The backwaters and expansive lakes of Kerala and the numerous rivers of Goa that flow into the Arabian Sea are the hot-spot destinations where most of the island shopping is happening.
The Bangalore-headquartered Ozone Group has completed the purchase of 156 acres of land on Capao Island located along the Mandovi River in Goa. Ozone, backed by Urban Infrastructure Opportunities Fund, has spent six years in acquiring the land for Rs 200 crore.
Kerala and Goa's islands are sporting a new look
"We are planning an extremely low-density, ultra-luxury residential-cum-hospitality development that would cost approximately Rs 1,000 crore," said S Vasudevan, MD, Ozone Group. The developer plans to utilize only 5% of the island land to build around 80 to 100 branded villa residences, which could sport a price tag of Rs 20 crore or more.
Capao Island is about 180 acres of which a small part will continue to be inhabited by local islanders. "There will be a luxury resort hotel and a marina to dock yachts," said Vasudevan.
Southern developers, Brigade Enterprises and Nitesh Estates, have been shopping in Kerala.
Four years ago, Brigade Enterprises purchased a 16-acre island in Kottayam district's Vaikom. The company's senior officials said the small island would sport a resort hotel for which the company is in talks for a tie-up with a hospitality chain.
Nitesh Estates has been acquiring land in one of Kerala's tourist hotspots, Bolgatty island, which is just a boat ride from Kochi. The developer is planning a resort and branded residences project and is looking to tie up with one of India's largest hospitality chains to run the properties.
Earlier, Pathiramanal, one of the most picturesque islands on the Vembanad lake in Kerala, was given on a long lease by the state government to East India Hotels Ltd, owners of the Oberoi brand of hotels, for setting up a resort in 2000.
However, the deal met with opposition and the matter was heard in the Kerala high court and Supreme Court. In 2006, the apex court had asked the state government to re-look at the deal after hearing both parties. Similarly, NRI businessman M A Yusuff Ali's Lulu Group is facing hurdles in land purchase on Bolgatty island.
A month ago, Bangalore-based developer Salarpuria Sattva had been on an island-shopping outing in Kerala. The developer had zeroed in on an island located in the backwaters around 140 km from Kochi.
"We looked at the property, did the due diligence, but at the last moment decided against it," said Bijay Agarwal, MD, of Salarpuria Sattva Group. Aggarwal, who's still on the prowl for island buys, said island homes have become prestige symbols for a certain section of buyers, just as owning farmhouses and estates symbolized prestige not too long ago.
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