A prestigious residential location

[mrbill]

As cities expand, every bit of land is put to the best use, and over time, certain areas and localities undergo a sea change. Panampilly Nagar in Kochi, a prestigious residential location, is gradually turning to be a favoured spot for offices and business houses. The now-crowded area of Panampilly Nagar was once barren and muddy land.

Only a part of the locality was used for cultivation. Perhaps, no one in those days ever thought that this place would turn into a prime residential area and a key part of Kochi.

A number of private companies have offices in Panampilly Nagar, which also has the Regional Passport Office, BSNL office, Panampilly Nagar Shopping Complex. It also offers the services of banks, doctors, advocates, consultants, beauty saloons and so on. As areas such as Broadway, M.G. Road, Chitoor Road are bursting at their seams, people have started moving to the less crowded spots within the city.

Land value is in the range of Rs.6 lakhs to Rs.7 lakhs per cent in the Main Avenue area and from Rs.3 lakhs to Rs. 5 lakhs in the other parts, depending on the location. Since vacant plots are no longer available in these areas, people buy houses mainly in the LIG colony, which comes at a price tag of Rs.5 lakhs to Rs.6 lakhs for a one bedroom house with a kitchen.

Three-bedroom independent houses fetch a rent at Rs.15,000 to Rs.20,000. Real estate Kochi dealers encourage business people to take houses on rent for setting up offices with an eye on the commission.