Understanding The Real Estate Market in Trivandrum for Flat Buyers

Kerala’s capital has been witnessing urbanisation over the past decades. The real estate market in Trivandrum for flat buyers has undergone significant transformation. The major trends observed over the last year were landscape design, sustainability, improved amenities, lower mortgage rates, and demand for gated communities.

Experts had forecasted that the real estate market in Thiruvananthapuram would see robust growth in 2023. This expectation is being broadly realised, with NRIs and HNIs booking residential property. Additionally, a favorable economic outlook will further boost the market. Trivandrum’s upcoming Vizhinjam Port will be one of the major trans-shipment container ports in India.

Real Estate Market in Trivandrum

This article aims to provide an in-depth understanding of this market, with special focus on flat buyers. With remittances from NRIs & tourists, and strong domestic spending and production, Kerala has witnessed strong growth in the past few years. Trivandrum has been leading this growth on multiple fronts. With increasing opportunities for jobs and business, many highly skilled people have been shifting base to this megacity.

Another reason for explosive demand in residential real estate is the presence of international airport right within the city limits – resulting in outstanding connectivity to metros & large cities in India, and key cities abroad, especially in Middle East, Europe, and North America. Apart from entire South Kerala, this airport also connects the surrounding cities & districts of Tamil Nadu, like Kanyakumari, Nagercoil and Tirunelveli.

Importance of Understanding the Market for Buyers

Understanding the market for flat buyers is important for anyone looking to purchase a property. In this complex and dynamic environment, having a good understanding of the market can help buyers make informed decisions and negotiate favorable deals.

Knowing the trends and factors that influence property prices in a particular area can help buyers determine if they are paying fair price for a property. It can also help the buyers to identify the available opportunities and plan accordingly. Overall, understanding the market is critical for buyers to make informed decisions, minimise risks, and ensure that they are getting the best value for their money.

Factors Affecting Kerala Real Estate Trivandrum Market

• Government Regulations and Policies:

  Across India and even the world, the real estate market is heavily influenced by government policies and regulations. For example, changes in tax laws or zoning regulations can impact the demand and supply in a particular area.

• Infrastructure Development:

  The development of roads, airports, and public transportation can greatly affect the value of real estate in that area.

• Economic Factors:

  Conditions such as inflation, interest rates, and employment levels impact the demand & supply of residential inventory. For example, during a recession, demand for real estate may decline, while during a period of economic growth, demand may increase.

• Demographic Trends:

  Population growth, ageing, and migration patterns can also have an impact on the real estate market. For example, an aging population may lead to increased demand for retirement communities or assisted living facilities.

Localities	Rate per sq ft
Pattom	INR 6,000
Sasthamangalam	INR 6800
Menamkulam	INR 4700
Peroorkada	INR 5650
Ambalamukku	INR 4300
Kazhakoota,	INR 5550
Kowdiar	INR 6650
Aakkulam	INR 7150
Vazhuthacaud	INR 5350
Nalanchira	INR 5350
Mannanthala	INR 5300
Karyavattom	INR 4950
Pangappara	INR 4200
Kumarapuram	INR 6950

 

Factors That Affect Property Prices in Trivandrum

1. The location of a property is a significant factor in determining its price. Properties located in important landmarks or prime locations – such as city centres – tend to be more expensive than those in upcoming or undeveloped areas.
2. Availability of infrastructure such as roads, public transport, schools, hospitals, and shopping centres
3. Economic conditions such as inflation, interest rates, and GDP growth
4. The type of property, such as an apartment or a villa
5. The type of community, e.g. a gated complex with 24/7 security, excellent amenities, and a customer base of like-minded NRIs & HNIs will be highly sought after, hence the properties there would be costlier
6. The balance between demand and supply of properties in a particular area.
7. Properties developed by reputable builders are likely to command higher prices than those developed by lesser-known builders
8. Any legal issues related to the property, such as disputes over ownership or title

Tips for Flat Buyers in Trivandrum

• Location:

  Consider factors like proximity to important infrastructure like schools, hospitals, grocery stores, and transportation options. Make sure the area is safe, well-connected, and has a good reputation.

• Developer’s Reputation:

  Ensure that the developer you are buying from has good reputation in the market. Research their past projects, reviews, and ratings. Consider working with a well-established developer.

• Budget Plan:

  Create a budget and stick to it. Ensure that you factor in all the costs associated with buying a flat, including registration fees, stamp duty, parking charges, and maintenance charges.

• Legal Advice:

  Consult with a lawyer to review the legal documents related to the purchase. Ensure that all the paperwork is in order, and that you are aware of all the terms and conditions.

• Amenities:

  Check out the amenities provided by the builder, like security, parking, gym, and swimming pool. Ensure that they meet your requirements.

• Payment Plan:

  Make sure you understand the payment plan offered by the builder. It’s crucial to know the payment schedule, due dates, and penalties for late payments.

• Financing:

  If you’re taking a loan, research different lenders and compare their interest rates, fees, and other terms and conditions.

Growth Prospects of the Trivandrum Real Estate Market

This market has seen steady growth in recent years, and the trend is expected to continue in the coming years. Several factors are driving it, including upcoming infrastructure projects, impact of the pandemic, and expected trends in the years to come.

One of these key factors is multiple infrastructure development projects. In the upcoming year, the city will be witnessing major projects such as Vizhinjam Port, Technopark Phase III, e-charging stations, CRDP Phase II, Mukkola-Karode stretch bypass, Kazhakoottam elevated highway, and more.

Impact of the Pandemic on the Market

Like most other real estate markets around the world, the Trivandrum market was also impacted by the COVID-19 pandemic. However, the impact was not as severe as in the other parts of India. Demand for residential properties remained stable, and prices continued to appreciate. The pandemic has, in fact, led to a shift in home-buying preferences, with an increased emphasis on larger homes with more outdoor spaces.

Expected Trends in the Years to Come

The Trivandrum real estate market is expected to continue growing in the coming years, driven by a range of factors. The growing IT industry in the region is expected to create new jobs and attract a significant number of young professionals to the city. In terms of types of property, the demand for apartments and villas is expected to remain high, with buyers showing preference for gated communities with modern amenities. The demand for commercial properties is also expected to rise, driven by the growth of the manufacturing and service sectors.

Final Thoughts

While making important decisions related to buying, selling, or investing in property, staying informed about the real estate market and seeking authentic guidance can be useful. For example, you could learn about important factors that affect property values, such as changes in interest rates, economic conditions, and local development plans.

A reputable real estate agent can help you navigate the complex process of buying or selling property, and can provide valuable insights into market conditions & trends. Whether you’re a first-time homebuyer or an experienced investor, it’s important to take time to stay informed and seek guidance from trusted professionals.

Flats for Sale in Trivandrum