Emirates City Forum

Do you see that fabulous house just down the avenue? That's yours, the fruits of your smart move to plunk down a payment on a piece of the hottest new trend in real estate Cochin.

The concept of townships and residential villages are very attractive to young city workers and empty-nest parents. Their defining characteristics are they are eminently walkable, densely constructed without feeling overcrowded, and offered a real community feeling with plenty of common spaces. The new residential villages are mostly reinvented older suburbs that are close to cities, but townships promise to reinvent the spread further out.

Demand for housing within walking distance of transit is expected to double by 2025. Even now, properties within a 5- or 10-minute walk to a train stop are selling for 20 to 25 percent more than comparable properties further away - a price premium that's likely to increase as traffic jams worsen.

Further as the effects of the Internet continue to kick in, it won't be so necessary to be in the big city - you'll just want access to it every once in a while, for the occasional business meeting or social outing. However, as social animals we'll still want to cluster together for face-to-face contact, local food, and local culture.

All of these consumer trends suggest that townships and residential villages just may be the future in Real estate Kochi as elsewhere. However, there are other compelling economic arguments for developers to build and sell such properties, as well as for consumers to buy them.

Rising oil prices notwithstanding, sprawling car-culture cities and vast suburbs simply do not make economic sense in the long run. As much as 50 percent of the land surface area in any given city or subdivision - we're talking prime real estate - is taken up by roadways. For developers, less space given over to roads means more space for housing.