Property prices in Kochi have been growing at a rapid rate the past few months though there are apprehensions about it. Residential property prices in Kochi are estimated to be going through the roof. There are a number of other metropolitan cities, which are more expensive and Kochi real estate is the most expensive in Kerala. The prices of the most expensive properties in Kochi have seen a sharp appreciation of more than 12 per cent in the past year.
Though real estate prices are booming and are on an all time high, in Kochi as elsewhere in the country, it may not be the best time to sell your apartment unless you have already the decided on the Kochi apartment you want to buy. Otherwise, you will end up paying tax on the sale proceeds.
Earlier, the profit made on the sale of a residential property could be used to buy a new house within a stipulated period of three years from the sale. Nevertheless, from 2006 onwards there are restrictions to this benefit.
On the other hand, if you are planning to buy a second house, this could be the right time. Kochi apartment prices are on the rise and it is to your advantage to speed up your decision. The RBI is trying to tighten credit flow to the residential sector and banks are raising rates on loans to those buying a second house.
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