DRAFT FINAL REPORT

Development proposals & feasibility for commercial

development at railway station IN kerala

Private & Confidential

Prepared on behalf of:

Mumbai railway vikas corporation ltd.

November 2013

Prepared By:

Knight Frank (India) Pvt. Ltd.

Knight Frank (India) Pvt. Ltd, Unit no. 204 & 205, 2nd Floor, Embassy Square, #148 Infantry Road, Bangalore 560 001

T +91 (0) 80 4073.26.00 I F +91 (0) 80 4073.26.50 I www.knightfrank.co.in

Feasibility study for commercial real estate development at Railway Stations in Kerala

Report Control Form

Development proposals & Feasibility for commercial development at

Project Name
Railway Stations in Kerala

Unique Number BCO/127

Report Name Draft Report

Client Name Mumbai Rail Vikas Corporation Ltd.

Report Description

Report Number 1 Rev. No. 1

Document Status Draft Report

Date of Issue 10 December 13

Varun Vijay Consultant

Maker
S Bhaskar Consultant

Checker Anjul Mehrotra Lead Consultant

Approver Ravi Vadhavkar Regional Head South

Circulation Details

Number of Copies 2 Nos. Client : 1 No.

Office : 1 No.

Contact Information

Ravi Vadhavkar

Regional Head Advisory Services South

Knight Frank India Pvt. Ltd.

Unit no. 204 & 205, 2nd Floor,

Embassy Square, #148 Infantry Road

Bangalore 560 001

[email protected]

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Feasibility study for commercial real estate development at Railway Stations in Kerala

Abbreviations

General terms

CBD Central Business District

GDP Gross Domestic Product
HH Household
HIG Higher Income Group
IT Information Technology
ITES Information Technology Enabled Services
LIG Lower Income Group
MIG Middle Income Group
MNC Multi-National Company
ORR Outer Ring Road
SEZ Special Economic Zone

Financials related terms

FSI Floor Space Index

FY Financial Year
No. Number
NRV Net Realizable Value
`./sq.ft. Rupees per Square Feet
SBUA Super Built Up Area
Sq.ft. Square Feet
Sq.km. Square Kilometre

Measurements

1 crore = 10 million (mn)

1 mn = 10 lakhs
1 sq.km. = 100 Ha
1 sq.m. = 10.764 sq.ft.
1 acre = 43,560 sq.ft

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CONTENTS
ABBREVIATIONS........................................................................................................................ 3
1 INTRODUCTION .............................................................................................................. 6
2 THIRUVANANTHAPURAM CENTRAL STATION ...................................................................... 8
2.1 CITY OVERVIEW THIRUVANANTHAPURAM .......................................................................... 8
2.2 CITY SNAPSHOT.................................................................................................................. 8
2.3 CITY CONNECTIVITY ............................................................................................................ 9
2.3.1 ROAD................................................................................................................................. 9
2.3.2 RAIL................................................................................................................................... 9
2.3.3 AIR ................................................................................................................................... 11
2.4 DEMOGRAPHICS ................................................................................................................ 11
2.5 ECONOMY ......................................................................................................................... 12
2.6 REAL ESTATE OVERVIEW - THIRUVANANTHAPURAM .............................................................. 13
2.6.1 RETAIL .............................................................................................................................. 13
2.6.2 COMMERCIAL OFFICE .................................................................................................... 20
2.6.3 BUDGET HOTELS ........................................................................................................... 23
2.7 SITE DETAILS .....................................................................................................................25
2.8 CONCLUSION RECOMMENDED PRODUCT MIX .................................................................. 27
2.9 PROPOSED STATION DRAWINGS ........................................................................................ 28
2.10 FINANCIAL ANALYSIS ........................................................................................................ 32
3 KOLLAM JUNCTION ....................................................................................................... 35
3.1 CITY SNAPSHOT KOLLAM.................................................................................................35
3.2 CITY CONNECTIVITY ...........................................................................................................35
3.2.1 ROAD................................................................................................................................ 35
3.2.2 RAIL................................................................................................................................. 36
3.3 ECONOMY ........................................................................................................................ 37
3.4 CITY ADMINISTRATION ...................................................................................................... 37
3.5 TOURISM ......................................................................................................................... 37
3.6 INFRASTRUCTURE DEVELOPMENTS EXISTING ................................................................... 38
3.6.1 OUTER RING ROAD ............................................................................................................ 38
3.6.2 INNER RING ROAD ......................................................................................................... 39
3.6.3 RADIAL ROAD ............................................................................................................... 40
3.7 INFRASTRUCTURE DEVELOPMENTS KOLLAM TECHNO PARK............................................... 40
3.8 REAL ESTATE OVERVIEW KOLLAM..................................................................................... 41
3.8.1 REAL ESTATE OVERVIEW..................................................................................................... 41
3.8.2 HOSPITALITY OVERVIEW ................................................................................................. 41
3.8.3 RETAIL OVERVIEW ......................................................................................................... 44
3.9 CONCLUSION RECOMMENDED PRODUCT MIX .................................................................. 45
3.10 CONCEPTUAL STATION DRAWINGS..................................................................................... 46
3.11 FINANCIAL ANALYSIS ........................................................................................................ 49
4 STATION SITE VISITS ...................................................................................................... 51
4.1 THIRUVANANTHAPURAM PETTAH ........................................................................................52
4.2 KOCHUVELI ....................................................................................................................... 53
4.3 VELI .................................................................................................................................. 55
4.4 KAZHAKKOOTTAM ............................................................................................................ 56
4.5 KANIYAPURAM ................................................................................................................. 58
4.6 MURUKKANPUZHA ............................................................................................................ 60
4.7 PERUNGUZHI.................................................................................................................... 62
4.8 CHIRAYINKEEZH ............................................................................................................... 63

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4.9 KADAKKAVUR ................................................................................................................... 65

4.10 AKATHUMURI ................................................................................................................... 67
4.11 VARKALA SIVAGIRI ............................................................................................................ 69
4.12 EDAVAI ............................................................................................................................. 71
4.13 KAPPIL ............................................................................................................................. 73
4.14 PARAVUR .......................................................................................................................... 75
4.15 MAYYANAD .......................................................................................................................77
4.16 IRAVIPURAM .................................................................................................................... 79
4.17 PERINAD .......................................................................................................................... 80
4.18 MUNROTHURUTTU ............................................................................................................ 82
4.19 SASTHANKOTTA ............................................................................................................... 83
4.20 KARUNAGAPALLI .............................................................................................................. 85
4.21 OCHIRA ............................................................................................................................ 87
4.22 KAYANKULAM .................................................................................................................. 89
4.23 MAVELIKARA ..................................................................................................................... 91
4.24 CHERIYANAD .................................................................................................................... 93
4.25 CHENGANNUR .................................................................................................................. 95
5 SUMMARY ................................................................................................................... 97
DISCLAIMER ........................................................................................................................... 98

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1 Introduction

Project Understanding

Mumbai Railway Vikas Corporation Ltd. (MRVC) has been appointed by Govt. of Kerala to prepare a

Detailed Project Report for the Thiruvananthapuram-Chengannur-Harippad suburban train services.

As a part of the overall scope, the project also requires assessing the land available alongside the

station and corridor and carry out the financial feasibility of the same.

To carry out this part of the scope, MRVC has appointed Knight Frank (India) Pvt. Ltd. to identify

potential railway stations connecting between Trivandrum and Chengannur in Kerala and assess the

commercial potential in each of the identified railway stations. This activity is undertaken as part of

the high speed rail connectivity proposed along Trivandrum and Chengannur corridor in Kerala.

As part of our engagement, the following activities are to be performed:

Understand the location of each railway stations located along the Trivandrum

Chengannur rail corridor

Identification of commercially exploitable railway stations located along the Trivandrum

Chengannur rail corridor

Understand the basic real estate market prevalent in these identified stations

Based on the local real estate market and the profile of the catchment population (existing

and floating population) recommend suitable development options

Assess the current status of the infrastructure in the railway stations and recommend

suitable enhancement in infrastructure such as multi-level car parking facility etc.

Study Approach

Knight Frank team has conducted detailed site visit in the railway stations located along the

identified corridor. The team has identified various stations along the corridor, and then further

categorized these stations based on their market potential. On account of the initial market

understanding formed during the site visit, the Thiruvananthapuram Central and Kollam Junction

stations have been identified as suitable land parcels for commercial exploitation at this stage.

Accordingly, this report is structured in the following order.

Detailed feasibility analysis for identified lands alongside Thiruvananthapuram Central and

Kollam Junction. This section encompasses a detailed analysis of the regions real estate

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market overview, suggested development mix based on demand supply assessment and

financial analysis with key returns metrics.

The next part of the report highlights the various land parcels identified on the remaining

stations alongside the corridor. Since a preliminary real estate market appraisal of these

locations indicate a low offtake potential in the short run, these lands are suggested to be

identified and kept as reserve for future utilization towards the project needs.

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 Feasibility study for commercial real estate development at Railway Stations in Kerala

2 Thiruvananthapuram Central Station

2.1 City Overview Thiruvananthapuram

Thiruvananthapuram, formerly known as the Trivandrum is the administrative capital of Kerala and

an important economic center in South India. It is an emerging Tier III city of India and is growing in

stature as an important IT/ITeS hub. Located on the west coast of India near the extreme south of the

mainland, the city is characterized by its undulating terrain of low coastal hills and busy commercial

alleys. As per Census of India 2011 data, the city has a population of more than 750,000 inhabitants

while the urban agglomeration has a population of around 1.68 million.

The city houses several central and state government offices and organizations. Apart from being the

political nerve centre of Kerala, it is also a major academic hub and is home to several educational

institutions including the University of Kerala and to many science and technology institutions, the

most prominent being the Indian Space Research Organisation (ISRO), Vikram Sarabhai Space

Centre (VSSC), College of Engineering Trivandrum (CET), Sree Chitra Thirunal College of Engineering

(SCTCE), Technopark, the Indian Institute of Space Science and Technology (IIST), the Indian Institute

of Information Technology and Management, Kerala, Indian Institute of Science, Education and

Research (IISER), the Centre for Development Studies, the International Centre for Free and Open

Source Software (ICFOSS), the Regional Research Laboratory, the Centre for Earth Science Studies,

Rajiv Gandhi Centre for Biotechnology and the Sree Chitira Thirunal Institute for Medical Science and

Technology.

2.2 City Snapshot

City Statistics
Political Status Capital of Kerala
Thiruvananthapuram Urban Agglomeration 296.35 sq.km.
Population 1,687,406
Population Growth (2001-2011) 2.25%
Household Size 4
Employment Growth rate 1.50%
Total No. of Households 425,676
IT/ITES, Tourism, Services, Textiles, Aerospace,
Economic Drivers Bio sciences, Electronics, Small and Medium-
scale manufacturing
Per capita Income (INR/annum) 207,800
SEC Classification
SEC A 79,900 (18% of total HHs)
SEC B 74,100 (17% of total HHs)
SEC C 111,000 (25% of total HHs)
Source: Census of India 2011, Indicus Market Skyline

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2.3 City Connectivity

2.3.1 Road

Thiruvananthapuram is well connected to other cities in Kerala as well as in Tamil Nadu and

Karnataka via road. The Salem Kanyakumari highway (NH 47) is the major arterial road which

connects the city to other locations. The following table shows the distance (km) to major cities and

connecting roads.

City Distance (km) Connecting Roads

Ernakulam/Kochi 210 NH 47, NH 220
Chennai 766 NH 47, NH 7
Bangalore 135 NH 47, NH 944, NH 7
Coimbatore 386 NH 47
Kozhikode 387 NH 47, NH 17
Source: Wikimapia, Knight Frank Research

2.3.2 Rail

Thiruvananthapuram currently has 2 major railway stations Thiruvananthapuram Central (TVC)

located at Thampanoor in the heart of the city and Kochuveli station, which is located approx. 10 km

the city. Trains connect the city to all major cities and destinations in India such as New Delhi,

Mumbai, Kolkata, Hyderabad, Bangalore and Chennai. The following table below outlines the major

trains that connect Thiruvananthapuram to various cities in India:

Train name Train no. Starting Station End Station

Super-Fast Trains
Kerala Express 12625 Trivandrum Central New Delhi
TVC Kerala Express 12626 New Delhi Trivandrum Central
KCVL Express 12484 Amritsar junction Kochuveli
TVC Nizamuddin Express 12643 Trivandrum Central Harzat Nizamuddin
TVC Chennai Mail 12646 Trivandrum Central Chennai Central
Raptisagar Express 12511 Gorakhpur Trivandrum Central
TVC GHY Express 12507 Trivandrum Central Guwahati
TVC MAS Super Express 12696 Trivandrum Central Chennai Central
Mail Express
Kanyakumari Express 16526 Bangalore City Junction Kanyakumari
CAPE SBC Express 16525 Kanyakumari Bangalore City Junction
NCJ GIMBEXP 16336 Nagarcoil junction Gandhidham BG
MAQ- NCJ Parasuram Express 16649 Mangalore Nagarcoil junction
LLT TVC Netravathi Express 16345 Lokamanya Tilak Trivandrum Central
HYB TYC Sabari Express 17230 Hyderabad Deccan Trivandrum Central
KCVL SBC Express 16316 Kochuveli Bangalore City Junction
TVC Guv Intercity Express 16342 Trivandrum Central Guruvayur
TVC- ERS Vanchinad Express 16304 Trivandrum Central Ernakulum Junction
Source: Indianrail.gov.in

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Thiruvananthapuram Central and Kochuveli stations fall under the Southern Railway, which has a total running track length of 1,917 km. The system map of

Southern Railway given below shows the position of these stations in the network:

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2.3.3 Air

The Trivandrum International Airport is located approximately 5 km towards the west of the city

centre at Thampanoor. It is the first airport in Kerala and the first international airport in a non metro

city in India. It is the 8th busiest airport in the country in terms of international passenger traffic and

10th busiest in terms of overall passenger traffic. It provides connectivity to all major cities in India

as well as the International destinations such as the Middle East countries, Male, Singapore and

Colombo.

Yearly passenger traffic handled in Trivandrum Airport

3.0 2.8 2.8 3.0

2.5
Passenger Traffic (Million)

2.5 2.3 2.5

2.1
2.0
2.0 2.0

1.5 1.5

1.0 1.0

0.5 0.5

0.0 0.0
2007-08 2008-09 2009-10 2010-11 2011-12 2012-13

International Domestic Total

2.4 Demographics

As per Census 2011 data, the Thiruvananthapuram Urban Agglomeration has a population of

1,687,406 persons while the city has a population of 752,490. This makes Thiruvananthapuram the

most populous city and the fifth most populous Urban Agglomeration in the state. Both the city and

the Urban Agglomeration have very high literacy levels at 93.74% and 93.24% respectively. The

following chart represents the income classification for the urban population in

Thiruvananthapuram:

< INR 75,000

23% 26%
INR 75,001 - 150,000
INR 150,001 - 300,000
INR 300,001 - 500,000
14%
13% INR 500,001 - 1,000,000

12% > INR 1,000,000

13%

Source: Indicus Market Skyline 2011 - 12

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2.5 Economy

The establishment of Technopark, the first Information Technology park in India changed the

economic landscape of Thiruvananthapuram. Prior to this, majority of the city's workforce were

employed in Government service. Large scale industrial activity is limited in the city. The success and

growth of Technopark has made IT/ITeS the chief economic driver in the city along with tourism.

Tourism in Thiruvananthapuram is driven by the presence of internationally famous beaches Kovalam

and Varkala. The connectivity offered by the international airport also encourages many foreign

tourists to use the city as a hub to explore the different tourist attractions in the state. In addition to

leisure tourism, Thiruvananthapuram is also noted for medical tourism - offering quality, affordable

healthcare to visitors from different parts of the globe.

With the completion of the proposed Deep Water Container Trans-shipment Port at Vizhinjam, it is

expected that commercial activity in the city would be increased.

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2.6 Real Estate Overview - Thiruvananthapuram

2.6.1 Retail

Retail activity in Thiruvananthapuram city is dominated by high streets located in different parts of

the city. As on date, there are no modern malls in the city which act as a destination for families with

shopping, entertainment and parking facilities. Established retail pockets in the city include

locations such as M G Road, East Fort, Pattom, Kowdiar and Kesavadasapuram. The following map

shows the major retail micro-markets in the city:

Retail Micro-markets in Thiruvananthapuram

Emerging Growth Corridor Retail SBD

Retail CBD

Airport

Existing Retail Rentals

Zone Location Brands Present
Typology (INR/sq.ft./month)
Central Business MG Road, East Shopping Complex, Big Bazaar, Levis, Pothys, Joy
90 - 140
District (CBD) Fort High-street Alukkas, Jayalakshmi, Josco Jewellers
Secondary Business Shopping Complex, Kedaram Shopping complex, Big
Pattom, Kowdiar 65 - 100
District (SBD) High-street Bazaar, Wrangler, Levis, Pepe
Emerging Growth Sreekaryam, Local unorganized retailers,
High-street 60 - 100
Corridor Kazhakkoottam Spencers, Reliance Fresh
Source: Knight Frank Research

The Central Business District (CBD) which includes the traditional high street markets of M G Road,

East Fort, Overbridge and Chalai markets are the most important shopping locations in the city. There

are also shopping complexes in the micro-market, such as the Attukal Shopping Complex and

Karimpanal Arcade located at East Fort and Saphalyam Shopping Complex on M G Road.

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Some of the important features which has driven the retail activity in this micro market are:

The Thiruvananthapuram Central Railway station and well as the intra city and inter city bus

terminals operated by the State Government run KSRTC and private services are located here

Important landmarks such as the Secretariat and other Government offices, which were the

most important employment nodes before and during the 1990s are also present here

Most of the cinema halls in the city, which are an important source of family entertainment

for the city residents, are located in this micro market

These factors have driven retail activity in this region. Currently, this micro-market is characterized by

unorganized standalone buildings and lack of vacant land parcels for development. High street

shopping in the micro market also suffers from drawbacks such as congested buildings and absence

of dedicated parking facilities.

Rentals in the micro-market are the highest in the city, ranging from INR 90 140/sq.ft./month.

Rentals are determined by the road frontage and visibility, quality, maintenance and grade of the

building and floor on which the space is located. It has been observed that the rentals fall by approx.

INR 5 10/sq.ft./month for every higher floor and beyond the 3 rd floor, the demand for space drops

drastically.

The Secondary Business District (SBD) includes shopping complexes and high streets in locations

such as Pattom, Plamoodu, Kowdiar, Kesavadasapuram, Medical College etc. Some of the shopping

complexes here include the Kedaram Shopping Complex (Kesavadasapuram) and the Narmada

Shopping Complex (Kowdiar). This micro-market is driven mainly by the proximity to residential

pockets in these locations. Rentals for retail space are in the range of INR 65 100/sq.ft./month.

The Emerging Growth Corridor is located in the periphery of the city and includes areas such as

Sreekaryam, Kazhakkoottam and Akkulam. Currently, there is little retail activity in these regions in

addition to high-streets in Sreekaryam and Kazhakkoottam as well as few supermarkets and daily

needs shopping centres. But it is expected that this region would see significant retail activity in the

coming years. This would be driven by the demand arising from Technopark (Phase I, II and III being

located here) as well as the large quantum of residential activity that has already happened here as a

result of the success of Technopark.

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Market assessment and project feasibility study, Tirupati, Andhra Pradesh

Retail Stock and Supply

As per our discussions with market sources, there is approx. 1 mn sq.ft. of Grade A retail space in the

city, located in the Central Business District and Secondary Business District micro-markets. Most of

this stock comprises single branded outlets of apparels, jewellery,

accessories and footwear. Pothys (Nikunjam Mall on M G Road),

Jayalakshmi, Parthas, Bhima Jewellers, Josco Jewellers, Kalyan

Jewellers, Naaz Mall, Big Bazaar etc. are some of the major retail

establishments within the Central Business District. QRS Mall which

houses Quilon Radio Service (a major electronics and consumer

durables outlet in the city), KFC, Maxx and few other outlets is one of

the few multi branded Grade A retail outlets in the city.

All the major retail establishments in the city have witnessed excellent demand, with high footfalls

and average bill amount. Demand for retail space in the city, especially the Central Business District

is very high, with completed and under constructed buildings getting leased/sold very fast. This is

quite evident from the fact that some of the developments such as the NIkunjam Square Mall, which

were initially conceived as multi branded outlets were taken up by single brands. Additionally, old

buildings in the city have been taken over and are being renovated to be used as exclusive outlets.

The following chart shows the upcoming supply in organized retail market in the city over the next

few years:

Upcoming Grade A retail supply in the city

700,000
600,000
500,000
400,000
sq.ft.

300,000
200,000
100,000
-
2014 2015 2016 2017

Source: Knight Frank Research

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Some of the major projects among the above mentioned upcoming supply are listed below:

Gross Leasable Area

Name of the Project Location Status Year of Completion
(sq.ft.)
KSRTC Terminal Thampanoor 140,000 Under Construction 2014
Mall of Tranvancore Chackai 475,000 Proposed 2017
Artech World Mall Pattoor 100,000 Under Construction 2015
Condor Plaza Pattom 150,000 Proposed 2016
Big I Mall Kazhakkoottam 150,000 Under Construction 2017
Independent Buildings Across City 40,000 Under Construction 2015
Independent Buildings Across City 60,000 Under Construction 2016

Source: Knight Frank Research

In addition to the above projects, there are a few other proposed mall projects in the city. But since

these projects have not been confirmed by the developers, they have not been included in the

upcoming supply.

Project Details: KSRTC New Terminal, Thampanoor

The old KSRTC bus terminal at Thampanoor is being redeveloped by KTDFC (Kerala Transport

Development Financial Corporation). In addition to multi-level parking bays for the buses, the new

terminal would also have shopping and commercial facilities. A sky walk is also proposed to be

developed from the new terminal building across the railway station to Powerhouse Road, where the

second entry of the railway station is located. The redevelopment project commenced in March 2012

and is expected to be completed and operations commenced in a couple of months time.

Work in Progress on the new terminal Layout plan

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The area details and the rentals fixed by KTDFC for the development is given in the below table:

Sl. No. Floor Area (sq.ft.) Rent (INR/sq.ft./month)

1 Basement Floor 7,371.57 140
Ground Floor 6,027.69 150
2
KIOSK Area (8 x 2 Nos) 576.80 160
3 First Floor 8,688.16 135
4 Second Floor 5,070.11 125
Third and Mezzanine Floor
Auditorium 2,474.80 200
5
Food Court 8,106.58 80
Open Food Court 4,949.60 40
6 Fourth Floor 11,631.56 70
7 Fifth Floor 12,234.12 60
8 Sixth Floor 12,653.76 55
9 Seventh Floor 12,653.76 50
10 Eighth Floor 12,653.76 45
11 Ninth Floor 12,653.76 35
Tenth Floor 12,653.76 30
12
Ramp Area
13 Ground Floor 590.72 150
14 First Floor 527.24 70
15 Second Floor 1,119.04 50
16 Third Floor 1,312.72 40
Total Area 138,544.00
Source: KTDFC

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Retail Demand Assessment

An econometric model has been used to determine the retail potential of the Thiruvananthapuram

Central Station. The model considers demographic indicators such as number of households in the

city, their income breakup, spending pattern and real estate aspects such as probable rentals for

different types of shops as well as existing and upcoming competition.

The number of households in the city, belonging to each of the income segments is given in the table

below:

Annual Household Income No. of Households

< INR 75,000 49,861
INR 75,001 - INR 150,000 23,991
INR 150,001 - INR 300,000 25,651
INR 300,001 - INR 500,000 22,068
INR 500,001 - INR 1,000,000 25,957
> INR 1,000,000 43,918
Source: Census of India 2011, Indicus Market Skyline 2011 - 12

Households having an annual income of INR 300,001 and above have been considered as the target

market for the retail development. As per our discussions with market sources, it is assumed that

approx. 50% of the city population can be expected to visit a retail development at the

Thiruvananthapuram Central Station.

The model has been appended in the table in the next page.

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Population by Income Classification Retail Annual

Total Retail Rent as a Rent Leasable Area
% Share Tenant Category Spend /
Over 10 Lakh 5 - 10 Lakh 3 - 5 Lakh Spend (mn.) % of Sales (INR/sq.ft/month) (sq.ft)
Household
Target Households in the Primary &
21,959 12,979 11,034
Secondary Catchment
% Consumption Expenditure 69% 690,000 517,500 276,000
% Retail Spend 43% 324,300 243,225 129,720
Supermarket /
Food & Grocery 69% 223,767 167,825 89,507 481,099 22,117 4% 50 1,474,472
Hypermarket
Departmental /
Apparel & Accessories 7% 22,701 17,026 9,080 48,807 2,244 12% 80 280,470
Specialty Store
Sub Anchor /
Books, Stationery & Music 4% 12,972 9,729 5,189 27,890 1,282 6% 65 98,627
Specialty Store
Food Court /
Eating out & Entertainment 3% 9,729 7,297 3,892 20,917 962 15% 45 267,115
Multiplex
Departmental /
Toiletries & Personal Care 3% 9,729 7,297 3,892 20,917 962 6% 75 64,107
Specialty Store
Departmental /
Footwear 2% 6,486 4,865 2,594 13,945 641 6% 85 37,710
Specialty Store
Consumer Durables 3% Specialty Store 9,729 7,297 3,892 20,917 962 6% 75 64,107
Departmental /
Jewellery & Semi Precious Stones 3% 9,729 7,297 3,892 20,917 962 15% 120 100,168
Specialty Store
Toys & Gifting Items 3% Specialty Store 9,729 7,297 3,892 20,917 962 12% 80 120,202
Mobile Phones 1% Specialty Store 3,243 2,432 1,297 6,972 321 12% 100 32,054
Departmental /
Home Furniture & Furnishing 2% 6,486 4,865 2,594 13,945 641 5% 60 44,519
Specialty Store
324,300 243,225 129,720 697,245 32,054 60 2,583,552
Existing and upcoming mall area (sq.ft.) 2,176,000
Expected Demand (sq.ft.) 407,552
Say 410,000

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2.6.2 Commercial Office

The Commercial Office market in Thiruvananthapuram can be said to comprise of the following major

micro-markets:

Commercial Micro-markets in Thiruvananthapuram

Emerging Growth Corridor Commercial SBD

Commercial CBD

Airport

Micro market Areas included Rental (INR/sq.ft./month)

Central Business District (CBD) M.G. Road, Statue, East Fort 80 120
P.M.G Junction, Pattom,
Secondary Business District (SBD) 60 100
Kesavadasapuram
Emerging Growth Corridor Kazhakkoottam, Karyavattom 30 - 40
Source: Knight Frank Research

Being the political capital of the State of Kerala, Thiruvananthapuram houses many important

Government offices such as the Secretariat and other administrative buildings. Commercial office

market in the city developed around these offices in the form of banks and other financial services.

The micro-markets for commercial office in the city are similar to the ones for the retail market,

covering similar locations.

The establishment of Technopark in Kazhakkoottam in 1990 has changed the office market dynamics

of the city. The success and subsequent expansions of Technopark has led to the Emerging Markets

micro-market becoming the most important micro-market for commercial office in the city.

Technopark, Thiruvananthapuram is the first and one of the largest and greenest Information

Technology parks in India. Phase I, which was established in 1990, is spread over approx. 300 acres

in Kazhakkoottam and has an approx. built up area of 4 mn sq.ft. Currently, close to 300 companies

are operating out of the Phase I, employing more than 30,000 professionals. Some of the prominent

companies operating out of Phase I include Oracle, Infosys, TCS, Ernst & Young etc.

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Phase II of Technopark is located approx. 5 km from the Phase I. It is spread across 86 acre of land

which has been allotted to Infosys (50 acre) and UST Global (36 acre). The total proposed built up

area for Phase II is approx. 4.8 mn sq.ft. Infosys has developed and is operating out of 2 buildings,

employing close to 4,000 people. New block of Infosys and UST Global are under development and

the final targeted employment is 30,000 professionals by 2015 16.

Technopark Phase III is geographically located between the Phase I and Phase II. It is spread across a

land area of 92 acre and has a proposed built up area of 10 mn sq.ft. When completed, the Phase III

would employ approx. 50,000 to 70,000 professionals. Currently, Technopark has developed approx.

1 mn sq.ft. In addition to this, L&T and Patni Computer Systems have been allotted land.

Snapshot Technopark Phase I, II and III

Technopark Technopark Phase II Technopark Phase III

~ 86 acre (handed over to

Total Land Area ~ 300 acre ~ 92 acre
UST Global and Infosys)

~ 4.8 mn sq.ft. (proposed by

Total Built up Area ~ 4 mn sq.ft. ~ 10 mn sq.ft.
2015)
Under construction
SEZ status granted for 27.5 acres
of land
Partially complete and
Status Operational 1 mn sq.ft. of IT space is being
operational
developed by Technopark
L&T and Patni Computer Systems
have been allotted land
Infosys, TCS, Ernst & Young
Global Shared Services Infosys (50 acres) and UST
Major Companies Patni Computer Systems
Center, UST Global, IBS Global (36 acres)
Software Services
Presently ~ 3,500 (in
Infosys Block I)
Total Employment ~ 30,000 ~ 50,000 to 70,000 expected
Proposed ~ 30,000 (by
2015)
BTS developments being
The first and one of the undertaken by the
The development is planned to
USP largest and greenest IT parks companies, Infosys and UST
conform to Green Building Norms
in India Global after leasing land
from Technopark

Source: Knight Frank Research

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Technopark Phase IV Technocity

Technocity is planned as an integrated township spread

across approx. 451 acre of land located in Kaniyapuram,

approx. 5 km from the Technopark Phase I. It would be

developed as an Integrated IT township, encompassing

IT/ITeS infrastructure, residential apartments, shopping

malls, hospitals, hotels, educational institutions and other

support facilities. With approx. 15 mn sq.ft. of built up area,

Technocity is expected to employ around 100,000

professionals. TCS has been allotted 82 acre of land in the

project to set up a Global Learning Centre.

The commercial office CBD of Thiruvananthapuram is characterized by banks, financial services and

other tertiary sector activities operating out of standalone buildings. In addition to tertiary services,

with increasing number of IT companies operating out of the different phases of Technopark,

increased demand has been witnessed for office spaces which are being used as marketing offices

for these companies. Lack of availability of land parcels has restricted the amount of new Grade A

office space entering the market. As per our interactions with market sources, newly constructed

Grade A office space would command between INR 80 120/sq.ft./month.

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2.6.3 Budget Hotels

Thiruvananthapuram being a popular tourist destination and also the state capital provides a wide

range of hotels in various star categories. While there are several 5 star properties close to Kovalam

beach catering to the tourist population, the city center consists of 3- 4 star category hotels which

largely cater to the business travellers.

The below table lists the major star category hotels within the city:

Tariffs
Hotel No. of Rooms Location Star Category
(INR/key/night)
Mascot 60 5,000 - 9,000 PMG Junction 4
Taj Vivanta 137 8,000 - 15,000 Thycaud 5
Fortune South Park Hotel 82 4,500 - 9,200 MG Road 4
Keys Hotel 101 3,500 - 7,000 Thampanoor 4
Maurya Rajdhani 39 3,000 - 6,000 G.H Road 4
Hycinth Sparsh 104 4,500 6,500 Thampanoor 4
Source: Knight Frank Research

With the Thiruvananthapuram Central Railway Station and the Central Bus stand being located here,

Thampanoor has a significant stock of budget lodging facilities and tourist homes. It is estimated

that there are approx. 450 keys in budget hotels and lodging facilities in and around Thampanoor.

Some of the prominent ones among these are listed in the table below:

Hotel Name Location No of Keys Tariff (INR/key/night)

A/C Non A/C
Hotel Thamburu International Thampanoor 39 1,800 - 2,100 --
Hotel Ariya Nivas Thampanoor 32 1,050 - 1,150 700
Hotel Highland Park Thampanoor 30 1,700 --
Hotel Blue Nest Thampanoor 26 1,400 --
Hotel Safa International Thampanoor 24 850 650
Hotel Regency Thampanoor 32 1,250 - 1,400 950
Hotel Homeland Thampanoor 66 800 --
Hotel Chaitram Thampanoor 88 1,600 --
Hotel Sukhvzs Thampanoor 42 1,250 800
Source: Knight Frank Research

Budget hotel/lodging facilities in Thampanoor have an average room rent in the range of INR 1,100

1,300/key/night. The average reported occupancy is in the range of 75% - 80%.

Most of the budget facilities in the vicinity of the Thiruvananthapuram Central Railway station are old

and not well maintained. Hence the option of developing a budget hotel can be considered. In order

to estimate the demand supply gap in the location, we have used the following econometric model:

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2013 2014 2015 2016 2017 2018 2019 2020

Tourist Arrivals 1.41 1.52 1.65 1.79 1.93 2.09 2.26 2.45
No of Travel Groups 0.36 0.39 0.42 0.46 0.50 0.54 0.58 0.63
Income < INR 500,000 0.27 0.30 0.32 0.35 0.38 0.41 0.44 0.48
Room Nights Required - Tourist 193,119 209,013 226,215 244,833 264,983 286,792 310,395
Room Nights Required - Business 34,080 36,885 39,920 43,206 46,762 50,610 54,776
Total Room Nights Required 227,199 245,898 266,136 288,039 311,745 337,402 365,171
Daily Room Requirement 622 674 729 789 854 924 1000
Existing Rooms 450 450 510 560 610 660 710 760
Additional Supply 0 50 50 50 50 50 50
Demand - Supply Gap 172 174 179 189 204 224 250
Source: Kerala Tourism, Indicus Market Skyline 2011, Knight Frank Research

As per our discussion with market sources, demand for budget hotels in the city is driven by tourists

as well as business travellers, with tourists forming 85% of the occupants. The number of tourist

arrivals is projected based on the data collected from the Kerala Tourism department. It is expected

that the tourist arrivals will continue to grow at the historic rate of 8% per annum. Only domestic

tourists have been considered for forecasting the demand. It is understood from our discussions

with hotel managers that the annual household income of the target segment is < INR 500,000. It is

assumed that about 50 keys would be added to the market in this segment every year.

The analysis reveals a demand supply gap of about 170 200 keys over a time period of next 5 years.

Considering the location of the proposed development in Thampanoor, which is in the heart of the

city and in the immediate vicinity of the Thiruvananthapuram Central Railway and Central Bus

station, it is assumed that the proposed development would be able to capture about 50% of this

unmet demand. Hence it is proposed that a budget hotel of 80 keys be made part of the

development.

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2.7 Site Details

Station Map

Legend
Item No Particulars Comments
Includes station entrance, ticketing counters, security checking area,
passenger amenities such as refreshment rooms, waiting areas and part of the
1 Station Main Entrance
platform. This is a heritage structure and hence there are development
restrictions
This building includes the ticket reservation office and passenger amenities
2 Passenger Reservation Centre
such as ATMs, IRCTC canteens, cloak room etc.
This is the second entrance to the station from the secondary access road.
3 Station Second Entrance
Amenities such as ticketing counter and restrooms available.
This is a vacant land parcel currently being used as parking area. It has
4 Parking Area 1
excellent frontage on the main access road.
5 Parking Area 2 Vacant land parcel being used as parking area at the secondary entrance.
Small piece of land along Platform No. 1, adjacent to the IRCTC Canteen. This
6 Vacant land parcel land parcel would also have good frontage from the main access road, once
the few existing structures on it are demolished.

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Station Yard Plan

Station and Surrounding Photographs

Station Main Entrance Station Second Entrance Parking Area at the station

Land parcel within the station Advertising boards at station Coach Care Centre at the station

Main access road to the station Access road to second entry Parking Area at second entrance

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2.8 Conclusion Recommended Product Mix

Based on our market study, the following product mix is recommended for the redevelopment of the

Thiruvananthapuram Central Station:

Total built-up
Achievable
Real Estate components Positioning Extent area
Rental/ARR
(sq. ft.)
INR 80
Retail/Shopping Area Mid end retail mall 500,000 sq.ft. 500,000 sq.ft.
125/sq.ft./month

INR 70
Commercial Office Grade A 100,000 sq.ft. 100,000 sq.ft.
100/sq.ft./month

Budget Hotel/Lodging Budget Category 80 keys (500 sq.ft./key) 40,000 INR 1,500/key/night
Total 640,000 sq.ft.

Real Estate components Brief

A budget hotel/lodging facility of 80 keys is recommended as part of
Budget Hotel/Lodging
the redevelopment of the station.
A mid-size mall catering to the middle and high income population
residing in the neighbourhood. The central location within the city and
Retail development the excellent connectivity, which would further be boosted by the
connectivity enhancement due to the development of the suburban
railway.
Grade A commercial space which would target tenants such as banks
Commercial Office and other financial organisations, marketing offices of IT/ITeS
companies etc.

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2.9 Proposed Station Drawings

Railway station model

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Overall conceptual station drawings

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Main entry

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Rear entry

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2.10 Financial Analysis

A financial model has been prepared to estimate the project costs, revenues, expenses and returns.

The cost and revenue assumptions are taken on gross bulk estimate only to assess the feasibility of

the project.

The section can be further divided into the following sub-section

Capital Expenditure

Funding

Revenues

Returns and financial potential of the proposed development

Capital Expenditure

Cost estimation has been done based on our understanding of the costs for similar developments,

and on the basis of our interactions with various developers. The table below specifies the

assumptions for construction costs.

Development Costing Assumption Un-inflated costs (INR Cr.)

Commercial (INR per sq. ft.) 1,750 17.7

Retail (INR per sq. ft.) 2,200 110.3

Hotel (INR per key) 15,12,000 12.1

Total 140.1

An inflation of 5.0% p.a. is considered to incorporate the impact of inflation, and an additional 18.3

crores is considered on account of interest during construction. The total capital expenditure,

excluding the land costs amounts to INR 181.2 crores.

In addition to the above mentioned development capex, the project also requires creating suitable

provisions for improving the overall station infrastructure. The activities include creating reservation

centre with essential services, foot over bridges alongwith walkways and 2 Multi-level car parks.

The cost for the same at current prices is as follows

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Cost break up for Trivandrum Railway Station Development

Cost of
S. Development Area (in Cost in
Constructio Cost Basis Cost (in INR)
No. Component sq. ft.) (INR Cr.)
n (in INR)

1 Multi Level Parking- II per Sq. Ft.

116,208 800 92,966,400 9.30

2 Multi Level Parking- II per Sq. Ft.

41,834 800 33,467,200 3.35
Reservation Center +
3 per Sq. Ft.
Essential Services 158,042 1,200 189,650,400 18.97
Foot Over Bridges +
4 per Sq. Ft.
Walkways 35,949 600 21,569,400 2.16
Total 337,653,400 33.77

Funding

For funding, the leverage ratio is considered as 75%, i.e. 75% of the total capital expenditure

excluding land costs, is funded by debt and remaining by equity. Total debt drawn for the project is

INR 117.3 crores.

Debt is considered at an interest rate of 15.0% p.a. for a period of 7 years post operations.

Repayments are made as per the following schedule.

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

5.0% 5.0% 10.0% 10.0% 20.0% 20.0% 30.0%

Revenues and operating expenditure

Revenues are considered from the following sources:

Lease rentals from Retail area

Lease rentals from commercial area

Revenues from budget hotel

The table below specifies the revenues assumptions and total revenues over a period of 10 years.

Particulars Revenue Assumptions Stabilized Revenues (INR Cr.)

occupancy

Retail (INR per sq. ft. per 95.0 90.0% 734.1

month)

Commercial (INR per sq. 75.0 90.0% 116.2

ft. per month)

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Hotel (INR per key per 1,500 80.0% 66.81

night)

To incorporate the effect of price level changes, an inflation of 5.0% is considered on the revenues.

The key operating expenditure is common area maintenance expenses, which will be met through

common area maintenance charges collected from the end users. Therefore, both the common area

maintenance revenues and charges are not considered for the purposes of financial analysis.

Besides common area maintenance expenses, the only significant costs is hotel operational costs.

The cost is considered to be 50.0% of the hotel revenues, in line with the industry average.

Feasibility analysis

Based on the above mentioned assumptions, a feasibility analysis is considered to ascertain the

financial potential of the proposed development. The revenue model is prepared for a period of 10

years, and an EBITDA multiple of 12.5 is considered to incorporate the impact of perpetuity.

The equity IRR for the project before the payment towards the development rights stood at 61.5%.

Typically, a developer expects equity IRR in the range of 17.5% to 20.0% for similar developments,

and can share the balance returns towards the payment of development rights.

Therefore, the value of development rights is ascertained by limiting the equity returns of the

developer up to 20.0%, and amounts to INR 180 crores.

These proceeds can be utilized towards up-gradation and modernization of the station infrastructure

detailed above in the capex section namely provisions for essential services, Foot Over Bridges,

Walkways and Multi-level car parking facilities.

1 Also includes revenues from F&B segment, to the extent of 35% of the Room revenues.

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3 Kollam Junction

3.1 City Snapshot Kollam

Kollam town is a prominent commercial and industrial centre in the southern part of Kerala State and

is well connected to important cities in Kerala and Tamil Nadu by road and railways. Kollam town is

the fourth largest city in Kerala, located 72 km north of Thiruvananthapuram and 150 km south of

Erunakulam. The towns is bounded by the Lakshadweep Sea at the West and Astamudi Lake in the

North. The most established region of the town is the central area which houses prominent

commercial buildings, high streets and recreational parks and open spaces.

The central junction is also known as Chinnakkada where major state and national highway

converge. The railway station is also located in the centre of the city and also serves as a major

railway network for Thiruvananthapura Ernakulam and Kollam Shencotta.

City Profile Kollam

Particulars Area Unit Value
District Kollam
State Kerala
KDA sq.km. 48.50
Extent
sq.km.
Population (2011 Census) KDA No of persons 2,635,375
Annualized Population
CAGR % (2001-11) 2%
Growth Rate (%)
Males/1000
Sex Ratio 1,113
Females
Literacy Rate % 94%
No of Households Numeral 74,684
Tourism, Agro based industries and
Economic Driver Industries
Ayurveda Medical Tourism

Source: Census of India 2011, Indicus Market Skyline 2011

3.2 City Connectivity

3.2.1 Road

Kollam is well connected to other cities in Kerala, Tamil Nadu and Karnataka via road. The following

table shows the distance (km) to major cities and connecting roads.

City Distance (km) Connecting Roads

Thiruvananthapuram 67 NH 47, SH 47
Cochin 136 NH 47, NH 220
Coimbatore 318 NH 47

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Chennai 714 NH 45, NH 7

Bangalore 135 SH 61, NH 5
Source: Google maps, Knight Frank Research
3.2.2 Rail

Kollam is a major trading hub and a tourism destination in Kerala. The Kollam Railway station is

centrally located and is easily accessible from Chinnakada (central junction) and is the second

largest railway junction in Kerala in terms of area after Shornur junction with a total of 6 platforms.

The railway station and has played an important role in the economic growth of the city where most

of the commercial activity is concentrated in the city. The following table below outlines the major

trains that connect to Kollam from various stations in India:

Train name Train no. Starting Station End Station

Super-Fast Trains
Kerala Express 12625 Thiruvananthapuram New Delhi
Central
TVC Kerala Express 12626 New Delhi Thiruvananthapuram
Central
KCVL Express 12484 Amritsar junction Kochuveli
TVC Nizamuddin Express 12643 Thiruvananthapuram Harzat Nizamuddin
Central
TVC Chennai Mail 12646 Thiruvananthapuram Chennai Central
Central
Raptisagar Express 12511 Gorakhpur Thiruvananthapuram
Central
TVC GHY Express 12507 Thiruvananthapuram Guwahati
Central
TVC MAS Super Express 12696 Thiruvananthapuram Chennai Central
Central
Mail Express
Train name Train no. Starting Station End Station
TEN Hapa Weekly 19577 Tirunelveli HAPA
Kanyakumari Express 16526 Bangalore City Junction Kanyakumari
CAPE SBC Express 16525 Kanyakumari Bangalore City Junction
NCJ GIMBEXP 16336 Nagarcoil junction Gandhidham BG
MAQ- NCJ Parasuram 16649 Mangalore Nagarcoil junction
Express
LLT TVC Netravathi Express 16345 Lokamanya Tilak Thiruvananthapuram
Central
HYB TYC Sabari Express 17230 Hyderabad Deccan Thiruvananthapuram
Central
KCVL SBC Express 16316 Kochuveli Bangalore City Junction
TVC Guv Intercity Express 16342 Thiruvananthapuram Guruvayur
Central
TVC- ERS Vanchinad Express 16304 Thiruvananthapuram Ernakulum Junction
Central
Source: Indianrail.gov.in

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3.3 Economy

The main economy of Kollam thrives on agriculture, trade and tourism this is also propelled by

Ayurveda and medical tourism which forms the major tourist attraction to the town. The town has a

good presence of shopping centre, hospitality developments located alongside the beaches.

Kollam is an emerging town and industrialization is still at a nascent stage. Some of the major

employers in the public sector are Indian Rare Earths Limited (IRE) at Chavara, Kerala Metals and

Minerals Limited at Chavara, Kerala Primo pipe factory at Chavara (not functional) United Electrical

Industries (popularly known as the Meter Company) and Parvathi Spinning at Kollam.

3.4 City Administration

The Quilon district is divided both on geographical and functional basis for purposes of general

administration. Geographically it is divided into Revenue Divisions, five Taluks and 104 Villages.

Functionally the District administration is carried on through the various Departments of the State

Government each of which has an office of its own the district level.

3.5 Tourism

Kollam is another coastal district of Kerala. One of the oldest ports on the Malabar coast, Kollam was

once the port of international spice trade. 30% of this historic town is covered by the renowned

Ashtamudi Lake making it the gateway to the magnificent backwaters of Kerala. The stretch between

Kollam and Alappuzha is the longest backwater cruise in Kerala. The district which is the centre of

the country's cashew trading and processing industry also has some interesting historic remnants

and a number of temples built in the traditional ornate architectural style.

Major tourists attractions are as given below:

Thangasseri (Beach)

This seaside village of historic importance has the ruins of an old Portuguese fort and churches built

in the 18th century. The Thangasseri lighthouse is open to visitors from 3:30 pm to 5:30 pm. There

are buses at 15 minute intervals from Kollam town (5 km from Kollam town).

Thirumullavaram (Beach)

This secluded beach is a beautiful picnic centre and has frequent bus connections to the town (6 km

north of Kollam town).

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Alumkadavu (Backwater)

Just 23 km from Kollam, Alumkadavu is half way on the route to Alappuzha from Kollam. This quiet

little backwater village in Karunagapally town is famed for its boat building yard. It is here that the

gigantic kettuvallams (cargo crafts of rural Kerala) were built. Today the kettuvallams which were

long replaced by modern means of transport have been converted into houseboats.

3.6 Infrastructure Developments Existing

3.6.1 Outer Ring Road

a) NH bypass between Ayathil and Kavanad- This is the most important stretch of road among

the outer ring roads. Its proposed that the NH 47, which cuts across the town at present

should by-pass the densely built up and highly congested central area. The by-pass begins

at Mevaram junction near Thattamala in the Kollam Triruvanathapuram stretch of NH-47

and the alignment of NH-37 and the alignment passes through Vadakkevila village where it

intercepts the Kollam Kannanallor road at Ayathil junction. Currently this stretch of

contruction has been completed, a major portion of which is outside scheme boundary. From

Ayathil junction the by-pass passes through Kilijolloor village intercepting the railway lines

and then the Q S road at Kallumthazham. This stretch of the by-pass would be serving the

industrial areas at Vadakkevila and Kilikolloor. Then the by-pass crosses crosses the land

and converges at Kollam Ernakulam stretch of NH 47, at Altharamoodu junction near

Kavanadu

b) Road from Ayathil to Pallimukku Its the outer ring road connecting the Kollam

Kannanallor road and the Kollam Thirvananthapuram stretch of NH 47. The widening

proposal for this road is retained as 15 mtrs

c) Road from Pallimukku junction to Eravipuram This is the stretch of road connecting the NH

47 and the coastal road. Although the road was previously proposed for 20 mts widening

was not feasible and the proposal is now been revised to 18 mts in the revised master plan.

This is a prominent link road serving the proposed industrial areas at -Pallimukku and

Eravipuram connecting to the Pallimukku commercial sub-center to the coastal road.

d) Coastal road from Eravipuram to Thankassery This road is part of the proposed Kollam

Varkala road and is aligned along the southern bank of TS Canal. This road serves the

Eravipuram industrial and residential areas sandwiched between the canal and

Lakshwadweep sea as well the Kochuplammoddu beach and the adjacent proposed park

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area. This roadway has already been developed and by considering its importance the right

of way proposed to retained as 15 mts

e) Coastal road from Thankassery to Sakthikulangara via Thirumullavaram: This road is the

continuation of the coastal road passing through Thirumullavaram Tourist centre. A major

portion of this stretch has been formed. The alignment still to be formed is the stretch

between Chittezhathu junction near Kurumalathu and Maneezhathujunction near

Sarpakuzhy. This area is predominantly occupied by fishermen. The entire length of the

Coastal area could be connected to the town by the Coastal road. The transportation of Sea

Food and raw products will become quicker and easier once this road is completely

developed. Another feature is that this road passes through three parks and opens spaces

viz. Thirumullavaram, Thankassery and the Kochuplammoodu beach all having enough

tourist potential. In general, the outer ring road will facilitate the smooth movement between

the residential areas and the industrial and commercial work centres. The road connects the

major industrial areas and recreation centres and collects the traffic entering the town from

outside distributing it over the entire town and its environs with the help of the intermediate

roads.

3.6.2 Inner Ring Road

These sets of roads are very important in the towns communication system and they enrich

the Central area of the town. The following stretches of roads constitute the Inner ring roads.

a) The proposed parallel road from D.S.P. Office junction to Mulankadakom via, P.W.D

Office Junction, Pandakadsala Bridge, Vaddy Mudakkara area, Thekkecutchery and

Anchukallumoodu. This stretch was previously proposed for 25mts. widening, but

being less feasible is now proposed to be widened to 18mts.

b) The existing road from Mulankadakom to Civil Station is proposed for 25mts. widening.

c) The Civil Station Taluk office junction road: This important road is proposed for

25mts. widening being the major stretch connecting the Public offices

d) The proposed road from Taluk office junction to Kadappakkada viz. Asramam is

proposed to be widened to 20m. This stretch includes the Link road from K.S.R.T.C. Bus

stand to Asramam.

e) The road from Kadappakkada to Kappalandimukku is also proposed for 20mts.

widening.

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3.6.3 Radial Road

a) The existing Kollam- Thiruvananthapuram road: being the major road connecting the

town and the State Capital, the widening proposal for this road is retained as 25m.- and

is extended up to the Railway Station.

b) The existing Kollam- Kannanalloor road: Considering the importance of this road which

further joins the Q.S. road at Kundara, this road is proposed to be widened to 20m.

c) The existing Kollam- Shencotta road: This road is an interstate road via.; Punalur Town

connecting the Tamil Nadu State at commercial and tourist centres like Thrunalveli and

Shencotta. This road is proposed to be sidened to 25m.

d) The existing Kollam- Anchalumoodu road: This road intercepts the proposed national

highway by passes at Thrikkadavoor and further joins the Q.S. road at Elampalloor and

this road is proposed for 20mts. widening.

3.7 Infrastructure Developments Kollam Techno Park

Kollam Techo Park is being developed in the lines of Trivandrum Techno Park with a hub and spoke

model, which is located in Kundra, Kollam. The Techno Park will be a part of 44.46 acres

development comprising of 2 million sq. ft. of built-up area and fully developed plots of various sizes

starting from 2 acres 5 acres. The built-up area will come with plug and play infrastructure and

incubation facilities.

Located on the banks of the Kanjiracode Lake, a tributary of the Ashtamudi in Kollam this technopark

is to offer the support of uniform talent distribution, Infrastructure and supporting IT platforms, e.g.

telecom, datacom and digital exchanges, excellent infrastructure availability and back-up support

available in Kollam. It is located just 63 km away from the Trivandrum Campus headquartered in the

state Capital.

It is just 22 km away from Kollam City and just 70 km. away from the Trivandrum International Airport.

Kollam is well connected with Railways, Bus and Waterways. Being located near the banks of

Kanjirode lake, a tributary to Ashtamudi lake with its unique idyllic surrounds should make it stand

out from among the other technoparks of Kerala located in cities.

The phase I of the Techno Park is completed and comprise of 100,000 sq. ft. of builtup area. The

companies that have taken up space in the park include Captech solution Pvt. Ltd., Ardso, Pecunia,

Dime Technologies Pvt. Ltd., Friscon Intellectual Property Solutions Pvt. Ltd., Technocuz Software

Solutions Pvt. Ltd, Future Cyber Tech P Ltd, Zsenda Technologies Pvt. Ltd. Etc.

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3.8 Real Estate Overview Kollam

3.8.1 Real Estate Overview

The real estate of Kollam is largely concentrated around the Chinnakadda junction which forms the

central part of Kollam town. The economy of Kollam is fuelled by major cashew trading hub and the

hospitality and leisure services, which is complemented by Ayurveda treatments with the co-

existence of the beaches. Kollam has emerged into a prominent tourist destination in Kerala which is

endowed with ancient Ayurveda medicines and practices. Organised real estate is emerging in the

form of small scale apartment developments and small mid level retail developments while all

these developments are concentrated around the central region of the town. Residential activities

are mostly in the form of independent dwelling unit and small apartment developments and very

limited activities were seen in these locations.

The Industrial activities are limited to small and

Ashramam
Road
medium scale industries which are concentrated

in the peripheral areas of Pallimukku and Link Road

Chavara.

The town has emerged into a location of tourist

Kollam Railway
prominence and centre for Ayurveda treatment station

which has led to influx of large number of

domestic and foreign tourists and has created

demand for hospitality and leisure developments.

On account of these treatments spanning over a

period of 2-3 months there is significant

underlying demand for budget accommodation. Source: Google Maps, Knight Frank Research
The influx of tourist population is expected to draw

more developments alongside the beaches and the backwaters and propel real estate activities in

the town.

The existence of the natural backwaters and lakes in the northern quadrant of Kollam is expected see

significant potential for hospitality and leisure based developments in the future.

3.8.2 Hospitality overview

Hospitality developments are concentrated around the Chinnakkada junction and along the beach

road of Kollam. Further there are developments which are located along the Asramam Road and

along the backwaters. Kollam has facilities ranging from budget category to 5 star category hotels.

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With the growing floating population every year there has been increased demand for budget and

mid-end segment hotels.

Supply Analysis

The period from 2006 to 2010 the city has seen the largest number of supply of hotels, while the

period from 2010 to 2013 was subdued and there have been very few organised hotels that have

become operational.

Year on Year supply of keys - Kollam

300
250 276
200
No. of Keys

150
146
100 126
50 93

0
Till 2000 2001- 05 2006 - 2010 2010 - 2013
Source: Knight Frank Research

Budget and 3 star category hotels form the major chunk of the supply with about 55% share. 5 star

category hotels were observed to have the second largest supply. The city has an evenly spread of all

categories of hotels thus catering to all segments of travellers to Kollam.

Segment wise spread of Keys

29% 23%

16% 32%

Budget 3 star 4 star 5 star

Source: Knight Frank Research

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The below graph analysis the Average ARRs across budget categories

Budget wise spread of average ARR's

6,000

5,000
5,250
4,000
INR ARR/night

4,000
3,000
2,700
2,000

1,000
1,198
0
Budget 3 star 4 star 5 star

Source: Knight Frank Research

The table below lists the hospitality developments in Kollam district:

Year of No of Star
Sl No. Name of the Hotel Location ARR
occupation Keys category
1 Shah International Hotel Ashramam Road 1982 75 1000 Budget
2 Hotel Sudarsan Parameswar Nagar 2004 28 1250 Budget
3 KSTDC - Sea Bee Hotel Jetty Road 1991 24 1140 Budget
4 Railview Hotel Railway station Road 2001 23 1400 Budget
5 Club Mahindra Ashtamudi Ashtamudi 2009 34 4500 3
6 Nani Chinnakada 2006 28 2500 3
7 Sea Palace Kochupilamoodu 2008 20 1850 3
8 Hotel Grande Muscat Karunagpally 2005 35 1750 3
9 Cambay Palm Lagoon Vellimon West, Kundara 2008 26 3500 3
10 The Central Park Kollam-Tirumangalam Road 2005 24 2200 3
11 Nila Palace Cheerancavu 2005 21 1800 3
12 Vijaya Palace Chavara 2005 15 3500 3
13 Fragrant Nature Hotels & Resorts Paravur 2010 29 4000 4
14 Aquasserenne Paravur 1998 27 3500 4
15 Club Mahindra Back Water Resort Chavara South 2009 44 4500 4
16 The Raviz Kollam Mathilil 2011 93 6500 5
The Quilon Beach Hotel & Convention
17 Beach Road 2008 95 4000 5
Centre
Total no. of Keys 641

Source: Knight Frank Research

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3.8.3 Retail Overview

Retail segment in Kollam is still at a very nascent stage, while there is significant potential for retail

developments owing to high disposable incomes of the middle income and high income population

of Kollam. Retail developments are mostly concentrated in the city centre region of Chinnakkadda

and along the Beach road. Some of the earliest retail developments in Kollam include the Bishop

Jerome shopping center and Alukkas wedding center. RP mall was the first organised mall in the city

which became operational in 2012, the mall houses prominent brands such as Reliance Trends,

Malabar Gold, Reliance footprints, Bata, Lee, Ray ban, Navigator, Male Republic Linen etc., the

Kurumpelil Avenue is proposed to be redeveloped into mall with an area of 120,000 sq. ft. The

presence of prominent brands such as Titan, Derby, KFC, Sylocn, Woodland etc has also catalysed

the demand for organised retail developments in Kollam.

The list below shows the retail supply in Kollam:

Area in Rental INR/ sq.

Sl No. Name of the project Status Location
sq. ft. ft./ month

GF- 90 100

1 F 65 70
1 RP Mall Operational Chinnakada 100,000
2F 55 65

3F - 40 45

2 Jos Alukkas Operational East Fort 250,00 38

3 Standalone retail chains Operational Chinnakada 100,000 NA

Bishop Jerome shopping Off Railway

4 Operational 55,000 NA
center station Road

5 Alukkas Wedding center Operational Poilakada Rd 72,000 NA

6 Kurumpelil Avenue Planned NH-47 120,000 NA

7 Unorganized retail building Operational Beach Road 150,000 NA

Total 572,000

Source: Knight Frank Research

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3.9 Conclusion Recommended Product Mix

The site has a poor location with respect to accessibility and visibility, and therefore may not be

suitable for the development of commercial establishments. Based on our detailed observation of

the site and prevailing market demand a budget residential mix may be considered as a suitable

development option.

A residential scheme may be structured on a PPP (Public Private Partnership) basis by engaging a

private developer to fully exploit the potential of the property. In addition, the developer may also

improve the quality of exiting railway quarters and can further enhance the stock of railway housing.

Total built-up

Real Estate components Positioning Extent area Achievable rate

(sq. ft.)

Residential Budget category 217,000 sq.ft. 217,000 sq.ft. INR 2,500 psf

Total 217,000 sq.ft.

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3.10 Conceptual Station Drawings

Railway Station Model

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Overall Conceptual Station Drawings

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Proposed developments at Railway Station

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3.11 Financial Analysis

A financial model has been prepared to estimate the project costs, revenues, expenses and returns.

The cost and revenue assumptions are taken on gross bulk estimate only to assess the feasibility of

the project.

The section can be further divided into the following sub-section

Capital Expenditure

Funding

Revenues

Returns and financial potential of the proposed development

Capital Expenditure

Cost estimation has been done based on our understanding of the costs for similar developments,

and on the basis of our interactions with various developers. The table below specifies the

assumptions for construction costs.

Development Costing Assumption Un-inflated costs (INR Cr.)

Residential (INR per sq. ft.) 1,500 32.7

Total 32.7

An inflation of 5.0% p.a. is considered to incorporate the impact of inflation. The total capital

expenditure, excluding the land costs amounts to INR 35.2 crores.

Funding

Usually a developer does not require debt in case of a residential development as the developer

collects a chunk of payment up-front from the end-users as booking amount, and collects periodical

payments based on construction completion.

Majority of the funding is done through equity and cash flows from the project, and only a small

component of debt is required, i.e. INR 1.0 crores.

Revenues and operating expenditure

Revenues are considered from long term lease of residential development. The table below specifies

the revenues assumptions and total revenues over a period of 10 years.

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Particulars Revenue Assumptions Revenues (INR Cr.)

Retail (INR per sq. ft.) 2,500.0 66.3

To incorporate the effect of price level changes, an inflation of 5.0% is considered on the revenues.

The key operating expenditure is common area maintenance expenses, which will be met through

common area maintenance charges collected from the end users. Therefore, both the common area

maintenance revenues and charges are not considered for the purposes of financial analysis.

Feasibility analysis

Based on the above mentioned assumptions, a feasibility analysis is considered to ascertain the

financial potential of the proposed development. Typically, a developer expects equity IRR in the

range of 17.5% to 20.0% for similar developments, and can share the balance returns towards the

payment of development rights.

Therefore, the value of development rights is ascertained by limiting the equity returns of the

developer up to 20.0%, and amounts to INR 22 crores.

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4 Station Site Visits

As discussed in the introductory sections of this report, Knight Frank team conducted detailed site

visits of all the stations located on the corridor between Thiruvananthapuram and Chengannur. There

are 27 stations in total, as listed below:

Sl. No. Station Name Sl. No. Station Name

1 Thiruvananthapuram Central 15 Paravur
2 Thiruvananthapuram Pettah 16 Mayyanad
3 Kochuveli 17 Iravipuram
4 Veli 18 Kollam
5 Kazhakkoottam 19 Perinad
6 Kaniyapuram 20 Munrothuruttu
7 Murukkanpuzha 21 Sasthankotta
8 Perunguzhi 22 Karunagapalli
9 Chirayinkeezh 23 Ochira
10 Kadakavur 24 Kayankulam
11 Akathumuri 25 Mavelikara
12 Varkala Sivagiri 26 Cheriyanad
13 Edavai 27 Chengannur
14 Kappil
The properties belonging to Railways at each of the stations have been identified with the help of the

consultants arranged by the client.

The 25 stations other than the Thiruvananthapuram Central Station and Kollam Station which have

been studied in detail for commercial exploitation are located where the real estate activity is in very

nascent stages. Hence these sites are recommended for future use.

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4.1 Thiruvananthapuram Pettah

Station Map

Legend
Item No Particulars Comments
Includes station entrance, ticketing counters, passenger amenities such as
1 Station Main Entrance
refreshment rooms, waiting areas and part of the platform.
2 Railway Quarters This area has railway quarters which are currently occupied

Station and Surrounding Photographs

Station Main Entrance Station Access Road Passenger Facilities at station

View of Railway quarters View of Railway quarters Access Road to railway quarters

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4.2 Kochuveli

Station Map

Legend
Item
Particulars Comments
No
Includes station entrance, ticketing counters,
1 Station Main Entrance passenger amenities such as refreshment rooms,
waiting areas and part of the platform.
Includes station entrance and ticketing counters;
2 Station Second Entrance
this entrance is not much in use presently
3 Parking Area Vacant land parcel being used for car parking
This area has railway quarters which are currently
4 Railway quarters
occupied

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Station Yard Plan

Station and Surrounding Photographs

Station Main Entrance Station Access Road View of station building and platforms

Car Parking Area Second Entry to station Adjacent building to second entry

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4.3 Veli

Station Map

Legend
Item No Particulars Comments
1 Station Main Entrance Includes station entrance and ticketing counters

Station and Surrounding Photographs

Station Main Entrance Platform Area Approach Road

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4.4 Kazhakkoottam

Station Map

Legend
Item No Particulars Comments
Includes station entrance, ticketing counters, passenger amenities such as
1 Station Main Entrance
refreshment rooms, waiting areas and part of the platform.
2 Vacant Land parcel Part of which is used for parking
Existing Structures such as
3 Old structures existing which are being used
Railway Quarters and Offices

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Station yard plan

Station and Surrounding Photographs

Station Main Entrance Station Access Road Existing buildings

Vacant Land Parcel Railway quarters Substation close to the station

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4.5 Kaniyapuram

Station Map

Legend
Item No Particulars Comments
Includes station entrance, ticketing counters, passenger amenities such as
1 Station Main Entrance
refreshment rooms, waiting areas and part of the platform.
2,3 Vacant Land parcel Part of which is used for parking

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Station Yard Plan

We have not been provided with the yard plan for this station.

Station and Surrounding Photographs

Station Main Entrance Station Access Road Existing structures

Vacant Land Parcel View of Platform Vacant Land Parcel

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4.6 Murukkanpuzha

Station Map

Legend
Item No Particulars Comments
Includes station entrance, ticketing counters, passenger amenities such as
1 Station Main Entrance
refreshment rooms, waiting areas, parking area and part of the platform.
2 Land parcel with few structures Mostly vacant land parcel with few quarters and other offices
3,4 Vacant Land parcels Presently, these land parcels are vacant

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Station Yard Plan

Station and Surrounding Photographs

Station Main Entrance Station Access Road Existing structures

Vacant Land Parcel Vacant Land Parcel Railway Quarters

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4.7 Perunguzhi

Station Map

Legend
Item No Particulars Comments
1 Station Main Entrance Includes station entrance and ticketing counters

Station Main Entrance Platform Area Waiting Area

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4.8 Chirayinkeezh

Station Map

Legend
Item
Particulars Comments
No
Includes station entrance, ticketing counters, passenger amenities
1 Station Main Entrance
such as refreshment rooms, waiting areas and part of the platform.
2 Parking Area Vacant land area being used as car parking
3 Vacant Land parcel Currently being used for parking and partially as private bus stand
4 Vacant Land parcel Partially used for parking
5 Land parcel Mostly vacant, with few offices and other structures
Narrow strip of land on the other side of the railway line as the
6 Vacant Land parcel
station

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Station Yard Plan

We have not been provided with the yard plan for this station.

Station and Surrounding Photographs

Station Main Entrance Station Access Road Existing structures

Vacant Land Parcel 2 wheeler parking area Car Parking area with bus stand

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4.9 Kadakkavur

Station Map

Legend
Item No Particulars Comments
Includes station entrance, ticketing counters,
1 Station Main Entrance passenger amenities such as refreshment rooms,
waiting areas and part of the platform.
2,3 Parking Area Vacant land area being used as car parking
4 Railway Quarters Few of them are old and abandoned
Narrow strip of land located along the access road to
5 Vacant Land parcel
the station

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Station Yard Plan

Station and Surrounding Photographs

Station Main Entrance Station Access Road Existing structures

Existing structures 2 wheeler parking area Car Parking area with bus stand

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4.10 Akathumuri

Station Map

Legend
Item No Particulars Comments
1 Station Main Entrance Station building with ticketing counter
2,3 Vacant Land Parcel Vacant Land parcels

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Station Yard Plan

We have not been provided with the yard plan for this station.

Station and Surrounding Photographs

Station Building Station Access Road

Vacant Land Parcel Vacant Land Parcel

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4.11 Varkala Sivagiri

Station Map

Legend
Item No Particulars Comments
1 Station Main Entrance Station building with ticketing counter
2,3 Vacant Land Parcel Vacant Land parcels
3 Reservation Office and retiring rooms Newly constructed building; not commenced operations yet
4, 5, 7 Vacant land parcels Currently unutilized land parcels
Land parcel with buildings being used as railway quarters by
6 Railway quarters
the staff

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Station Yard Plan

Station and Surrounding Photographs

Station Main Entrance Station Access Road Parking Area at the station

Land parcel across the station Land parcel along the station New building for reservation office

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4.12 Edavai

Station Map

Legend
Item
Particulars Comments
No.
Station Building comprising of Waiting Hall, Ticket Counters, Station Masters
1 Main Station Building
office and Parcel Room.
Vacant land with dense vegetation. This land portion also provides access
2 Vacant Land road for the station and also has an overhead water tank and gang rest
room.
3,4 Railway Quarters Railway quarters currently not in use.
5 Railway Gatemans Hut

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Station Yard Plan

We have not been provided with the yard plan for this station.

Station and Surrounding Photographs

Station Main Building Gatemans hut & Approach Road Station Platforms

Old Abandoned Railway Quarters Gang Rest Room Vacant Land behind station building

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4.13 Kappil

Station Map

Legend
Item No. Particulars Comments
Main station building includes entrance,
1 Main Station Building ticketing counters, waiting areas and part
of the platform.
Enclosed Parking area for two and four
2 Parking Area
wheelers
3,4 Vacant Land Densely vegetated vacant land area.

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Station Yard Plan

We have not been provided with the yard plan for this station.

Station and Surrounding Photographs

Station Main Building Parking Area in front of the station Abandoned Railway Quarters

Station Platforms Vacant Land Area Approach Road

Canal Sea Beach Kappil Sea Beach Kappil

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4.14 Paravur

Station map

Legend
Item No. Particulars Comments
Main station building includes entrance, ticketing
1 Main Station Building
counters, waiting areas and part of the platform.
2 Parking Area Provides parking for two and four wheelers
3,4 Vacant Land Land parcel densely vegetated by trees.

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Station Yard Plan

Station and Surrounding Photographs

Station Main Building Station Building Parking Area in front of the station

Station Platforms Vacant Land Area Approach Road

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4.15 Mayyanad

Station Map

Legend
Item No. Particulars Comments
Mai station building includes entrance, ticketing counters, passenger
1 Main Station Building
amenities such as refreshment rooms, waiting areas and part of the platform.
2 Parking Area Partly land filled for providing elevated access road and parking area.
3,4 Railway Quarters Currently not in use
5,6,7 Vacant Land Densely vegetated irregular land parcels.

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Station Yard Plan

We have not been provided with the yard plan for this station.

Station and Surrounding Photographs

Station Main Building Station Building Aerial View from FOB

Station Platforms Railway Quarters Approach Road

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4.16 Iravipuram

Station Map

Legend
Item No. Particulars Comments
1 Main Station Building Consists of Waiting Hall Only
2 Vacant Land Vacant land with a road passing through it

Station and Surrounding Photographs

Station Main Building Station Platforms Vacant Land

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4.17 Perinad

Station Map

Legend
Item No. Particulars Comments
Main Station Small Station Building comprising of Waiting Hall, Ticket Counters
1
Building and Station Masters office
2 Parking Area Parking Area for Two Wheelers and Four Wheelers
3 Railway Quarters Railway quarters currently in use
4,5 Vacant Land Vacant land with thin vegetation
6 Electric Sub-Station Located on land area belonging to Railway

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Station Yard Plan

Station and Surrounding Photographs

Station Main Building Parking Area Station Building

Approach Road Station Platforms Vacant Land

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4.18 Munrothuruttu

Station Map

Legend
Item No. Particulars Comments
Small Station
Building
comprising of
Main Station
1 Waiting Hall,
Building
Ticket Counters
and Station
Masters office
Water logged
2 Vacant Land rectangular
patch of land

Station and Surrounding Photographs

Station Main Building Station Platforms Vacant water logged Land

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4.19 Sasthankotta

Station Map

Legend
Item No. Particulars Comments
Main Station Small Station Building comprising of Waiting Hall, Ticket
1
Building Counters, Station Masters office and Parcel Room
2 Parking Area Parking Area for Two Wheelers and Four Wheelers
3 Station Quarters Station Quarters Currently in Use
4,5,6 Vacant Land Vacant land Parcels with thin vegetation

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Station Yard Plan

Station and Surrounding Photographs

Station Main Building Station Platforms Parking Area

Vacant Land Vacant Land Railway Quarters

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4.20 Karunagapalli

Station Map

Legend
Item No. Particulars Comments
Small Station Building comprising of Waiting Hall, Station
1 Main Station Building
Masters office and Parcel Room
2 Reservation Centre Vacant land filled area just outside the station entrance
3, 4 Parking Area Parking Area for Two Wheelers as well as Auto Stand
5 Vacant Land Leveled vacant land area

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6 Station Quarters Station Quarters Currently in Use

Station Yard Plan

Station and Surrounding Photographs

Station Main Building Two & Four Wheeler Parking Approach Road

Station Platforms Reservation Centre Railway Quarters

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4.21 Ochira

Station Map

Legend
Item No. Particulars Comments
Main Station Small Station Building comprising of Waiting Hall, Station Masters
1
Building office and Parcel Room
2 Parking Area Vacant land filled area just outside the station entrance
Land Parcels 3 & 4 are low lying marshy land areas with grass and
3,4,5 Vacant Land
few trees. Land parcel 5 is a land locked parcel without road access
6 Railway Quarters Station Quarters Currently in Use

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Station Yard Plan

Station and Surrounding Photographs

Station Main Building and Parking Area Station Platforms Station Platforms

Vacant Marshy Land Vacant Marshy Land Railway Quarters

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4.22 Kayankulam

Station Map

Legend
Item No Particulars Comments
Includes station entrance, ticketing counters, passenger amenities such
1 Station Main Entrance
as refreshment rooms, waiting areas and part of the platform.
Executive Engineer office and Land Parcels with the office and quarters buildings; 2 land parcels
2
Railway quarters separated by a road
3 Parking Area Vacant land being used as parking area; temporary sheds provide cover
Bus stand for state owned and private buses that provide connectivity
4 Municipality bus stand between city and the station; the road access to this has been leased
from railways by the Municipality
5 Vacant Land parcels On either side of the main access road to the railway station

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Station Yard Plan

Station and Surrounding Photographs

Station Main Entrance Station access road Municipality Bus stand

Parking area Vacant land parcel Vacant land parcel

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4.23 Mavelikara

Station Map

Legend
Item No. Particulars Comments
Main Station Main station building is very small, includes entrance, ticketing
1
Building counters and part of the platform
Vacant land used for Two & Four Wheeler parking. Temporary
2,3 Parking Area
shade structures are provided for two wheeler parking
4,5,6 Vacant Land Vacant land parcels are present with dense vegetation
7 Railway Quarters Railway quarters currently in use

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Station Yard Plan

Station and Surrounding Photographs

Station Main Building Station Platforms Approach Road

Two Wheelers Parking Four Wheelers Parking Railway Quarters

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4.24 Cheriyanad

Station Map

Legend
Item No. Particulars Comments
Main Station Main station building is very small, includes entrance, ticketing
1
Building counters and part of the platform.
2 Railway Quarters Old abandoned railway quarters
Rectangular shaped land along railway line. Land portion
3,4 Vacant Land
4 also provides access to the railway station.
Earth Borrow Pit
5 This vacant land parcel has been used as earth borrow pit
(Vacant Land)

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Station Yard Plan

We have not been provided with the yard plan for this station.

Station and Surrounding Photographs

Station Main Building Vacant Land with Approach Road Parking Area

Station Platforms Station Building Old Abandoned Railway Quarters

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4.25 Chengannur

Station Map

Legend
Item No. Particulars Comments
Main station building includes entrance, ticketing counters, passenger amenities such
1 Main Station Building
as refreshment rooms, waiting areas and part of the platform
2 Auto and Taxi Parking Vacant land area used as parking stand for Auto & Taxi
3 City Bus Stand City bus stand provides convenient connectivity to other parts of the town
Pilgrim Shelters Chengannur being the nearest railway station to religious place Sabarimala attracts
4,5,6
Pilgrim Bath & Toilet lot of pilgrims. Pilgrim shelters are provided along with Toilet & Bath facility for the
7,8
blocks comfort of pilgrims
9 RPF Sub Inspector Office
10 Parking Area Vacant land used as parking for 2, 3 & 4 wheelers
11 Railway Quarters Currently in use and maintained in good condition
12 Vacant Land Low lying densely vegetated vacant land

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Station Yard Plan

Station and Surrounding Photographs

Main Entrance with Auto & Taxi Stand City Bus Stand Parking Area

Station Platforms RPF, Sub Inspector Office Pilgrim Shelter

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5 Summary

Based on the detailed site visits conducted at the stations and the market surveys done thereafter,

Knight Frank has arrived at the most viable development mix options for the two identified stations

for immediate commercial exploitation Thiruvananthapuram Central Station and Kollam station.

Detailed financial projections were also performed for these stations and the summary of the same is

provided in the table below:

Recommended Net Present

Station Name Location Achievable Pricing
Product Mix Value (INR Cr)
Extent
Asset Class Value Unit
(sq.ft.)
Retail 500,000 80 125 INR/sq.ft./month
Commercial
100,000 70 100 INR/sq.ft./month
Thiruvananthapuram Thampanoor, Office
180
Central Thiruvananthapuram Budget
40,000 1,500 INR/key/night
Hotel/Lodging
Total 640,000 -- --
Residential 217,000 2,500 INR/sq.ft.
Kollam Junction Chinnakkada, Kollam 22
Total 217,000 -- --

For the remaining 25 railway stations, Knight Frank team has conducted detailed site inspections and

identified the land parcels and other properties belonging to the Railways. Detailed site maps

indicating these properties have been given in earlier sections of this report. It is recommended that

they be held for future exploitation as the current potential does not justify development at this

stage.

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Market assessment and project feasibility study, MRVC Kerala

Disclaimer

The statements, information and opinions expressed or provided in this publication are intended

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we believe they are correct and not misleading, with every effort having been made to ensure that

they are free from error, they should not be taken to represent, nor are they intended to represent,

investment advice or specific proposals, which must always be reviewed in isolation due to the

degree of uniqueness that will attach thereto.

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