In spite of the decreasing demand for flats and
Apartments Cochin City is likely to witness a proliferation of world-class townships, luxury villas and other costly infrastructures. Already in the high cost Marine Drive area a luxury flat is sold at more than 4500 rupees per square feet and the final cost for a single apartment runs up to more than one crore rupees when not considering the cost of building tax and other luxury amenities.
Even though the cost is always high, some people are not reluctant to go in for villas since it gives them a feeling of a personal home with adequate open spaces for relaxing. The demand for luxury villas is also likely to go up phenomenally in the future. The luxury apartments and villas are likely to witness more demand with the return of scores of expatriates that are used to life in such amenities in overseas destinations. This sector will grow when the major realtors are able to generate more funds and are able to find customers that have the purchasing power to buy out such high-cost luxury homes.
Consider the Kaloor, Kadavanthara and Thripunithura areas of Ernakulam. These areas are likely to witness more real estate developments mainly due to the rising cost of land in the urban areas. When considering the future developments, the leading builders are well aware of the problems that lie ahead. Already there is a severe shortage of skilled labor. This shortage is likely to go up further in the near future.
If high quality skilled labor is not available on time, then the building projects will not get completed within the deadline stipulated and agreed upon with the customers. The delay in completing a real estate project will cost the builder dear since in the hot real estate destination in Kerala, time is money. Even though there is a reverse migration of skilled construction labor from the Middle East, the outflow of labor from Kerala into other overseas destinations is continuing unabated. Thus, the key question being asked by the development experts is as to whether Kerala has enough electricians, masons, plumbers and other skilled construction workers to further accelerate the present real estate developments.
