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Marine Drive, costliest location in Kochi

Posted by gladrealtors on December 17, 2015
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Marine Drive continues to be the priciest spot in the real estate map of Kochi city. The fair value of one Are of land, which comes to 2.47 cents, on the banks of Kochi backwaters, has been fixed at Rs. 74.81 lakh since November 17, the day on which the revised rates came into force. The cash-strapped State government had hiked the fair value by 50 per cent.

The earlier fair value of the holding in this premium stretch of land was Rs. 49.87 lakh, according to sources at the Ernakulam Sub Registrar’s office. Marine Drive is considered a major commercial spot in the city. Waterfront apartments lining the backwaters are sold for premium and the retail value of premium residential apartments in this segment would run into crores.

Fair value need not necessarily reflect the market value of the land. Yet, it could be construed as an indication of the value of the property in the market, sources said

After Marine Drive, comes M.G. Road, the commercial hub and the central business city area. Here, the State has fixed the fair value for one Are at Rs. 59.99 lakh. Earlier, it was Rs. 39.99 lakh.

Some areas of Thrikkanarvattom, which include some parts of Ernakulam North, have been priced at Rs. 56.85 lakh, followed by Thevara at Rs. 53.86 lakh.