Property rates have begun to stabilise following the correction in prices in the real estate sector. Following the recovery of the economy, investors are looking for a slew of ongoing and upcoming projects in cities such as Kozhikode.
Enquiries, bookings and sales of apartments and villas have shown a spurt in the past two months. Developers of mega projects and others are elated. “Nearly 90 per cent of the apartments have been booked at the 20-storey Metromax, a residential complex on the Thondayad bypass,” says Ahmed Backer, senior manager (sales), ‘hi-lite’ Builders.
Work on Metromax, consisting of 272 luxury apartments, has been completed. “We have started focussing on the interiors and exteriors of the units categorised into four types. The apartments will be ready for occupation before July 2010,” he says. Uniform prices have been fixed for all types of apartments, including two kinds of three-bedroom ones, on all floors.
The rate is Rs.2,700 a sq.ft, Mr. Backer says. The company’s another massive project, said to be the biggest venture in Kozhikode city, is the ‘hi-lite’ Hills, also on the Thondayad bypass.
It comprises two mega projects with a total built-up area of 20 lakh sq.ft. One is exclusively for residential purpose and the other is top-notch office space.
Mr. Backer says the first towers of ‘hi-lite’ Plaza will be completed in July 2011. The rate is Rs.4,500 a sq.ft. The rates of ‘hi-lite’ Residency will be Rs.2,550 a sq.ft. The residential project will be completed within a time-frame to keep the promise made to loyal clients, he says.
Builders say that the prices of apartments have not skyrocketed during the real estate boom that started in 2006.
Kozhikode has never seen unreasonable and artificial rates unlike other parts of the country. So the correction here is minimal, whether for apartments or villas.
The rate for premium luxury villas such as Highlands of Calicut Landmark Builders at Methottuthazham Junction, 3.5 km from Arayadathupalam, is Rs.3,350 a sq.ft.
The villas will have a minimum area of 2,000 sq.ft. Together with the villas will be the budget apartments priced at Rs.1,710 a sq.ft. The rates have been kept uniform till the sixth floor. But it will be Rs.1,750 a sq.ft from the seventh floor. There will be two- and three-bedroom types having areas in the range of 614 sq.ft to 930 sq.ft., says Sonnet Sasikumar, sales representative.
The project of the Calicut Landmark Builders near Silver Hills Public School and Silver Hills Higher Secondary School has been a successful venture. A few ready-to-occupy flats is priced at Rs.1,950. Almost all the villas have been sold out, Mr. Sasikumar says.
Spring Dale Villas of ‘hi-lite’ Builders at Palazhi is priced at Rs.3,500 a sq.ft. The total area of a villa will be 2,200 sq.ft. However, clients have the option of choosing areas up to 6,000 sq.ft. Thirty-five out of 110 villas have so far been sold, Mr. Backer says. Half the luxury apartments of Horizon Properties at Chevayur have been booked. The 12-storey two- and three-bedroom flats are sold at standard rates of Rs.2,350 a sq.ft, says Pradeep Kumar, managing director.
The project will be completed within a year. The two-bedroom flats have areas of 1,151 sq.ft. each and three-bedroom ones, 1,673 sq.ft. “We have also come up with special Onam offers at attractive prices,” he says.
The 12-storey apartments of Seiken Properties at Malaparamba is priced at Rs.2,500 a sq.ft. Sixty per cent of the units have been sold.
The project will be completed in December 2010. There will be eight types of flats ranging from those with one bedroom and having areas of 657 sq.ft each to those with three bedrooms and having areas of 1,364 sq.ft each, says Nikhil C. Mohan, sales manager.
However, the three-bedroom duplex flats on the eleventh and the twelfth floors are priced at Rs.1,950 a sq.ft.
The apartment will have a fitness centre, swimming pool and broadband connectivity, Mr. Mohan says.
Raj Madan, assistant manager (marketing) of Pentium Builders, says that bookings for the Pentium Vrindavan Vertical Homes have started, although its official launch is on Saturday.
The new project will be at Eranhipalam, comprising two- and three-bedroom units.
The priced fixed at Rs.2,400 a sq.ft is negotiable, he says. Ritz Marina of Galaxy Builders is a big super-luxury apartment complex coming up on the Kozhikode beach.
The rate of each apartment is Rs.3,000 a sq.ft.
Nearly 55 per cent of the apartments in the 26-storey building have been sold out, says Janzeer Ahmed, executive director.
Mr. Ahmed says the recovery of the economy have given investors an opportunity to scout for projects. The prices have been kept in tune with the standard rates prevailing in the city. The rate of an apartment at Ellyzium Court near the C.H. Flyover is Rs.2,600 a sq.ft. A few more apartments at Leo Paradise are available, he says.
News Published Under: The Hindu