Known to be a picturesque boulevard of Kochi-Marine Drive is a popular hangout place for both locals as well as tourists. Most importantly it is a no pollution zone as no vehicles are allowed on the walkway. Apart from this, the magnificent view of the backwaters and Kochi Harbour are an ideal relaxing destination, where one can relieve from the hectic day routine and work pressure.
Marine Drive is also an economically thriving part of the city of Kochi. Because of all such mesmerizing views, there is a high demand for properties here, still, the price of land and the property rates comes at a very budget friendly rates, which makes the destination even more attractive.
So, let’s understand the property market of Marine Drive in details:
Marine Drive- History and present
In the 1980s, following the Mumbai’s famous Marine Drive, GCDA started the Kochi Marine Drive project. In 1992, under the leadership of the GCDA Chairman V. Joseph Thomas, a beautification project of the walkway was established, leading to the construction of the iconic Rainbow Bridge.
Today, Marine drive is a thriving location which include many premium locations like the Public Ground, Skyline apartments, Federal Bank Building, the GCDA Shopping Complex, the Kerala Trade Centre (under construction), Abad Bay Pride Mall, Pioneer Towers, Hotel Taj Gateway, Alliance Residency, DD Samudra Darshan apartment, and the India Priyadarshini Children’s Park – in that order from North to South.
Main Attractions @ Marine Drive
- The Marine Walkway– Stretching from Subash Chandra Bose Park in the south, to KSINC Boat Jetty in the north
- The Rainbow Bridge– Over Market Canal near GCDA shopping complex
- The House boat Bridge- Part of the Marine Walkway near Goshree bridge end
- The China Net Bridge– Over Mullassery canal near Children’s park, a part of the Marine Walkway
- GCDA Shopping Complex in Marine Drive
Apart from this, various famous shopping malls, along with fast food joints, including Marrybrown, DiMark, Coffee Bar are also present along the walkway which attracts tourists a lot.
Hotspot among property buyers
Living aside Sea facing building is always a dream of a home buyer especially among NRIs. However in Mumbai, with sky touching Property prices, buying a seaside property is not affordable for all.
According to many real estate experts, “With sea-facing properties in Mumbai commanding a base price of Rs 40 crores, those who are looking for coastal properties near Kochi Marine Drive, do not have to face the same kind of difficulty. Prices in Kochi’s Marine Drive are in the range of Rs three crores to Rs five crores and this is something that most of the well-to-do Keralites and those returning from the Gulf and other parts of the globe, can afford.”
Even many renowned developers who have a forte in creating luxury properties have shown their interest here. Hence, home buyers have made Kochi Marine Drive a sought-after location for coastal properties.
Property rates and trends
The property rates of land in Kochi Marine Drive come in various ranges, which start from 75-85 lakhs for each (435.6 sq ft). On the other hand, apartments, here, cost around Rs 10,000 per sq ft onwards. Although they are said to be at peak in Kerala, still as compared to other major cities, they are less, to other luxuries coastal housing.