Kochi-Marine Drive is a popular hangout place for both locals as well as tourists because of its mesmerizing views. The place is a no pollution zone as no vehicles are allowed around this area. Also, the magnificent sight of the backwaters and Kochi Harbour are an ideal relaxing destination, where one can relieve from the hectic day routine and work pressure.
The Marine Drive is also an economically thriving part of the city of Kochi. Because of its serene surroundings, there is a high demand for properties in this area. However, one can easily find residences here at a budget friendly rate as the price land and the property rates are very low and attractive.
So, let’s understand the real estate market of Marine Drive in details:
History and present
In the 1980s, GCDA started the Kochi Marine Drive project followed by the Mumbai’s famous Marine Drive. In 1992, under the leadership of the GCDA Chairman V. Joseph Thomas, a beautification project of the walkway was established, leading to the construction of the iconic Rainbow Bridge.
With more and more constructions, today, Marine drive has become a flourishing hotspot which include many premium locations like the Public Ground, Skyline apartments, Federal Bank Building, the GCDA Shopping Complex, the Kerala Trade Centre (under construction), Abad Bay Pride Mall, Pioneer Towers, Hotel Taj Gateway, Alliance Residency, DD Samudra Darshan apartment, and the India Priyadarshini Children’s Park – in that order from North to South.
- The Marine Walkway– Stretching from Subash Chandra Bose Park in the south, to KSINC Boat Jetty in the north
- The Rainbow Bridge– Over Market Canal near GCDA shopping complex
- The House boat Bridge- Part of the Marine Walkway near Goshree bridge end
- The China Net Bridge– Over Mullassery canal near Children’s park, a part of the Marine Walkway
- GCDA Shopping Complex in Marine Drive
Along with this, various poplar shopping malls, along with fast food joints, including Marrybrown, DiMark, and Coffee Bar are also present along the walkway which attracts tourists a lot.
Real estate hotspot
Having a Sea facing property is a dream of every home buyer especially among NRIs. However in Mumbai, with sky touching property prices, buying a seaside property is not affordable. Hence Kochi Marine drive is gaining momentum among many NRIs and HNIs in order to buy a sea side property.
Realty experts says, “With sea-facing properties in Mumbai commanding a base price of Rs 40 crores, those who are looking for coastal properties near Kochi Marine Drive, do not have to face the same kind of difficulty. Prices in Kochi’s Marine Drive are in the range of Rs three crores to Rs five crores and this is something that most of the well-to-do Keralites and those returning from the Gulf and other parts of the globe, can afford.”
Even many renowned developers who are known for creating luxury properties have come up here. Hence, property owners have made Kochi Marine Drive a sought-after location for coastal properties.
Property rates and trends
For those who are looking to buy land to build a house near Kochi Marine Drive come, the property rates falls in various ranges, which start from 75-85 lakhs for each (435.6 sq ft). On the other hand, apartments cost around Rs 10,000 per sq ft onwards. So it can be said that w.r.t to other major cities, price of coastal properties here are far less.