Kochi: Kerala real estate sector is recovering from Covid-19 pandemic induced crisis and is finding equilibrium even when construction material price hike pose challenge, suggest trends and data.
According to Kerala Real Estate Regulatory Authority (KRERA) chairman PH Kurian, the number of new construction projects registered in the first seven months of 2022 is more than 100. While the number of applicants stands above 150.
Among the regions, Kochi and Thiruvananthapuram are leading. Data suggests that Thrissur and Kozhikode are also showing positive trends.
Builders claim that both the business enquiries and registration of new construction projects are increasing when compared to last two years. Interestingly, the enquiries have doubled.
NRIs, retired individuals are the major parties. Favourable bank interest rates, the increase in the salaries of government staff are some of the reasons that are boosting the sector.
Confederation of Real Estate Developers’ Association of India-Kerala (CREDAI-Kerala) is of the opinion that with KRER has played a significant role in improving confidence of prospective customers. The regulatory body improved transparency and authenticity.
Meanwhile, many urge the government to reduce the registration fees in Kerala which is above the rates in some other state. This, in turn, will attract more people to sector, they claimed.