Update - 2015: The project is delayed slightly and is nearing completion.
12. Dream Flower CLAIRE (Thevara): Small 12-apartment tower on 14 cents of land on the Thevara waterfront, just 1.5KM from MG Road. The units have an area between 1085 and 1160 square feet and are priced in the Rs 50L to Rs 55L range (all inclusive but excludes registration). The project was launched on 09/2012 and has a completion target of 02/2014. Final Update - 2015: The project is complete.

 
Related Posts:

1. Waterfront Flats/Apartments in Greater Kochi Area - Review. 
2. Greater Kochi Villa Projects Review. 
3. Kakkanad Flat/Apartment Projects Review. 
4. Kakkanad Flats (Condos) - Shopping Experience. 
5. CREDAI Kochi Real Estate Property Expo 2010 - A Report.

Last Updated: 10/2016.

Kakkanad Flat/Apartment Projects Review

This is an expanded report of the availability of flats in the greater Kakkanad area. We did a post detailing our experience shopping for a flat in the mid-2010 time-frame. Since then, the pricing at many of the projects gone up significantly. Below are some of the ongoing projects from the major builders in the area:

1. Confident Builders:

Confident Leo III (near Wonderla). Located ~3KM from InfoPark the project has two-and-three bedroom units in a G+16 tower with 6 apartments per floor. The site is 98 cents and pricing is between 44L and 49L. Current Status: There is availability and construction is in progress.

2. Jain Housing: 

Jain Housing Tufnell Park (off Infopark Expressway):  1216 two and three BHK apartments in a land area of around 9 acres. The apartments are priced very competitively at Rs 1900pst. Amenities include clubhouse, gym, swimming pool, children's play area, badminton court, basketball post, cricket net practice area, amphitheater, etc. The project is moving very slowly although it had a completion date of mid-2012. July 2012 Update: construction activity has stopped since the April 2012, apparently due to labor issues. Current Status: Unknown although a few flats seem occupied although the project is by no means near completion. 

3. Hoysala:

Hoysala EVM Tower Alfa and Tower Beta: This project was announced in 2013 with a projected completion date of December 2015. It has 130 flats across two towers (G+13) on 1.2 acres of land. It is located off the Infopark road from civil station. The apartments vary in area from ~650 sft to ~1500 sft. Current Status: The project is delayed and construction is in progress. There is availability. 

Hoysala Domain: 124 apartments in a single tower (9 per floor, 2BHK, 2+Study, & 3BHK, G+14) on 77 cents of land very near their EVM project. Amenities include swimming pool and health club. Current Status: The project is delayed. There is availability. 

4. Trinity Builders: 

Trinity World (off Seaport-Airport road near Chittethukara): A four-tower township project on six acres just off Seaport Airport Road near the Infopark Expressway entrance. The main block features a central atrium which provides excellent cross-ventilation and plenty of natural light. Amenities include clubhouse, gym, swimming pool, party hall, business center, guest room, reticulated gas supply, generator backup, etc. The different towers offer apartments from 1BR to 3BR from ~1100 sft to ~1800 sft. Current Status: There is availability. The towers Jupiter (3BHK, Rs 65L+) & Mercury (2BHK, Rs 46L+), Neptune (3BHK, Rs 62L+) are "ready-to-occupy", and Venus (2&3 BHK, Rs 41L+) is ongoing.

5. SFS Homes: 

SFS Silicon Hills and Meadows (near CSEZ): The location is very near their completed Silicon Drive project. Apartments range in size from 764 sft to 2164 sft across two towers. Amenities include large swimming pool with adult/kid separation, state of the art fitness center, indoor games, multi-purpose hall, and rainwater harvesting. Current Status: The project is complete.

6. Purvankara:

Purva Eternity (Athani): A huge project on 5.21 acres with 6 blocks and apartments that vary in size between 1290 sft and 1750 sft. The units have a base selling price of Rs 4000 psft (69.22L onwards, all inclusive - there is also a special offer of up to 7 years assured rent). Amenities include  swimming pool, gym, garden, and club house. Current Status: Construction is complete and the apartments are ready-to-occupy. There is limited availability. 


7. Olive Builders:

Olive Kalista (next to Infopark off Edachira Road): Around 740 apartments in a township spanning 8.54 acres across five towers (Arista, Astra, Aleta, Alisha, and Anna) with two and three BHK units along with eleven villas. The units range in square footage between 1339sft and 1799sft. The Base Selling Price (BSP) is set at Rs 3100psft. Common amenities include man-made lake with fountain, boat jetty and boats, lake side deck, swimming pool, children's pool, shuttle court, tennis court, skating ring, meditation hall, amphitheater, clubhouse with indoor shuttle court, etc. Current Status: Alisha is the newly launched tower. Others are either ready-to-occupy while or nearing completion. 

8. Infra Housing:



Infra Vantage (opp. CSEZ, off Seaport-Airport Road): Around 160 apartments in a single tower with two and three BHK units. Square footage varies between 1138sft and 1537sft across ten different plans. Amenities include swimming pool with kids wading pool, terrace party area with pantry, gym, clubhouse, shuttle court, children's play area, janitor's room, convenience store, etc. Current Status: The project is complete.

Note: Infra Housing has three other somewhat unique apartment projects in the area: a) Infra Aspire, a compact apartment project near VSNL office - the project is complete, b) The Verandah Gardens, a retirement homes project is delayed several years, and c) Nouvelle, a serviced apartment project which is in progress. 

9. Skyline Builders: 

Skyline Spectra (Mavelipuram): Just half-a-kilometer from Kakkanad bus-stand, the project is in a single tower (L-shaped with connecting walkway, G+18) with 87 apartments with square footage between 1125 and 1886 (two-and-three bed rooms). Initial pricing is set at Rs 4750 psft. Amenities include swimming pool (first floor), fitness center, multi-purpose hall, driver's room, childrens' play area, etc. Current Status: The project is in progress and there is availability. 

Note: There is still very limited availability in their huge Ivy League project (Brown Tower) in Edachira next to Smart City. 

10. Galaxy Homes: 

 Galaxy Techno Valley (Karimugal): Small one and two-bedroom apartments (352 sft to 591 sft) in a single four-storey tower. Play area, security cabin, and a common toilet are the main amenities. Current Status: Construction in progress and there is availability.

Galaxy Pine Court (off Wonderla Road near Athani Junction): Three towers (16 floors) with 270 two-and-three bedroom apartments (725 sft and 928 sft, ~23L and ~29L) on 136 cents of land. Amenities include swimming pool, health club, mini auditorium with indoor games, garden & play areas, rainwater harvesting, sewage treatment plant, etc. Current Status: Construction is on-going and there is limited availability.

Galaxy Cloud Space (Edachira): Single tower (16 floors) with 140 three-bedroom (~1100 sft each, ~44L) apartments. Amenities include swimming pool, health club, mini auditorium with indoor games, garden & play areas, rainwater harvesting, sewage treatment plant, etc. Current Status: Nearing Completion and there is very limited availability.  

11. Desai Homes: 

DD Diamond Valley: Three towers with two-and-three bedroom apartments with square footage between 1128 and 1544. Location is opposite the DD Green Woods project in Edachira. Current Status: Work in progress. 

DD Green Woods (Edachira): 102 two-and-three bedroom apartments with square footage between 951 square feet and 1473 square feet near Kalabhavan School. Childrens' play area, rainwater harvesting, sewage treatment plant, and centralized gas connection are the main amenities.
Final Update: The project is ready-to-occupy as of 2015 and even now there is availability. DD Misty Hills, a project launched almost a decade ago, also still has a few units available.

12. Manjooran Housing:

Rowan Park (Edachira): A 3-acre township project. Two towers (Springs and Scarlet - both 20 floors) scheduled to complete in March and December 2016 respectively as of last year are delayed by another year. Springs have 90 two-and-three bedroom apartments with pricing starting at Rs 50L. Scarlet has 132 one-and-two bedroom apartments starting at around Rs 20L. Location is near Marthoma School at Edachira. Current Status: Both projects are delayed - Springs is nearing completion and Scarlet is now projected to compete in December 2017.



13. Motif Builders:

Royale Courtyard: Single tower of two-and-three bedroom (between 1216 sft and 3068 sft) units around 4KM from Kakakand Civil Station towards Pukkattupady. Current Status: Work in progress and availability is limited. 



14. Green Vistas:

Prakrriti: Two and three bedroom apartments in two phases with square footage between 1073 and 1687 on 3.76 acres. 08/2012 Update: The pricing for Green Vistas Prakrriti (Edachira, 600 meters from Infopark) Phase I (Sep 2012 handover) and pre-launch pricing for Phase II (handover in 30 months) has both been adjusted to Rs 2800 psft. FRC is Rs 20 per floor and parking is Rs 2L. Previous Update (03/2012): Phase I (July 2012 handover) is nearing completion and they have a couple of good offers at the moment: a) All-inclusive furnished flats (kitchen cabinets and wardrobe) in Phase I (very limited availability) with an assured rentals clause (24 months) available for a special price - several conditions apply including payment of 50% of the quoted amount before March 31st - the pricing for a 1437sft Type D apartment is ~Rs 47.6L and comes with an assured rental of Rs 16K per month - that works out to an all inclusive price of Rs 3314 per square foot, and b) Phase II (EOY 2014 handover) can be booked at the pre-launch price of Rs 2600psft. Current Status: The project is nearing completion after many delays and there is still limited availability. Pricing is upwards of ~40L based on plan.

15. Kent Constructions:

Kent Mahal (off Infopark road to Puthencruz, 200M from Smart City): One to Three bedroom apartments between 650sft and 1350sft on 3 acres of land with six towers.  Current Status: The project is complete and ready-to-occupy and there is very limited availability. 

16. Noel Villas & Apartments:

 Noel Serenia (Athani): Three bedroom apartments with square footage of 1750 sft and 2050 sft on a single tower located opposite Fort Township off Athani Junction. Amenities include gym, half basketball court, badminton court, party hall & theater, guest room, generator backup, etc. Current Status: The project is complete. 

17. Dream Flower:

Zenobia (opposite CSEZ & behind Tonico Cafe): Fourteen premium flats (12 two-bedrooms and 2 three-bedrooms) in thirteen cents of land. Square footage varies between 905 and 1300 and pricing between Rs 35L and Rs 60L. Current Status: The project is nearing completion (December 2016 projection) and it is Sold Out. 

18. Nucleus Properties:

Heyday (Off seaport airport road on Thuthiyoor Road): 20 villas and 16 apartments on a 1.2 acre lot. The villas vary in square feet between 1198 and 2014 while the apartments are between 874 and 1293. Amenities include swimming pool, health club, club house with multipurpose hall, badminton court, etc. Current Status: The project is in progress and there is limited availability.

19. Prestige Group:

Hillside Gateway (on Infopark-Edachira Road opposite Kusumgiri Hospital): 602 apartments (various plans with 1BHK to 4BHK and square footage between 656 and 2499) and 27 villas (two plans at 3932 and 4012 sft respectively) on 13 acres across 6 towers. A world-class forum mall is to be co-located within the same acreage. Current Status: Project in early launch phase and pre-launch pricing is set at Rs 4000 psft.
  


Historical info on Kakkanad Flat Projects:

Below is some historical information (2012 thru 2015) on projects in the area that have completed/sold-out:

1. Confident Capella (off Infopark Expressway): Two Hundred and One, 1/2/3 BHK apartments along with 14 villas that are part of the Confident Corona villa project. The project has just been handed over (2012) to owners association and availability is very limited. Amenities include swimming pool, gym, billiards, table tennis, guest rooms, children's park, party hall, and steam and sauna room. Final Update - 2013: There is no availability and the handover process is complete.   
2. Hoysala D'zire (off Edachira Junction next opposite Kalabhavan school): 94 two and three BHK flats in a single block on around an acre of land. The project had a completion date of December 2012 but was delayed significantly. Square footage varies between 828sft and 1381sft with three different plans. Amenities include club house, swimming pool, gym, spa, basketball half court, and pool table. Oct 2015 Update: The project is nearing completion. 
3. SFS Silicon Park (opp. Technopolis, off Seaport-Airport Road): Two and Three BHK apartments across two main blocks (Silicon Court and Silicon Gate). The apartments have a square footage of between 1212sft and 2065sft with six different plans. Amenities include gym, party hall, swimming pool, children's play area, garbage chute, etc. The project is nearing completion and availability is very limited. Final Update - 2015: The project is complete and handed over.   
4. Purva Moonreach (on Seaport Airport Road near Civil Station): Three BHK units on two blocks with 360-degree views. The apartments have a square footage of around 1900sft. The project is nearing completion. Amenities include billiards room and table tennis room, gym, steam, sauna, jacuzzi, swimming pool with change rooms, club theater, outdoor children's play area, basketball post, etc. Final Update - 2015: Phase I of the project is completely sold-out. 
5. Noel Greenature (off Infopark Road from Civil Station): Around 100 "villa apartments" in two blocks with 14 floors. The apartments have a square footage between 1990sft and 2479sft. Each apartment has a private garden area with walkway and view which is a unique feature of the project. Pricing is Rs 3400psft - each apartment has an open garden area measuring around 250sft and that is priced at Rs 1000psft. Amenities include party hall and home theater, pool table, library, swimming pool, gym, kid's play area, shuttle court, two guest rooms, open air theatre, generator backup, reticulated gas connection, etc. The project is nearing completion and availability is very limited. They also have a newly launched project at Athani junction called Serenia. Final Update - 2014: The project is completely sold out and handed over. 
6. Good Earth Home's Elements. The project is off Edappally-Pukkattupady Road (on Pipeline Road) in Thrikkakara (not Kakkanad proper but borders it) and consists of 50 flats in a high-rise on a one-acre plot of land. Building foot-print is ~30% and the apartments have "the gardens in the sky" concept similar to the one pioneered by Noel at Greenature. Pricing starts at Rs 4000 per square foot - Rs67L for a 1690sft 3BR apartment. Amenities include club house swimming pool, gym, and sky court. Final Update - 2015: The project was completed in January 2015.
7. Chakolas Orange Park (on Wdonderla road from Civil Station): Studio, one and two BHK apartments across two blocks with square footage between 663sft and 1336sft. Amenities include children's play area, club house, pool, jacuzzi, provision store, indoor shuttle court, table tennis, coffee shop and restaurant, snooker room, gym, launderette, party room, etc. They also have another project called Chakolas Heights near Irumpanam bridge on Seaport-Airport road. The projects are nearing completion and are good value for money with pricing around Rs 2000psft. Final Update - 2015: The projects were originally set to complete in 2012 and is delayed significantly. Construction is almost complete.
8. Skyline Ivy League (Smart City): Around 470 two and three BHK flats on 6.5 acres of land across six towers. There is a large selection of plans across the towers. All towers are launched and the first four are in the process of being handed over. There is very limited availability in those towers while there is still availability in the last two towers (Princeton and Cornell, scheduled handover date 12/2013). The Base Selling Price (BSP) is Rs 3100psft. Amenities include swimming pool and lawn-swimming pool with kiddie's pool, club house-fitness center, games room, children's room, guest room, party hall, home theater, large landscaped areas with children's play area and equipments, etc. Skyline also has a project near Bharata Mata College off Seaport-Airport Road called Corona that is getting ready to launch. 06/2013 Update: A new tower Brown was announced this month with a pre-release pricing of Rs 3750psft, Rs 3L for car park, and Rs 10 FRC from 4th floor. It is very early and the builder is still unsure whether they will get permit for a G+20 as opposed to G+9 approved currently. Final Update - 2015: The project is read-to-move-in for the most part. Limited availability.
9. MIR Green Metropolis - Jade Heights Tower II (Opp. Sunrise Hospital, off Seaport-Airport Road): A 32-storeyed tower that is part of MIR Green Metropolis township which has the distinction of being the tallest twin tower in South India. It has 3 BHK apartments with a square footage of ~1820sft with five different plans. The township is part of a 400-units plus 25-villas township project that also includes the completed Emerald Park tower, Jade Heights Tower I, and the Verdant Yard villa project. Amenities include health club, jogging track, swimming pool, yoga center, waiting room, library, guest suite, reticulated gas system, conference hall, reading room, amphitheater, open air party area, kids play area, etc. 05/2013 Update: Pricing has gone up in the last year from Rs 2700-3160psft to Rs 3100-3560psft depending on floor (FRC - Rs 10 per floor) and plan (1850sft plan is priced Rs 150 higher compared to the 1820 sft plan - PLC). Final Update - 2015: Jade Heights Tower 1, Emerald Park Tower, and the Verdant Yard villas are completely sold-out. There is availability in Jade Heights Tower 2 - construction of the tower is still at a very early phase (frames only partly up).
10. Galaxy Greens (near Rajagiri Valley): Around hundred three BHK units in a single tower 100m from Infopark Expressway on the road to Rajagiri Valley. Square footage varies between 1242sft and 1563sft across six different plans. The project is nearing completion. Amenities include swimming pool, health club, children's' play area, mini auditorium, 24-hour security, generator backup for common facilities, etc. Galaxy also has a project call Galaxy Domain near HMT junction. It has similar amenities and 3BHK apartments with square footage between 968sft and 1338sft. Final Update - 2015: The projects are complete and handed over.      
11. Jewel Richmond (Rajagiri Valley): Small one, two, and three BHK flats on two single towers (Jewel Crest View and Jewel Ridge View). The Crest View project is slated for completion in September 2012 and Richmond project in June 2012. The Crest View project has seven plans with square footage between 630sft and 1575sft. The Ridge View project has five plans with square footage between 560sft and 1305sft. Amenities are minimal. The downside is the proximity to Brahmapuram waste treatment facility. Final Update - 2015: The projects are ready-to-occupy and there is limited availability.
12. Heera Cyber View (on Edachira Road, near Infopark): 131 flats in a single tower (B+G+15 floors) with square footage between 1345sft and 2090sft (two and three BHK units). There are nine different plans offered. The project is nearing completion. Amenities include fitness center, children's park, passenger lift, backup generator (common facilities only), cooking gas reticulation system, round-the-clock security, etc.Final Update - 2015: The project is almost complete and there is very limited availability.
13. DLF New Town Heights (Civil Station, opposite MLA Road on Seaport-Airport Road): Around 1800 two-and-three BHK flats on 26 acres of land across 20 towers. Square Footage varies between 1100sft and 1750sft with the Base Selling Price (BSP) set at Rs 3500psft. Phase II towers (U and V) are set to launch shortly. Handing over for Phase I towers is scheduled to commence by mid-2013. Amenities include swimming pool, kids' pool, badminton court, yoga plaza, gym, party hall, cafeteria, table tennis room, salon, video game parlor, cards room, billiard room, squash court, creche, guest suites, banquet hall, convention center, jogging track, etc. Infrastructure facilities include three-tiered security with video surveillance, RO Plant, solid waste treatment plant, underground drainage and cables, etc.05/2013 Update: Pricing was increased several times in the last year: Rs 3750 psft in July 2012, Rs 4000 psft November 2012, and Rs 4250 in January 2013. Car Parking rate was also increased from Rs 2.5L to Rs 3L. 09/2013 Update: 16 units remain unsold among the launched towers and their Signature Tower launch was postponed to Phase II (2014 or so). The project has slipped by another year and handover for launched towers are now scheduled for a phased delivery between October and December 2014. Also, they issued a surprise payment request for between Rs 1.25L and Rs 2.5L (depending on square footage) for taxes paid by them to vendors and such - apparently, in the owner's agreement there is a clause (19.1) that mentions this although the payment schedule had no mention of it. There is some activity within the newly organized DLF NTH owners association to protest the move. Final Update - 2015: The first phase of the project is almost complete and the final demand notices to the first batch of buyers is sent. Minimal availability.
14. Sahara Grace (Chittethukara, opposite Infopark Expressway on Seaport-Airport Road): 944 two-four BHK flats and penthouses on 14.71 acres of land across 14 towers. Square footage varies between 1200sft and 2500sft with the Base Selling Price (BSP) set at Rs 3000psft. The first two blocks (B1 and B2) are nearing completion while the recently launched A3 block is projected to complete by 2015. There is availability in all three launched towers. Amenities include swimming pool, health club with ayurvedic massage parlor, sauna, jacuzzi, gym), party lawn, billiards, snooker, table tennis, guest rooms, kids' play area, artificial lake, gazebo, jogging track, etc. Infrastructure facilities include piped cooking gas supply, helipad, substation, RO plant, CCTV, boom barrier, main gate and boundary wall security, etc. Final Update - 2015: Not much progress - the first two blocks are nearing completion - no ETA on when the project will complete.
15. Mather Highlands (Rajagiri Valley): 248 executive apartments(two and three BHK) in six towers (G+8 to G+14 floors) on 2.78 acres of land adjacent to Chithrapuzha river.  Square footage varies between 1233sft and 1619sft across four different plans. Pricing is set at Rs 2500psft to Rs 2800psft depending on the floor. Car parking is Rs 2L and statutory charges are collected at 12.5%. Amenities include clubhouse, gym, recreation area, swimming pool, shops, tennis court, indoor party area, and landscaped terrace. The project is located in a crowded section of the valley next to a number of flats from Jewel Builders with the Mather's own completed villa project "Leisureville" in the middle. It is a very good location for IT workers and executives. There is however one downside that may be a showstopper for many - Brahmapuram waste treatment facility is on the other side of the river and the whole area stinks badly, especially some nights. Their Esperanza project nearing completion on Seaport-Airport road is a good choice if you are looking for Studio Apartments. Final Update - 2015: Both projects are almost complete and three is extremely limited availability in both.
16. Desai Homes - DD Misty Hills (on Veegaland road from Civil Station): 350 apartments and 19 villas in a 5-acre compound on two main blocks featuring two and three BHK apartments. Square footage varies between 982sft and 1292sft. The project has a completion date of December 2012. The apartments are very competitively priced with a Base Selling Price (BSP) starting at Rs 1900psft. Availability in Tower 2 is limited although there is plenty of availability in Tower 1. Final Update - 2015: The project is read-to-occupy and there are few units available. DD Golden Gate, a similar large project also has a few units available. 
17. Flair Alliance - Trine Phase I (off Veegaland road from Civil Station): An eclectic collection of two and three BHK units along with large penthouses across three main blocks. The units vary in square footage between 1152sft and 2554sft. Amenities include swimming pool, kids pool, gym, jacuzzi, sauna, card room, tuition room, table tennis, billiards, snooker, visitors lobby, kids play area, society room, on call maintenance, reticulated gas system, conference room, library, reading room, roof top party area, club house, generator backup, garbage chute, shuttle court, basketball post, etc. Flair Alliance has two other projects in the Kakkanad area - Atrium and Corbel. They also have two new projects on the same lot - Phase II and Phase III which are yet to be launched - previously Blueberry and Sofitel. Final Update - 2015: Trine Phase I project is delayed - frame is partly up and there is availability. Their Atrium and Corbel projects are both complete. 
18. Rajagiri Campus Court (Infopark Expressway, next to South Indian Bank):  It is a township project consisting of two residential towers, one hotel, a mall and multiplex Cinemas. The plan calls for the ~360 apartment (two towers, 25 floors, 3BHK-1760sft, 2BHK-1570sft, few duplexes and penthouses) residential portion to complete in 36 months. The project is a collaboration between Asten Realtors, a unit of Mather builders and the Rajagiri group of institutions. Amenities include swimming pool, club house, health club, children's play area, home theatre, rooftop party area, drivers' rest room, common toilets, high speed elevators, pool tables, spa with jacuzzi/sauna, massage tables and steam bath, indoor games room, video games arcade, 24 hour security with CCTV, generator backup, centralized gas supply, modern fire protection systems, etc. 07/2012 Update: during the pre-launch phase, pricing was at Rs 3000psft and was expected to go to Rs 3250psft shortly. 06/2013 Update: Pricing of Campus Court is now set at Rs 3600psft which translates to around Rs 75L for a 3BR (1760sft) apartment and Rs 68L for a 2BR+Study (1572sft) apartment. 01/2014 Update: Campus Court saw a further price increase around September last year to Rs 3800 psft and they have announced a further increase to Rs 4000 psft effective January 25, 2014. The project is making progress and the three-year time-frame (mid-2015 delivery) for the two apartment blocks looks still on track. Final Update - 2015: The project is delayed although the frames for the two towers are both up.

 
Related Posts:

1. Waterfront Flats/Apartments in Greater Kochi Area - Review. 
2. Greater Kochi Villa Projects Review. 
3. Kakkanad Flat/Apartment Projects Review. 
4. Kakkanad Flats (Condos) - Shopping Experience. 
5. CREDAI Kochi Real Estate Property Expo 2010 - A Report.

Last Updated: 10/2016.

Kakkanad Flats (Condos) – Shopping Experience

Flats (aka Condos) looming tall from various corners are a recent phenomenon in Kerala. Fourteen years ago, flats were few and far between and the demand in sync was quite dull – the asking price for a two-bedroom condo in an up-and-coming neighborhood in Kakkanad bordering Thrikkakkara was around Rs 5L. Since then, the market changed significantly and the demand peaked around late 2007 with builders boldly selecting buyers based on their resident status (e.g. NRI – Non-Resident Indian), high net worth individual, etc. The mindset of the people also changed with flats becoming the preferred choice for some instead of an independent villa (aka single family home). The sizable NRI population of Kerala helped accelerate the trend, with their buying completely into the "better security" concept promoted by marketers.

Historically, flats went for less than half that of what independent villas commanded with comparable square footage and a smallish yard. In the 2007 market-peak, when price hikes were a daily occurrence, there were instances where a flat’s cost easily exceeded that of a comparable villa in the same neighborhood. It was normal to see standard two-bedroom flats in Kakkanad going for Rs 50L. The market cooled soon after, although pricing managed to remain flat over the next four years.The last few years have again seen price hikes, although not anywhere close to the appreciation seen during the boom-times, almost a decade ago.

The impression we got in early 2010 from interactions with agents was that while there were many options available, there was a certain level of desperation in getting the properties to move – the builders were feeling the pressure of overbuilding in the previous years:

1. Many major development initiatives in the area were delayed well past the projected dates, and
2. It was still unclear whether some of the high profile projects such as Smart City and Hi-Tech City (Maradu - about 12 km away) will ever become a reality.

We started scoping for Kakkanad flats in early July 2010 via online solicitation. Our focus was on large projects by reputed builders in an effort to protect ourselves (our experience dealing with Heera, a 2nd tier builder left a lot to be desired and so we distanced ourselves from builders in that vein). Below are the Kakkanad projects we looked at in earnest:

1. Skyline Ivy League: A huge project on six acres – around 700 condos in six towers. Pricing was Rs 2590 (~$55) per square feet.  The quoted delivery date was 2011 August. Plans – 1BR 1050 sft, 3BR 1600 sqft, and 4BR 1800 sqft. Availability was limited with the 4BR completely sold out. There was availability on the 3BR condos and very limited availability for the 2BRs.
2. DLF New Town Heights: The biggest residential project in the area on 26 acres – 1774 flats in 20 residential towers. Pricing was Rs 2800 (~$60) per sqft. The quoted delivery date was 2012 December. Plans – 2BR 1100 sqft, 2BR+Study – 1250 sqft, 3BR – 1600 sqft, 3BR+Utility – 1750 sqft. Availability was not a problem but units were being released in phases which meant some plans were not available.
3. Sahara Grace: Another huge project on 14.72 acres – 728 units in 14 towers. Pricing was Rs 3000 ($66) per sqft. Project delivery date was phased on tower basis with the earliest delivery quoted as late 2011. Plans – 2BR 1183 sqft through 3BR 1788 sqft (eight different plans with some sporting a large private patio space). As with DLF, units were available although the problem of having to wait for the builder to release the plan & location you were seeking was a given.

We also ran into a casualty of the slow down during our research phase: Nitesh Wimbledon Gardens epitomized the growth in Kakkanad flats with their announcement of a huge project in the 2005-06 timeframe. On contacting them through the online inquiry form, the automated reply stated that the project was deferred.

To educate ourselves ourselves, we did briefly stop by builders such as Olive (best location right in front of Infopark but quality well below par) and also attended the CREDAI real-estate event that we blogged about previously. Our take away was that it was very much a buyer’s market with choices aplenty.

It is useful to be aware of the special charges and taxes you are required to pay, when purchasing a flat. Below is a look at the different charges in addition to the Base Selling Price (BSP) one might encounter, for a representative property on the 15th floor facing the pool area with an explanation of each such charge:



Payment schedule varies by builder. It is normal to have a sliding scale with payments of 10-15% due based on construction progress deadlines. Financing the home is fairly easy if you hold a job, although interest rates are upwards of 8.5%. Repayment period is normally between 5 and 15 years and up to 85% of the value of the home can be financed easily. Tax benefit comprises of a deduction of between Rs 30K and Rs 1.5L from income based on some conditions – both principal and interest may be deducted. Fixed and Variable Interest Rate Loans are both available and sometimes teaser rates followed by a higher fixed rate are also offered.

Current Status and Recommendation:

The Skyline Ivy League project location is very good as it is near both Smart City and Infopark. The layout is impressive with "attention to detail" shining through as a differentiating factor. The project is now completely de-risked from the buyer's point-of-view - construction status is "ready to move in" and the nearby Smart City Project is finally coming to fruition with the flagship building already commissioned.

The DLF New Town Heights (NTH) project is the biggest by far. Location is convenient, right on Seaport-Airport road, the hub of recent developments in the area, and near Civil Station – long-term, this may turn out to be a disadvantage as the road will get extremely congested once the construction in the area gets done. The current status is that handover is complete for around half of the apartments in Phase I (~1200 total in Phase I). Availability is very limited at this point, but here again, the risk is now fairly limited for new owners.   

Sahara Grace has the best location, away from the bustle of Civil Station Junction overlooking the Chitrapuzha River on Seaport-Airport road. Unfortunately, construction is still moving at a very slow pace and it is unclear when this project will complete. The potential downsides with this project when we researched in 2010 were:

1. Only 143 of the 728 units were sold and that implied they were finding it hard to get people to sign up,
2. Despite having been the builder for high profile projects such as Aambi Valley, it was quite a task locating finished residential projects. Again, this implied their reputation as a residential builder is yet to be established,
3. The overall finished look of their model home was well below par when compared with the Skyline Ivy League, and 
4. The project appeared to be moving at a very slow pace.

Given the outstanding location, our first choice would have been Sahara Grace, but the issues above made it tough to go with that. Of the other two choices, it was really a tossup. We went with DLF New Town Heights mainly for its location. The decision was also made easier by the fact that the type of apartment we desired was only available at DLF at the time.

Our Experience:

In hindsight, we see how naive we were to go with the purchase of an apartment at DLF New Town Heights, Kakkanad. The marketing folks sounded so convincing and we did not even consider the possibility that the project will be delayed past 2013. In reality, handover started in 2016, a 3-year delay. DLF also managed to increase our costs significantly, although a firm contract was signed in 2010 - extra taxes and such were introduced by taking advantage of loopholes (and such) in the agreement. Even with this delay and extra money spent, comparatively speaking, we were lucky: there are several projects in the Kakkanad area with even greater delays. Sahara Grace is one but there are numerous others as well.

Overall, the regulatory environment in Kerala is such that buying an apartment before it is ready-to-occupy is a risky strategy. Delays are a given and loss of investment due to project abandonment and other issues are not uncommon either.

Below is some history of project updates and other status changes on the three projects since our purchase in 2010:

2011:

DLF New Town Heights: The project saw several pricing adjustments – the proposed launch price was as high as Rs 3500 per square feet but the market conditions forced them to have a soft launch with pricing at Rs 2350 in 2008. The pricing was adjusted up to Rs 2500 in mid-2009, to Rs 2800 in early 2010, to Rs 3200 at the start of 2011, and to Rs 3500 in September 2011. They also announced release of the Signature Tower with several exclusive features (Full Air-Conditioning, Exclusive Pool, Modular Kitchen, etc) priced at a whopping Rs 4800 psft. This initiative was later nixed and the monies collected for booking were returned. The first two towers (U and V) of Phase II of the project was announced in early December 2011 but the pricing was not announced - the towers were deemed to have 2BHK and 2BHK+S units with square footage at 1250 and 1356 respectively - here again, they quietly nixed the plan and it never moved past the announcement.

2012:

Skyline Ivy League:  The sixth tower Cornell was launched at Skyline IVY League with a scheduled handing over date of 2013 December. The handing over dates of the first four towers (Yale, Sylvania, Harvard, and Columbia) slipped to 2012. Pricing increased by 20% to a Base Selling Price (BSP) rate of Rs 3100psft from Rs 2590 in mid-2010. There was very limited availability in the first four towers. For the last two (Princeton and Cornell), there was more availability, subject to phased launch schedule.

Sahara Grace: Sahara Grace delivery dates slipped substantially. The projected delivery date for the first two towers (B1 and B2) was indicated to be end of 2012 as opposed to 2011 that was indicated when we talked to them in mid-2010. They also launched a new tower (A3). Pricing did not change (Rs 3000psft and Rs 3300psft depending on whether it is water-body facing). The first two towers were nearing completion, but given the slippages, it was tough to feel confident about their new delivery dates. The project continues to move at a snails pace. Their recent marketing mailing indicated a price increase was forthcoming.


2013:

Skyline Ivy League:  A new tower Brown was announced with a pre-release pricing of Rs 3750psft, Rs 3L for car park, and Rs 10 FRC from 4th floor. It was very early and the builder was still unsure whether they will get permit for a G+20 (G+9 was the approval they had at the time).

DLF New Town Heights: The project slipped by more than a year and handover for launched towers were scheduled for a phased delivery between October and December 2014. Also, they issued a surprise payment request for between Rs 1.25L and Rs 2.5L (depending on square footage) for taxes paid by them to vendors and such - apparently, in the owner's agreement there is a clause (19.1) that mentioned this although the payment schedule had no mention of it. There was some activity within the newly organized DLF NTH owners association to protest the move. Overall, one saving grace was that the construction agreement included a provision for the builder to pay the client at a rate of Rs 5psft/month for every month of delay from the standard 30-month agreement - also, there was an optional supplementary agreement that allowed for this rate to be double (Rs 10psft/month). Overall, the project was making progress - the towers A through Q were launched and work was proceeding at a rapid pace. The availability was limited as 95% of the inventory in the launched towers were sold. The pricing increased to Rs 4250psft. The parking rate also increased from Rs 2.5L to Rs 3L and Club Charges from Rs 57000 to Rs 1.57L. DLF claimed this project as the most appreciated on-going project in the area.

2014: 

Skyline Ivy League:  The new tower Brown was released (G+20, 136 apartments, 2 & 3 bedrooms 1039 to 1695 square feet).

DLF New Town Heights: Over the last couple of years, the perception of DLF as a nationally reputed builder changed significantly for the worse. The underlying issue seemed to be that the business was highly leveraged and so had limited financial flexibility. Further, in South India, reputation suffered as a high profile river-front project in Kerala (DLF Riverside) fell into uncertainty (regulatory issues) and other projects also got delayed.


2015: 

DLF New Town Heights: DLF recently announced a new business plan whereby they will only sell apartments after completion of projects. Initially, this will be done with existing projects that are already launched. Overall, this could work out well for owners in existing projects as DLF may be able to realize better prices for new phases in existing properties.

2016:

DLF New Town Heights: Handover started earlier this year and around half of the ~1200 apartments launched are now handed over.  Occupation is still very low at less than 100. Also, the registration process is going at a snail's pace. The clubhouse facility is still a work-in-progress although if the current work-pace continues, it should be ready within the next three months. 

 
Related Posts:

1. Waterfront Flats/Apartments in Greater Kochi Area - Review. 
2. Greater Kochi Villa Projects Review. 
3. Kakkanad Flat/Apartment Projects Review. 
4. Kakkanad Flats (Condos) - Shopping Experience. 
5. CREDAI Kochi Real Estate Property Expo 2010 - A Report.

Last Updated: 10/2016.

CREDAI Kochi Real Estate Property Expo 2010 - A Report

CREDAI (Confederation of Real Estate Developers Association of India) is an association with over 5000 builders as members and over twenty member associations. The primary purpose of the organization is driving government policy to the benefit of the builders and customers. A secondary objective is ensuring transparency and better practices among builders. A major benefit of having such a body is that policy makers solicit their input before making key decisions that affect the industry. CREDAI, to its credit, has had some limited success in shaping construction related government policy. Below is a summary:

1. Service Tax: This tax is levied when purchasing or leasing certain types of property – Residential, Commercial, and Commercial Rentals. CREDAI historically has had some limited success with suspending these taxes but the latest budget (July 1, 2010) has reiterated these taxes at 10.3%, with the relief that the taxes are applicable to 25% of the gross value instead of the previous 33%. For special charges such as the PLC (Preferred Location Charge) and the FRC (Floor Rise Charge) the applicable value is at 100%
2. Affordable Housing: CREDAI has a proposal with the government to establish Special Residential Zones as a solution to India’s affordable housing crisis. The proposal aims, among other things, at eliminating the roughly twenty-five percent estimated tax component on the unit price of properties and leveraging economies of scale while mandating smaller units (500 sq ft average) to keep costs low so that it becomes affordable en masse.
3. Environmental Impact Assessment: An amendment to the notification to enforce compliance (2006) was proposed by the Ministry in 2009. The most important issue is requiring environmental clearance from the concerned authority (central government or state government depending on project) whenever a change in the process or product mix occurs.
4. Regulation: CREDAI is involved in affecting policy in the Real Estate Regulation Bill. Their lobbying amounts to making certain that policy makers avoid an additional layer of bureaucracy when setting up this new regulatory body. CREDAI’s suggestion is to have a functional seamless unit (single window for all required clearances) in place with representation from CREDAI.
5. Others: CREDAI is also actively involved in policy issues such as Stamp Duty Rationalization, Urban Land Ceilings, Introducing Real Estate Investment Trusts (REIT) for better financial management of property developers, and promoting foreign ownership.

CREDAI organizes several Property Expos throughout the year in various cities in India and Dubai. Around forty or so prominent builders and financial institutions touted their wares at the Marine Drive Ernakulam Venue from August 6th through 8th, 2010. A selection from the projects showcased this year along with the pricing information is listed below:

Builder	Project Name	Thumbnail	Completion Date	Rate	Total all-inclusive Cost Estimate	Description
Abad Group	Nucleus Mall and Office Arcade, Maradu		Ready to Occupy	Rs 9500 per sq ft – all inclusive	Rs 85L (~$185,000) for 900 sq ft minimum	Assured 8% return for first 9 years. 60-40 split on any difference based on the lease amount realized. Ground + 3 – retail shops, 4+ - office space. Retail already leased out to premium vendors such as Big Bazaar.
Alfa Ventures	Horizon, Vellarpadam		2011 December	Rs 6250 per sq ft + special charges + statutory charges	Rs 34L (~$75,000) for 450 sq ft minimum	Office Space from 450 sq ft to 2375 sq ft across from Vallarpadam International Container Terminal (Rs 1800 crore project) available in 3 towers. 450 sq ft slots is sold out per their website.
Asset Homes	iPulse Service Apartments, Kakkanad		Ready to Occupy	NA	Rs 28L (~$60,000) all-inclusive for 490 sq ft apartment	Prime Location next to Inforpark. Marketed as an Invest -Lease Opportunity – with Asset Homes handling the leasing for the first five years.
Chakolas	Orange Park, Kakkanad		December 2009	Rs 2000 per sq ft + special charges + statutory charges	Rs 15L (~$33,000) for a 592 sq ft studio unit	One of the more affordable projects near Infopark.
DLF	New Town Heights, Kakkanad		December 2012	Rs 2800 per sq ft + special charges + statutory charges	Rs 38L (~$82,000) for a 1097 sq ft 1-BHK unit	Huge project (1800 units) and a commercial tower (to be launched).
Infra Housing	Verandah Gardens, Kakkanad		September 2012	NA	Rs 29L (~$63,000) for an 853 sq ft unit	Fully Furnished and Managed Retirement Home Project in 3 acres. Residents must be 55 or over (in case of a couple atleast one should meet the 55 age limit). 132 units. Relatives can opt to rent a guest room. Details – Recreation Center with games and theater, landscaped garden with walk ways and sporting options. Kadamrayar River Frontage, Services Offered - Wellness Center, Food & Beverage, Guest Homes, and Housekeeping.
National Builders	Empress Garden, Vennala		Ready to Occupy	Rs 2900 per sq ft + special charges + statutory charges	Rs 53L (~$115,000) for 1495 sq ft 3BHK	170 apartments on 2.5 acres. Good location near Bypass. 3 BHK units ready to occupy. 2 BHK units by 12/2012.
Noel	Focus, Kakkanad		December 2010	Rs 6500 per sq ft + special charges + statutory charges	Rs 98L (~$215,000) for a 1295 sq ft unit	Only 6th floor open for sale. Commercial office complex – central a/c, 24x7 power supply, clubhouse, conference hall, cafeteria.
Purvankara	Eternity		December 2010	Rs 2290 per sq ft + special charges + statutory charges	Rs 33L (~$64,000) for a 1290 sft 2 BHK unit	Large Project – over 600 apartments on 5.21 acres. 20 floors in 6 blocks. 40-50% available for sale.
SFS Homes	Silicon Park		December 2010	Rs 3000 per sq ft + special charges + statutory charges	Rs 40L (~$87,000) for a 1212 sft 2 BHK unit	120 apartments – 2 towers - Around 70% sold out. Great location facing Technopolis.
Trinity	The Garden, Alwaye		NA	Rs 2500 per sq ft + 3.5L per cent + special charges + statutory charges	Rs 1.5c (~$325,000) for a 4 BHK 3800 sft Single Family Home on 10 cents of land	43 villas in 8 acres. One of the very few villa projects showcased. Swimming Pool. Periyar River is nearby but not a river-front property.

• On the average, statutory charges add up to around 11% of the Base Selling Price (BSP).
• Special Charges include items such as Preferred Location Charges (PLC - Rs 100 or so per sq ft, for a unit with a view), Floor Rise Charge (FRC – Rs 10-Rs25 per floor from the 2nd floor), Parking charges (1L-4L), etc.
• Completion Dates are only a projection and going by earlier projects, most will encounter significant delays. Some cancellations are also not out of the question. 

Interestingly, some of the larger builders such as Skyline, Mather, and Sahara were conspicuous by their absence in this year’s event. Apparently, there are restrictions in place which prevents participating builders from announcing new project launches, making price adjustments etc. for a month before and after a CREDAI scheduled event. Those builders who could not conform to one or more of the restrictions declined from having a presence at the event. On the other hand, there were builders who opted to delay their launches and/or price adjustments to accommodate the event – for example DLF postponed its announcement of the commercial portion of its huge 26-acre township project in Kakkanad (New Town Heights).

The big takeaway for us was that marketing commercial property along with condo-hotels is the current “in thing”. Some builders even offer “guaranteed return” schemes (see listing for Abad Group’s Nucleus Mall & Office, Maradu and Asset Homes iPulse service apartments above) whereby a certain percentage return independent of whether the builder is able to lease it out is assured. Obviously the financial strength of the builder is the risk with such schemes.

Pricing and availability of single-family homes was a surprise. The lowest quote we saw was for Rs 5000 per sq ft (>$120 per sq ft) which comes to well over Rs 70L ($150,000) for a 1500 square foot house. Further, only around a handful of such projects were showcased, mostly by newer builders.

For most projects, the pricing is slightly negotiable. So, it is best to raise the topic. When financing, some builders have agreements with banks whereby funding is arranged immediately as opposed to the time of possession. The scheme is packaged, marketed and offered as a discount scheme for buyers as a percentage discount on the Base Selling Price (BSP). The scheme sits well with the builder too as they get upfront payment with the minor inconvenience of having to provide a discount. Other interesting mortgage products are also starting to appear – ARHL (Adjustable Rate Home Loans also called ARM - Adjustable Rate Mortgage) loans tied to the I-Base rate (I-Base + 1.5-1.75%) from the third year with a first year rate of 8.25% was marketed by ICICI Bank.

07/2011 Update: The pricing for the projects in this article have gone up upwards of 10% in the last year. We checked prices on a couple of the projects: Chakolas Orange Park pricing has gone up from Rs 2000 to Rs 2300 psft. DLF pricing has gone up from Rs 2800 to Rs 3200 psft. Also, they announced a Signature Tower with base pricing at a whopping Rs 4800 psft.

10/2011 Update:  Olive Kalista (opposite Infopark Kakkanad) has five towers (G+20) and eleven villas. Pricing for the flats in the towers is set at Rs 3100 psft. Floor Rise Charge (FSR) is Rs 10 psft and parking is Rs 2L.

01/2012 Update: Dewa builders has a huge project in Marine Drive with 605 apartments across seven towers (24 floors each) on 6.5 acres.There are 2-3 BR apartments with square footage between 1200 and 2500 and larger penthouses. They have 45-degree to 180-degree ocean view. Pricing is considered reasonable for the area and starts at Rs 5500 psft.

02/2012 Update: Mather Highlands project in Rajagiri Valley very near Infopark has very limited availability at this point. The project is in 2.78 acres with 248 executive apartments across 6 towers right behind 'Leisureville', their completed villa project. Pricing is between Rs 2500 and Rs 2800 psft depending on the floor. Square footage varies between 1233 and 1619 sft. Given Mather's reputation, the pricing is very competitive. The one downside we noticed is that the area looks extremely crowded with all the high-rises concentrated in a relatively small space and it is all located right on the other side of the river from Brahmapuram waste processing unit (stink from that averages a couple of days a week and reach 1-3KM radius depending on wind and other factors).

07/2012 Update: Handing over at Desai Homes Golden Gate is well in progress. Location near Vennala (MLA Road opposite DLF Kakkanad) - 551sft to 1250sft - pricing is between Rs 2100 and Rs 2250 depending on the tower. 496 flats across seven towers, each 15 floors - amenities include swimming pool, kids pool, 400-person theater, TT tables on all towers, gym, sauna, etc. Ideal for small families looking for value - a 1150 square foot 3 BHK apartment was quoted at a grand total of Rs 32L excluding stamp duty and registration charges - 1 BHK in tower 1 can be had for around Rs 15L. The total land area is 3.3 acres which is on the lower side for almost 500 apartments.

 
Related Posts:

1. Waterfront Flats/Apartments in Greater Kochi Area - Review. 
2. Greater Kochi Villa Projects Review.
3. Kakkanad Flat/Apartment Projects Review. 
4. Kakkanad Flats (Condos) - Shopping Experience. 
5. CREDAI Kochi Real Estate Property Expo 2010 - A Report (this post).

Final Update: 07/2012.