The swift development of IT field in Cochin has its major role in setting the recent trend of owning or renting apartments in Cochin. Many are employed in IT sector in the city and many still are aspiring to pursue an IT job. These professionals and job seekers migrate from their home towns to Cochin and reside in the city. As a result, the population of the city is on a constant rise. Lack of time to buy land and build own homes have persuaded many to prefer ready to occupy homes. The ‘apartment cochin’ advertisements from builders in Cochin thus grab the attention of the people and most of them choose the option readily.

Costs of the apartments in the city vary with the amenities and facilities available in them. Builders classify them as premium and luxury type, in which the former costs comparatively lesser. Location of these apartments also influences their price to a great extent. Those located near the IT parks and multinational companies are in high demand and so are priced rather higher. Similar is the case with those situated in the tourist locations. Since Cochin is a city where one can find the aesthetic beaches as well as historic monuments, people compete to own an apartment in such locations.

Furthermore, apartments in Cochin have become more than a residence. Many people own these apartments with investment prospects. Real estate in a city like Cochin, which is heading towards attaining a metropolitan status, promises great profits for the investors.

Kochi is one of the fascinating spots in Kerala. Hence both Kerala government and Kochi Port Trust (KPT) are interested in the development of its tourism infrastructure. A marina will be established in Kochi in association with Trans Resources Corporation of Malaysia, Kerala Tourism Development Corporation (KTDC). The Kochi Port Trust will build a berth of international standard exclusively for passenger ships as more luxury liners come to Kochi. An international standard golf course at Vallarpadam has also been proposed by the tourism department. Another key initiative aimed at improving the mass transportation system in Kochi is the Kochi Metro Rail project. Particularly in the IT sector, a number of private investment proposals are also on the anvil. The major players in setting up campuses in Kochi are Infosys and Leela Group. A number of small and medium IT companies have also set up their units. An apparel park is being set up at the KINFRA Park near Kakkanad by an Italian company. The status of special economic zone will be conferred on the Smart City project as the DIC is keen on getting the status. The marine export industry will be boosted by the declaration of Aroor, Cherthala areas as town of excellence by the Centre. It will also be an added advantage to the development of Kochi. The other major development initiatives of Kerala and Kochi are the development and diversification plans of Kochi Refinery and FACT. This will make Kochi the major economic centre of India within a short period.

All these projects have unleashed a huge increase in the Kochi real estate prices.

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