Kochi’s Real Estate Sector Growth is Taking a Dip
Project launches in Kochi might seem to depict that the real estate industry is on the rise, but the decreasing rate of property registrations tell another story. The financial year 2013-14 saw a dip in this aspect, in comparison to the year before.
In terms of percentages, the decrease is only around 1%, but a further decrease is expected in the near future. The registration department in the district shows a decrease by 1,717 in 2013-2014. It is interesting to note that this downturn is occurring after there was a rise of 25,150 property registrations during 2011-2012, when compared to the previous year.
This is the second consecutive year that property registrations decreased in Ernakulam, leaving the registration office short by more than Rs. 356 crore. This shortage is with reference to the goal given by the government for FY2013-14. Last year the office was short by Rs. 357 crore. If this trend continues, growth in the realty sector is going to be very slow. District registrar, Ernakulam, K Madhu agrees with this trend and says that most of the property registrations can be credited to the settlement of family properties, and some sales.
Registrations for apartments have also been consistently decreasing in 2013-14. Flat sales went down by 1,230, and in comparison to 2011-2012 decreased by 1,060, and in 2010-2011 by 1,129. In 2013-2014, Thrikkakara sub-registrar office saw the highest amount of flats registered, 316, while Puthencruz sub-registrar office took the most number of property registrations.
Source: Times of India
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