KOCHI: Realtors are all charged up after the first round of talks between the state government and Tecom on Thursday and the announcement that the work of the Smart City will start in October. They have started advertising aggressively about the availability of land near the project. After the recession and a cheating case against Apple A Day properties causing huge loss to the real estate industry, business is picking up slowly with the announcement of the project. John Thomas, joint secretary, Confederation of Real Estate Developers Association of India-Kochi (Credai), said that real estate business is expected to pick up in and around Kakkanad only after the commencement of the work of the Smart City. “Though there will be overall development in Kochi, a boom can be expected in some pockets. These areas are those which will directly benefit from the Smart City project,” he said.The price rise will be gradual and a sudden increase is not expected. However, a major development is expected in the upper Kakkanad area. Mohammed Salim, managing director, Asset Homes, said that Smart City will help the real estate industry to move ahead quickly. The increase in price for Kochi is 12 per cent every year and it is likely to continue.There are several projects which are nearing completion around Kakkanad and there is not much investment needed to complete them. Even now we are depending mainly on NRIs for investment in real estate and the Smart City project will bring in more buyers for apartments and villas. “Land brokers seem to be back in action in Kochi. The land transactions in Thrikkakara village have already gone up. The land value in Edachira, the proposed area for Smart City, is around Rs 5 to Rs 7 lakh per cent while it is Rs 15 lakh in Kakkanad,” said P B Khader, a resident of Edachira.
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