Kochi Report - ICICI Home Finance

KOChi 

THE LAKE 

OF THE 

lAGOOn 

The inviting and magical world of Kochi boasts of hundreds of islands, 

some even uninhabited, and is part of the soothing and serene 

backwaters of Kerala. One says the city’s modern name is derived 

from the Malayalam words, Koch Azhi, meaning ‘small lagoon’. The 

city is a perfect retreat for tourists with its unique houseboats providing 

a spectacular view of the picturesque backwaters. Truly, a 

paradise found.

The City Fact File AdministratIve Framework Aims and Objectives of GCDA 

Kochi was the centre of Indian spice trade for many centuries, 

and was known to the Yavanas (Greeks) as well as Romans, 

Jews, Arabs, and Chinese since ancient times. Kochi rose to significance 

as a trading centre after the port at Kodungallur (Cranganore) 

was destroyed by massive flooding of the river Periyar 

in 1341. The earliest documented references to Kochi occur in 

books written by Chinese voyager Ma Huan during his visit to 

Kochi in the 15th century as part of Admiral Zheng He’s treasure 

fleet. There are also references to Kochi in accounts written by 

Italian traveller Niccolò Da Conti, who visited Kochi in 1440. 

According to many historians, the kingdom of Kochi came into 

existence in 1102, after the fall of the Kulasekhara empire.The 

King of Kochi had authority over the region encompassing the 

present city of Kochi and adjoining areas. The reign was hereditary, 

and the family that ruled over Kochi was known as the 

Kochi Royal Family (Perumpadappu Swaroopam in the local vernacular). 

The mainland Kochi remained the capital of the princely 

state since the 18th century. However, during much of this time, 

the kingdom was under foreign rule, and the king often only had 

titular privileges. 

Fort Kochi in Kochi was the first European colonial settlement in 

India. From 1503 to 1663, Fort Kochi was ruled by Portugal. This 

Portuguese period was a harrowing time for the Jews living in 

the region, as inquisition was active in Portuguese India. Kochi 

hosted the grave of Vasco da Gama, the first European explorer 

to set sail for India, who was buried at St. Francis Church until 

his remains were returned to Portugal in 1539. The Portuguese 

rule was followed by that of the Dutch, who had allied with the 

Zamorins to conquer Kochi. By 1773, the Mysore King Hyder Ali 

extended his conquest in the Malabar region to Kochi forcing it to 

become a tributary of Mysore. The hereditary Prime Ministership 

of Kochi held by the Paliath Achans ended during this period. 

Meanwhile, the Dutch, fearing an outbreak of war on the United 

Provinces signed the Anglo-Dutch Treaty of 1814 with the United 

Kingdom, under which Kochi was ceded to the United Kingdom 

in exchange for the island of Bangka. However, there are evidences 

of English habitation in the region even before the sign- 

ing of the treaty. In 1866, Fort Kochi became a municipality, and 

its first Municipal Council election was conducted in 1883. The 

Maharaja of Kochi, who ruled under the British, in 1896, initiated 

local administration by forming town councils in Mattancherry 

and Ernakulam. In 1925, Kochi legislative assembly was constituted 

due to public pressure on the state. 

Towards the early 20th century, trade at the port had increased 

substantially, and the need to develop the port was greatly felt. 

Harbour engineer Robert Bristow was brought to Kochi in 1920 

under the direction of Lord Willingdon, then the Governor of Madras. 

In a span of 21 years, he transformed Kochi as one of the 

safest harbours in the peninsula, where ships berthed alongside 

the newly reclaimed inner harbour equipped with a long array of 

steam cranes. 

In 1947, when India gained independence from the British colonial 

rule, Kochi was the first princely state to join the Indian 

Union willingly. In 1949, Travancore-Kochi state came into being 

with the merger of Kochi and Travancore. The King of Travancore 

was the Rajpramukh of the Travancore-Kochi Union from 

1949 to 1956. Travancore-Kochi, was in turn merged with the 

Malabar district of the Madras State. Finally, the Government 

of India’s States Reorganisation Act (1956) inaugurated a new 

state-Kerala, incorporating Travancore-Kochi (excluding the four 

southern Taluks which were merged with Tamil Nadu), Malabar 

District, and the taluk of Kasargod, South Kanara. On July 

09, 1960, the Mattancherry council passed a resolution,which 

was forwarded to the government, requesting the formation of 

a municipal corporation by combining the existing municipalities 

of Fort Kochi, Mattancherry, and Ernakulam. The government appointed 

a commission to study the feasibility of the suggested 

merger. Based on its report, the Kerala Legislative Assembly approved 

the corporation’s formation. On November 01, 1967, exactly 

eleven years since the establishment of the state of Kerala, 

the corporation of Kochi came into existence. The merger leading 

to the establishment of the corporation, was between the 

municipalities of Ernakulam, Mattancherry and Fort Kochi, along 

with that of the Willingdon Island, four panchayats (Palluruthy, 

Vennala, Vyttila and Edappally), and the small islands of Gundu 

and Ramanthuruth. 

Corporation of Kochi is the municipal corporation that manages 

the city of Kochi (formerly known as Cochin). The corporation 

is headed by a Mayor. The city is divided into 70 administrative 

wards, from which the members of the corporation council are 

elected for a period of five years. The corporation has its central 

office situated in Ernakulam and has zonal offices at Fort Kochi, 

Mattancherry, Palluruthy, Edappally, Vaduthala and Vyttila. 

For the purpose of administration, the corporation is divided 

into different departments, each catering to a different aspect of 

the city’s development and welfare. The Personnel Department 

takes care of the general administration of the city. The various 

departments include that of Town Planning, Health, Engineering, 

Revenue, Accounts and the Council Section. The corporation has 

a Janaseva Kendram (meaning centre for people’s service), that 

addresses the issues of the public. 

Greater Kochi Development 

Authority (GCDA) 

The Greater Kochi Development Authority (GCDA) is the planning 

and development authority of the metropolitan area of 

Kochi, which is the urban hinterland of Kochi port. The jurisdictional 

area of GCDA comprises of the Kochi City, the commercial 

capital of Kerala, 6 surrounding municipalities and 25 intervening 

panchayats covering an area of 632 sq.km. 

• To guide urban development by checking urban sprawl and 

promoting healthy growth of urban and rural areas through 

long term, short term and action area oriented detailed development 

plans 

• To coordinate the activities of different developmental agencies 

including government departments operating in the 

area 

• To take up model schemes and projects in different sectors 

of development 

• To monitor and implement the plans and proposals through 

public participation, timely revision and by prioritising proposals 

GCDA helps the other developmental agencies, both private and 

public in directing investments; takes up comprehensive sector 

wise studies, identifies growth centers; creates basic infrastructure 

including developable land through setting up land bank and 

takes up private public partnership projects. GCDA also takes 

up consultancy works in planning and engineering fields, and 

undertakes studies in urban related projects.

Kochi City Overview 

• Kochi, formerly known as Cochin, is the commercial capital 

of Kerala and has been a centre for trade and commerce due 

to its strategic location. 

• Tourism has been a traditional driver of the Kochi economy. 

The natural scenic beauty and the coastal backwaters have 

made it one of India’s top tourist destinations. Marketing 

campaigns like ‘Incredible India’ and ‘God’s Own Country’ 

have further helped marketing Kochi as a key tourist destination. 

• The city has various Public Sector Undertakings such as 

Kochi Refineries Ltd, International Pepper Exchange, Fertilizers 

and Chemicals-Travancore. It also houses various 

companies such as Hindustan Machine Tools , Hindustan 

Insecticides, Forest Industries of Travancore, Indian Aluminium 

Company, Travancore Kochi Chemicals, Kerala Agro 

Machinery Corporation etc. 

• The economy of the city also depends on trade and retail activities. 

Major business areas include gold and textile, sea 

food and spices export. The gradually developing services 

industry is also playing a key role in the changing dynamics 

of the city. 

• As in most parts of Kerala, remittance from abroad by Non 

Resident Indians (NRI’s) is a major source of income. 

Real Estate Perspective 

• The city continues to grow horizontally towards the east 

covering the suburbs of Kakkanad, Kalamassery, Aluva, 

Paravur, Nedumbassery and Perumbavur. 

• Commercial activity is gradually moving away from the 

Central Business District (CBD) towards Edapally and Kadavanthra. 

Edapally is developing into a mall corridor with 

a series of malls being developed along the strip of the National 

Highway 47 (NH 47) bypass junction. Once completed, 

the malls are expected to change the dynamics of 

organised retail in the region. 

• On the flip side, the real estate market in Kochi is largely 

investor driven, primarily banking on the NRI’s working in 

the Middle East and the Western nations. 

• The property prices in Kochi had shot up in the past few 

years anticipating a boom in the IT/ITES sector. However 

there has been little progress on the proposed mega projects 

leading to an oversupply situation in certain micro-markets. 

This has further been compounded by the economic slowdown 

leading to a dip in the number of transactions during 

the last twelve to eighteen months. 

• A revival of the global market scenario and the moderation 

of property prices in the Kochi market is expected to help 

revive the market scenario. 

Major Locations 

within Kochi 

Note:Map not to scale and is for illustration purposes only.

List of SEZs updated as on October 2009 

Port based SEZs at Puthuvypeen and Vallarpadom are expected to change the dynamics of port related activities in India. The 

International Container Transshipment Terminal (ICTT) at Vallarpadom will be the largest single operator container terminal 

planned in India and the first in the country to operate in a SEZ. 

S. 

No. 

Name Of Developer Location Type Of SEZ Area In 

Hectares 

1. Infopark Kakkanad, Ernakulam IT/ITES 30.768 

2. Kerala Industrial Infrastructure Kochi, Kerala Electronics Industries 12.141 

Development Corporation 

(KINFRA) 

3. Cochin Port Trust Puthuvypeen Port Based 285.84 

4. Cochin Port Trust Vallarpadom,Fort Kochi Village, Ernakulam Port Based 115.25 

5. TCG Urban Infrastructure Holdings 

Ltd 

Thrikkakara North Village , Kanayannur Taluk, 

Ernakulam 

Biotechnology 12.141 

Source: Ministry of Commerce & Industry,Dept. of Commerce 

SEZ CLASSIFICATION AS PER USAGE 

3% 

3% 

7% 

87% 

PORT BASED 

IT/ITES 

BIOTECHNOLOGY 

ELECTRONICS INDUSTRIES

Infrastructure/Industrial 

Development 

• LNG Terminal, Kochi: A LNG terminal is being implemented 

by Petronet LNG Ltd, New Delhi at Puthuvypeen, Kochi. The 

project is for the supply of regasified natural gas to various 

industries and power plants in the state. The terminal will 

be operational by the year 2012. The estimated cost of the 

project is INR 4000 crore. 

• City Gas Distribution Project: The city gas distribution 

project will be taken up by GAIL, BPCL and the Government 

of Kerala for supplying compressed natural gas for automobile 

and piped natural gas for domestic use. A Memorandum 

of Understanding (MOU) has been signed between 

BPCL & GAIL for forming a joint venture company. The estimated 

cost of the project is INR 400 crore. The city gas 

distribution terminal shall be synchronised with the Kochi 

LNG Terminal. 

• Electronics Hub at Kochi: Kerala State Industrial Development 

Corporation (KSIDC) has initiated steps for setting up 

an electronic Hub at Kochi. The proposed Electronic Hub 

would be developed in 500 acres of land, offering world 

class facilities for manufacturing, contract manufacturing, 

R&D and fabricating units in the electronic sector. The hub 

would house companies in the semiconductors and electronic 

components sector, including their manufacture, research 

and development, design, etc. The land acquisition 

procedure has been initiated. 

• International Container Transshipment Terminal, Kochi: 

The International Container Transshipment Terminal (ICTT), 

Kochi at Vallarpadam will be the largest single operator container 

terminal currently planned in India and the first in the 

country to operate in a Special Economic Zone (SEZ). The 

new terminal will make Kochi a key centre in the shipping 

world reducing India’s dependence on foreign ports to handle 

transshipment. The project is being funded by DP world, 

a subsidiary of the government of Dubai owned, ‘Dubai 

World’ through non-recourse debt funding. The first phase 

of the INR 2118 crore ICTT will be commissioned by June 

2010. At present 65% of the country’s container traffic is 

being transshipped through ports in neighbouring countries. 

Once the ICTT projects starts operations, the country’s import 

and export industry will gain INR 6,000-INR 12,000 in 

each container. 

• Vallarpadam-Edapally Railway Bridge: The Indian railways 

has completed the construction of the longest rail bridge in 

its network, the 4.62 km Vallarpadam-Edapally Bridge. The 

bridge connects the proposed International Container Transshipment 

Terminal (ICTT) at Vallarpadam with Edapally, a 

8.86 km rail-link. 

• Kochi Metro: The Kerala Government is initiating the commissioning 

processes for implementing Kochi Metro Rail on 

a Build-Operate-Transfer (BOT) basis. The Kochi Metro Rail 

Corporation has proposed a route spanning 25.253 km from 

Petta to Aluva, with 26 stations enroute. The alignment 

for the project was created by Delhi Metro Rail Corporation 

(DMRC) and is planned to be made on a Public-Private 

Partnership (PPP) basis. The nodal agency for the project is 

KINFRA, Kochi. Kochi Metro Rail Corporation will operate 

the project. The DMRC has also submitted a proposal for 

the metro rail project to be extended till the Kochi International 

Airport ,at Nedumbassery. 

• Widening of Roads: The proposed metro rail project would 

require widening of roads along certain corridors to facilitate 

smooth vehicular traffic. Some of the arterial roads are: 

• Banerjee Road and North road overbridge would have 

to widened into four-lanes. 

• The approach road to Ernakulam Junction station and 

the Salim Rajan Road too would be widened. 

• MG Road, the SA Road and the Vytilla-Thripunithura 

road would be widened to four-lanes. 

• Widening of NH-17: The Edapally-Muthakunnam stretch 

of NH-17 will be widened into a four-lane road (30 meters 

wide). The road is being developed by the National Highway 

Authority of India (NHAI) and would be operated on 

a BOT basis. The 25 km Edapally-Muthakunnam stretch of 

NH-17 passes through thickly populated areas in Ernakulam 

district like Cheranaloor, Koonammavu, Cheriapilly, North 

Paravur and Chittatukara. 

• Aerotropolis/Airport City: Cochin International Airport 

Ltd (CIAL) is planning to develop an aerotropolis through 

a Special Purpose Vehicle (SPV) called Kochi Aerotropolis 

Projects Ltd. The plan proposes to develop an entire satellite 

hub comprising houses, offices, factories, hotels, leisure 

etc. The proposed project spanning 450-acres will serve the 

airport and vice versa. 

• Mobility Hub/Transport Terminal Hub at Vytilla: The State 

government is considering a city mobility project that has 

been prepared with Vytilla as the hub. The project aims at 

solving a good share of commuting problems in the city by 

creating amenities in and around the Vytilla Junction, by integrating 

different modes of transport like roadways, metro 

rail, railways and waterways. 

The Agriculture Department and Kerafed own 25 acres of 

land near the junction and this is ideal to host the mobility 

hub where long-distance buses and KSRTC services can 

be based. There would be space to park 220 buses, 900 

cars and 120 auto rickshaws. A shopping mall, food courts, 

cultural centre, hotel, swimming pool, waterfront and boat 

jetty too can be set up. 

From Vytilla, public transport systems can provide connectivity 

with the western and eastern parts of the city, West 

Kochi, and also regional hubs like Vypeen, Palarivattom, 

Kakkanad, Thripunithura and Aroor. Vytilla is also well connected 

with National Highways 47, 17 and 49, the seaport 

and the airport. The proposed metro rail passes through the 

junction and National Waterway III is located close by. By 

basing operations in Vytilla, the KSRTC and private buses 

would be able to save huge amounts on fuel, apart from the 

time saved in not entering the city. Thus, the Vytilla mobility 

hub has evolved as a natural remedy and is envisioned as a 

long-term solution to Kochi’s transportation problems.

Organised Retail Development 

The upcoming malls are expected to change the dynamics of organized retail in Kochi. A majority of the upcoming malls are located 

along North-East Kochi. Details of various malls are tabulated below: 

S.No Name of the Mall Location Zone Total Area in million 

sq.ft. (Approx) 

Source : ICICI Property Services Research 

The above represents some of the key developments and is not the universe 

Status 

(as on Jan 2010) 

1. Abad Nucleus Maradu South East 0.125 Under Construction 

2. Admiral Plaza Palarivattom North West 0.07 Under Construction 

3. Aerens Gold Souk Mall Vytilla South East 0.45 Operational shortly 

4. Bay Pride Mall Marine Drive, Kochi South West 0.042 Operational 

5. DLF Mall Marine Drive South West N/A Proposed 

6. Grand Mall Edapally North East 0.13 Under Construction 

7. Heera Mall Edapally North East 0.372 Under Construction 

8. Lulu Mall Edapally North East 2.0 Under Construction 

9. Metro One Kaloor North West N/A Under Construction 

10. Oberon Mall Edapally North East 0.35 Operational 

11. Prestige Forum Mall Maradu South East 1.07 Under Construction 

12. Q 1-Nippon Infra Projects NH-47 Bypass North East 0.12 Under Construction 

13. Sobha Hi-tech CityMall Maradu South East N/A Proposed 

14. Summit Mall M.G.Road, Kochi South West 0.45 Under Construction 

Mall Space Distribution in Kochi 

AREA IN MILLION SQ.FT. 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

SOUTH 

EAST 

SOUTH 

WEST 

NORTH 

EAST 

NORTH 

WEST 

UNDER CONSTRUCTION 

OPeRaTIONAl 

Supply of Residential Units Coming up 

by the June 2012 

Kochi would experience an influx of over 24 million of residential 

space by the June 2012, with approx. two-third of the supply 

concentrated in North East Kochi. 

Zone Apartment Type Average 

Size of a 

unit (in 

sq.ft.) 

No. Of 

Units 

Total Area 

(in million 

sq.ft.) 

1 BHK 530 6 0.003 

South 2 BHK 1192 421 0.501 

East 

3 BHK 1638 1151 1.88 

4 BHK 2384 112 0.267 

Row Houses/Villas 2284 51 0.116 

Total 1741 2.767 

South 1 BHK 750 4 0.003 

West 2 BHK 1225 46 0.056 

3 BHK 1802 788 1.42 

4 BHK 2868 132 0.378 

Total 970 1.857 

North 1 BHK 600 543 0.325 

East 2 BHK 1150 3557 4.09 

3 BHK 1600 6808 10.89 

4 BHK 2130 122 0.259 


Total 11,227 16.06 

North 1 BHK 575 66 0.038 

West 2 BHK 1225 429 0.525 

3 BHK 1695 1472 2.495 

4 BHK 2400 128 0.307 


Total 2205 3.609 

Total Supply expected by June 2012 16.143 24.293 

Source : ICICI Property Services. 

The above represents some of the key developments and not the universe 

DISTRIBUTION OF Residential SUPPLY 

IN KOCHI (NO. OF UNITS) 

14% 

SOUTH EAST 

SOUTH WEST 

NORTH EAST 

NORTH WEST 

11% 

69% 

Source: ICICI Property Services 


6%

South East Kochi 

Major Locations: Kadavanthra, Vytilla, Panampilly Nagar, Jawahar 

Nagar, Vytilla-Edappally Bypass, Chilavannur, Tripunithura, 

Maradu 

• Tripunithura is a prominent center for learning of classical 

arts and musical instruments. This belt houses certain 

prominent institutes such as RLV College of Music and Institute 

of Fine Arts. The center for learning, Kalamandalam 

is also present in Tripunithura. 

• The strip between the bye pass junction, Edapally and Aroor 

is evolving into a major business hub with large retail formats, 

showrooms and hotels located in this belt. Outlets 

of Mercedes, Hyundai and Maruti etc. are located on this 

belt. 

• The proposed transport hub at Vytilla would help decongest 

city traffic and aid in channelising transport services 

in Kochi. The proposed terminus is expected to bolster the 

real estate prospects in this region. 

Residential Market in South East Kochi 

Average Apartment Size of 1 BHK in sq.ft. 530 




Average Apartment Size of Row Houses/Villas 2284 

Total Supply (in million sq.ft.) by June 2012 2.767 

Total Supply (in no. of units) by June 2012 1741 

Source : ICICI Property Services 

Note : The areas mentioned are super built up areas 

Distribution of Apartment Type: 

South East Kochi 

6% 

3% 

24% 

• Panampily Nagar and Jawahar Nagar are well developed 

residential layouts, which command a premium. The prices 

have remained fairly stable in this region during the last 

twelve months. 

• Maradu is witnessing large-scale developments with various 

residential complexes and malls being developed in the 

region. 

67% 

1BHK 

2BHK 

3BHK 

4BHK 


Source : ICICI Property Services

Some of the Residential Projects in South East Kochi Property Price Movement Index: South East Kochi (March 2005-December 2009) 

Name of the Project Developer Approximate Capital 

Values (Rs./sq.ft.) as on 

March 2010 

No. of Units 

Expected Date of 

Completion 

Daffodil Gardens Abad Builders 2200 39 Completed 

Heera Royale Heera Homes 2600 88 May-2010 

Kings Court SRK Group 2200 96 December-2011 

Kingdom SFS Homes 2650 70 December-2010 

Plum Flower Mather Projects 3000 40 Completed 

Palm Grove Kent Constructions 3100 96 December-2010 

Santi Arthanat Santi Homes 2750 68 June-2012 

Silverstone Desai Homes 1850 188 N/A 


*Rates mentioned are based on Built-up area and are subject to amenities, upkeep and may vary from apartment to apartment within the same building. 

Rates mentioned above are subject to change at any given point of time 

Residential Property Rates in prime residential markets of South East Kochi 

Location Average Rates (Rs./sq.ft.) Average Rentals for 2 BHK (Rs./month) Market Outlook 

Chilavannur 2750-3250 4000-6000 S 

Jawahar Nagar 3500-4500 8000-10000 S 

Kadavanthra 2500-3000 6000-8000 SS 

Panampilly Nagar 3500-4500 8000-12000 S 

Tripunithura 2300-2600 3000-5000 SS 

Vytilla 2400-2800 5000-7000 SS 


*Rates mentioned are based on Built-up area & are subject to amenities, upkeep and may vary from apartment to apartment within the same building. 


Outlook Key 

R- Rising F- Falling S- Stagnant SW- Stagnant but likely to weaken SS- Stagnant but likely to strengthen 

350 

300 

250 

200 

150 

100 

50 

Source: ICICI HFC Mortgage Valuation (Assuming 100 as a base reference no for March 2005) 

Comparison of actual (A) and real & logical (R&L) price movement 

The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a comparison between 

quarterly property price movements and changes in consumer price index for South East Kochi. Since zone wise inflation data 

is not available we have substituted the Kochi inflation figures for each zone. 

350 

300 

250 

200 

150 

100 

50 

Mar 05 Mar 06 Mar 07 Jun 07 Sep 07 Dec 07 Mar 08 Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 

Mar 

05 

Mar 

06 

Mar 

07 

South East ( Actual) 

Kadavanthra Vytila Panampilly Nagar 

Vytilla- Edapally Byepass Jawahar Nagar Chilavannur 

Jun 

07 

Sep 

07 

Dec 

07 

Mar 

08 

South East ( R&L) 

As above graph indicates, the property prices in South East Kochi have been increasing more than proportionately than the consumer 

price index, and till recently, the trend seems to continue. 

Jun 

08 

Sep 

08 

Dec 

08 

Mar 

09 

Jun 

09 

Sep 

09 

Dec 

09 

Mar 

10

South West Kochi 

Major Locations: M.G Road, Chitoor Road, Marine Drive, Ayyapankavu, 

Banerji Road, Thevara 

• This region forms the Central Business District (CBD), housing 

the traditional business areas like M.G Road, Market 

Road, T.D.Road, Broadway and Chitoor Road. The region 

has witnessed a lull of fresh supply in the recent past, due 

to a lack of quality space. This belt continues to command 

a premium. 

Distribution of Apartment typE: 

South West Kochi 

14% 

5% 

• Marine drive, built along the backwaters is a prominent 

tourist attraction. It is an economically thriving area and has 

several shopping malls and commercial spaces. The ‘Walkaway’ 

is a hotspot for tourists and locals alike. 

• Projects of certain prominent developers are present along 

the Marine Drive area commands the highest rate per sq.ft. 

An additional premium is charged for waterfront properties. 

Residential Market in South West Kochi 









2BHK 

3BHK 

4BHK 


81%

Some of the residential projects in South West Kochi Property Price Movement Index: South West Kochi (March 2005-December 2009) 

Name of the Project Developer Approximate 

Capital Values (Rs./sq.ft.) 

as on March 2010 

No. of Units 


Completion 

Bougan Villa Chakolas 5500 24 May-2010 

East Thottekkat Asset Homes 5500 27 May-2010 

Neptune Courtyard Prestige Group 5500 366 N/A 

Purva Grandbay Puravanakara 4300 265 March-2011 

Santi Sreyas Santi Homes 5500 16 December-2010 

Santi Seaview Santi Homes 3500 30 December-2010 




Residential Property Rates in prime residential markets of South West Kochi 


Ayyappankavu 2250-2750 4000-6000 S 

Banerji Road N/A N/A S 

Chitoor Road N/A 10000-12000 S 

Marine Road 5500-6500 15000-20000 S 

M.G. Road N/A N/A S 

Thevara 3000-4000 7000-10000 SS 




Outlook Key 

R- Rising F- Falling S- Stagnant SW- Stagnant but likely to weaken SS- Stagnant but likely to strengthen 

350 

300 

250 

200 

150 

100 

50 



The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a comparison between 

quarterly property price movements and changes in consumer price index for South West Kochi. Since zone wise inflation data 

is not available we have substituted the Kochi inflation figures for each zone. 

350 

300 

250 

200 

150 

100 

50 


Mar 

05 

Mar 

06 

M G Road Chittoor Road Marine Drive Ayyappankavu Thevara 

Mar 

07 

South West(Actual) 

Jun 

07 

Sep 

07 

Dec 

07 

Mar 

08 

South West ( R&L) 

The residential prices in South West Kochi have increased at a pace double that of the real and logical price rise as is evident from the 

above chart. 

Jun 

08 

Sep 

08 

Dec 

08 

Mar 

09 

Jun 

09 

Sep 

09 

Dec 

09 

Mar 

10

North East Kochi 

Major Locations: Edapally, Kalamassery, Chembumukku, Vazhakkala, 

Kakkanad, Vennalla 

• The bypass junction off Edapally is developing as a mall corridor, 

with various malls under construction in this belt. The 

Lulu Hypermarket, an INR 1200 crore venture, which houses 

a multiplex, hypermarket, hotel and an airlines tower is 

being built on an 18-acre plot off the Edapally junction. The 

project would have a total built-up area of approximately 2 

million sq.ft. 

• Kalamassery has various industries manufacturing chemicals 

and fertilizers, as well as IT Companies. Companies like 

Apollo Tyres and HMT factory are present in this region. 

• Kakkanad houses various government buildings including 

the Civil Station, a district panchayat, the Kochi High Power 

Transmitter, Infopark, The Kochi Special Economic Zone 

(CSEZ) and the Airmen Selection Board. 

• Several major projects like the ‘Smart City’ and ‘Fashion 

City’ are proposed in this region. This has led to various 

builders venturing into the Kakkanad belt. However Kakkanad 

today is witnessing an oversupply situation, with a 

moderation of property prices witnessed in the last twelve 

months. 

• The campuses of The Cochin University of Science and Technology 

and the Model Engineering College are located at 

Thrikkakara. 

Residential Market in North East Kochi 







Total Supply (in no. of units) by June 2012 11,227 



Distribution of Apartment type: 

North East Kochi 

60% 

1% 2% 5% 

32% 

1BHK 

2BHK 

3BHK 

4BHK 

ROW HOUSES/VILLAS 


Some of the Residential Projects in North East Kochi Property Price Movement Index: North East Kochi (March 2005-December 2009) 

Name of the Project Developer Approximate Capital Values 

(Rs./sq.ft.) as on 

March 2010 

No. of Units 


Completion 

Berry Woods Mather Projects 2650 172 March-2012 

Confident Auriga III Confident Group 2100 408 December-2011 

Eternia SFS Homes 3500 86 Completed 

Galaxy Greens Galaxy Homes 2500 120 N/A 

Green Metropolis MIR Realtors 2500-4000 380 June-2011 

Ivy League Skyline Builders 2590 416 N/A 

Nagarjuna Laurel Nagarjuna Constructions 2400 104 June-2010 

New Town Heights DLF Homes 2500 1600 December-2011 onwards 

Orchid Meadows Manjooran Housing 2750 108 N/A 

Purva Eternity Puravanakara 2290 600 June-2010 

RDS Rhythm RDS Projects 2700 48 N/A 

Orchid Meadows Manjooran Housing 2750 108 N/A 




Residential Property Rates in Prime Residential markets of North East Kochi 


Chembumukku 2250-2500 N/A S 

Edapally 2750-3250 6000-10000 SS 

Kakkanad 2200-2700 6000-8000 SW 

Kalamassery 2000-2300 3000-5000 SW 

Vazhakkala 2250-2500 6000-8000 SW 

Venalla 2300-2600 4000-6000 S 

350 

300 

250 

200 

150 

100 

50 



The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a comparison between quarterly property 

price movements and changes in consumer price index for North East Kochi. Since zone wise inflation data is not available we have substituted the Kochi 

inflation figures for each zone. 

350 

300 

250 

200 

150 

100 

50 


Mar 

05 

Mar 

06 

Edapally Kakkanad Kalamassery Vazhakkala 

Mar 

07 

North East(Actual) 

Jun 

07 

Sep 

07 

Dec 

07 

Mar 

08 

North East ( R&L) 

As observed from the graph, the belt witnessed a steep hike in property prices during the past years, however the last few quarters have witnessed a moderation 

in property prices. The prices continue to remain higher compared to the real and logical prices. 

Jun 

08 

Sep 

08 

Dec 

08 

Mar 

09 

Jun 

09 

Sep 

09 

Dec 

09 

Mar 

10 




Outlook Key 

R- Rising F- Falling S- Stagnant SW- Stagnant but likely to weaken SS- Stagnant but likely to strengthen

North West 

Major Locations: Kaloor, Elamakkara, Palarivattom, Pottakuzhi, 

Kathirikadavu, Aluva. 

• This region houses the famous Jawaharlal Nehru International 

stadium at Kaloor. 

• Areas like Kaloor and Palarivattom, with their proximity to 

the CBD, presence of relatively developed residential facilities 

and proposed organized retail developments have propelled 

the real estate market scenario over the years. 

• Aluva, which forms a part of the Kochi Metropolitan area 

is one of the industrialised towns. It forms a transit point 

for four towns-Angamaly, Kalamassery, North Paravur and 

Perumbavoor. Its proximity to the Kochi International Airport 

at Nedumbassery and excellent connectivity to the CBD/ 

industrial areas have driven real estate development in this 

region during the past few years. 

Residential Market in North West Kochi 










Distribution of Apartment Type: 

North West Kochi 

6% 

5% 3% 

19% 

67% 

1BHK 

2BHK 

3BHK 

4BHK 

ROW HOUSES/VILLAS 


Some of the Residential Projects in North West Kochi Property Price Movement Index: North West Kochi (March 2005-December 2009) 

Name of the Project Developer Approximate Capital Values 

(Rs./sq.ft.) as on 

March 2010 

No. of Units 


Completion 

Aqua Breez Abad Builders 2700 72 June-2011 

Aqua Greens SFS Homes 2450 143 May-2010 

Imperial Gardens Skyline Builders 3500 302 December-2011 

Oxford Symphony Kishore Kumar Gokuldas 2550 48 N/A 

PVS Iris PVS Apartments 2100 74 N/A 

Serenade Mather Projects 3500 20 September-2010 

Woodstock Olive Builders 3800 112 N/A 




Residential Property Rates in Prime Residential markets of North West Kochi 


Aluva 2000-2500 5000-7000 SS 

Elamakkara 2400-2700 4000-6000 S 

Kaloor 3000-3500 6000-10000 SS 

Kathitrikadavu 2500-3000 7000-9000 S 

Palarivattom 3000-3500 6000-10000 SS 




Outlook Key 

R- Rising F-Falling S- Stagnant SW- Stagnant but likely to weaken SS- Stagnant but likely to strengthen 

350 

300 

250 

200 

150 

100 

50 



The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a comparison between quarterly property 

price movements and changes in consumer price index for North West Kochi. Since zone wise inflation data is not available we have substituted the Kochi 

inflation figures for each zone. 

350 

300 

250 

200 

150 

100 

50 


Mar 

05 

Mar 

06 

Mar 

07 

North West(Actual) 

Jun 

07 

Kaloor Elamakkara Palarivattom 

Pottakuzhi 

Kathirikadavu 

Sep 

07 

Dec 

07 

Mar 

08 

North West(R&L) 

Jun 

08 

Sep 

08 

Dec 

08 

Mar 

09 

Jun 

09 

Sep 

09 

Dec 

09 

Mar 

10 

The residential prices in North West Kochi have increased at a pace double that of the real and logical price rise, as is evident from the above chart.

Location Attractiveness Index 

We have short-listed eight prime locations within Kochi and critically examined them on various parameters like infrastructure, residential 

costs in the region, future employment prospects, etc. as detailed in the matrix below. Vytilla and Maradu seems to be scoring well 

over other locations due to reasonable residential costs in addition to good infrastructure, proximity to commercial and retail establishments 

and future infrastructure development. Aluva is also developing as a good alternative destination for value buyers, who wish to 

remain connected with the city centre. 

Research and Consultancy 

ICICI Property Services is a division of ICICI Home Finance Company Limited, a 100% subsidiary of ICICI Bank. ICICI PSG provides real 

estate solutions to home seekers, corporate investors, space occupiers and developers/landlords. ICICI Property Services addresses 

the entire bandwidth of a real estate deal from concept to conclusion. Research & Consultancy (R&C), a specialised group within ICICI 

PSG, offers both real estate advisory and consumer demographic analysis backed by both primary & secondary research. The following 

chart explains in brief the various services offered by R&C. 

M.G Road 

Marine 

Drive 

Vytilla Maradu Kakkanad Edapally Kaloor Aluva 

Feasibility Studies Asset Advisory Strategic Advisory Market Research 

• Location Analysis 

• Optimum Land Use Analysis • Entry Strategy 

• Supply Estimation 

Infrastructure 

(connectivity, 

roads, proximity to 

markets, schools) 

Residential Cost 

Proximity to/Presence 

of Organised 

Retail 

Future Infrastructure 

Development 

Future Employment 

Generation 

Key to the Location Attractiveness Index: 

Good/Low Cost 

Above Average 

Average/Medium Cost 

Below Average 

Bad/High Cost 

• Market Analysis 

• Site Analysis & SWOT • Pricing Strategy 

• Demand Projections 

• Size, Pricing, Phasing and Positioning 

(Space Programming & 

Demarcation for Optimum Utilisation 

of space) 

• 

• 

Catchment Analysis 

Trande & Tenant Mix 

• City and Region Prioritisation and 

Expansion Strategy 

• Expected Absorption Trends 

• Demographic Analysis 

• 

• Land Valuation 

• Consumer Trends 

Financial Analysis 

• Consumer Behaviour Analysis 

Disclaimer 

This document is being communicated to you solely for the purposes of 

providing our views on current market trends. 

This document is being communicated to you on a confidential basis 

and does not carry any right of publication or disclosure to any third 

party. By accepting delivery of this document each recipient undertakes 

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disclose any of its contents (except to its professional advisers) without 

the prior written consent of ICICI HFC Ltd., who the recipient agrees has 

the benefit of this undertaking. The recipient and its professional advisers 

will keep permanently confidential information contained herein and 

not already in the public domain. 

This document is not an offer, invitation or solicitation of any kind to buy 

or sell any security and is not intended to create any rights or obligations. 

Nothing in this document is intended to constitute legal, tax, securities 

or investment advice, or opinion regarding the appropriateness 

of any investment, or a solicitation for any product or service. The use 

of any information set out in this document is entirely at the recipient’s 

own risk. 

The information set out in this document has been prepared by ICICI 

HFC Ltd. based upon projections which have been determined in good 

faith by ICICI HFC Ltd. There can be no assurance that such projections 

will prove to be accurate. ICICI HFC Ltd. does not accept any responsibility 

for any errors whether caused by negligence or otherwise or for 

any loss or damage incurred by anyone in reliance on anything set out 

in this document. The information in this document reflects prevailing 

conditions and our views as of this date, all of which are subject to 

change. In preparing this document we have relied upon and assumed, 

without independent verification, the accuracy and completeness of all 

information available from public sources or which was provided to us 

or which was otherwise reviewed by us. Past performance cannot be a 

guide to future performance. 

No reliance may be placed for any purpose whatsoever on the information 

contained in this document or on its completeness. The information 

set out herein may be subject to updating, completion, revision, verification 

and amendment and such information may change materially. 

For further enquiries, please mail us at: 

propertyservices@icicihfc.com 

or 

visit us at www.icicihfc.com

Kochi Report - ICICI Home Finance

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