The real estate industry faced a situation by the end of last year when CREDAI, Confederation of Real Estate Developers Associations of India came up with a report based on the survey they conducted about flats in Cochin. The report stated that more than a total area of five lakh sqft of housing units from various builders in cochin are lying vacant in the city. And everybody knew the fact that this numbers do satisfy the same kind of reports coming from various cities across the country.
We have seen in last year that the developers in Mumbai were ready to slash the price of apartments by around 25%. This was due to the fact that the of unsold completed flats and apartments reached a massive number of around 130000 units in the city. And the same situation was reflected in case of apartments in cochin. Many of the builders in Kerala found it difficult to ensure buyers for their flats and apartments.
The slow down of economic growth and inflation caused a loss of demand for residential properties in India. But experts states that the industry will take back its prominence by the middle of 2014. The residential prices are expected to rise around 10 to 12 percentage by this year as per financial experts and this is surely going to effect the flats in cochin also.
The fact that India undergoing a general election by the month of May this year, has definitely affected the financial sector. This uncertainty will be solved after the election process and economic sector will regain its buying capacity soon.
When we take an overall look of various Indian cities we can understand a fact that the class two cities have shown better economic progress than the top cities across the nation. The major cause of this progress was investments and developments in the IT and industrial sectors. Cochin, a city blessed with both these two categories of economy will surely get a benefit of this positive trend for sure.
Considering the fact that Cochin has reformed into a city where people love to live under these gated communities of living a clear growth of this sector is ensured. During the last 5 years, housing projects offering flats,apartments and villas in cochin of an area around 200 lakh sqft were handed over to customers after completion. Dreamflower builders cochin is proud to hold a prominent percentage of the same.