Rural-urban migration has helped Ernakulam district to prosper due to the brain drain. As the younger, more resourceful, skilled and enterprising sections of the population migrated to the city center they helped to enhance the production level by working in industries and other commercial establishments. Such brain drain often implied the transfer of both human and financial resources to the central parts of the city.
Further, Kochi is gaining much by way of capital gain as these rural migrants are disposing off their rural poverty and are purchasing urban property in lieu of that. Even though the cost of property in the urban areas is on the higher side, there are many takers for these properties. One attraction for properties located in the prominent urban areas is the possibility of such lands appreciating significantly in the near future.
When moving to the city from the rural areas, the rural people had to sell off large tracts of land to buy small housing plots in the urban areas. This was a deterrent for many people in earlier times. Due to the phenomenal appreciation in land values in the rural areas, even the rural people are now able to sell off their lands at competitive prices before moving into the urban areas in large numbers. Such a trend has resulted in the revival of the rural real estate market as well.
When considering the proliferation in luxury Villas Ernakulam
is in the forefront of major developments. Perhaps in no other part of Kerala can you see such an increasing demand for luxury villas that cost more than one crore rupees for a single apartment unit. The successful businessmen and other returning expatriates that have made it big in overseas destinations are the main contenders for such living spaces. Such villas cost more because they are built mostly with imported building construction materials.