Realty Sector in Thrissur
The realty sector is alive and kicking in the temple town of Thrissur, considered the cultural capital of Kerala. Despite the economic downturn, sales of flats and villas have not been hit as much as in several other places in the country.
After tiding over the recessionary phase, the builders are now drawing up plans for new projects in and around Thrissur, including Guruvayur, which is around 20 km from the city. Guruvayur is famous for the Sri Krishna Temple and has devotees from all over the country flocking to it.
Thrissur is home to three banks — Catholic Syrian Bank, Dhanalakshmi Bank and South Indian Bank and several private chit fund companies. It is also the hub of gold jewellery manufacturing in the state. Many prominent jewelers have their roots in Thrissur. The suburban areas of Thrissur are also fast developing. A new IT park, a branch of Kochi Infopark, is coming up at Koratty, half an hour drive from the city. It also has the advantage of proximity to Cochin International Airport, which is 20 km away from Koratty.
The demand for premium apartments (above Rs 50 lakh) is mostly from NRIs who want to settle in Thrissur. The local demand is for cheaper apartments — ranging from Rs 20-35 lakh. As compared to 2011, the square foot rates have shown a rise.The builders argue that the rate increase is more due to rise in the cost of raw materials.
The prime location in Thrissur remains the Swaraj Round, its main road. Any project within 1-4 km of the round commands a premium price. Other locations have sprung up in the fast developing city, which are getting good prices.