Racing to join the global cities
Since the Cochin Special Economic Zone (CSEZ) has been set up, it has resulted in a phenomenal demand for landed properties mainly due to the incentives and tax breaks offered to the business start ups in this exclusive zone. The CSEZ saw an increase of nearly 50% increase in exports and more than 25% increase in employment generation, which is a record of sorts.
The CSEZ has the rare distinction of generating income worth more than 600 crore rupees when compared to other emerging sectors and it has had a percolating effect on the Real Estate in Cochin. Even though the CSEZ is located far away from urban Cochin, the real estate values in its vicinity started appreciating quickly. The electronic hardware sector was the highest income generator in the CSEZ. This highly skilled labor-intensive sector, is now dominated by global players like Sun Fibre Optics, Crising Electronics and even GE (General Electric). Recently the engineering sector has also started evincing keen interest in setting shop in this key location. One of the engineering start-ups has been able to export goods worth nearly 10 million dollars.
All the leading businesses in the CSEZ are now on the path of a major expansion. Since more landed properties are needed, the cost of land in the vicinity of the CSEZ has sharply appreciated. Even though the government helped to speed up the land acquisition processes, the upward trend in real estate prices is here to stay. The landowners in the vicinity of the CSEZ are now a happy lot because they are able to earn more money like their counterparts in the urban areas of Cochin.