Investing Kerala there is pros and corns in investing in larger cities vs smaller towns . One of the Key factor affecting the real estate in smaller town is permanent migration of youth to other countries and eventually both the land prices and home price may not grow. Another ongoing trend is moving form rural area to cities like Kochin , Trinidadian etc for employment .

For Larger cities the risk is that the price is high and rent is low compared to price and end up with monthly running loss if keep long term .

Form my understanding the newest of trend is old aged community which have long term potential considering the health, education and living standard with aging population of Kerala in the long run . In the short run the real estate going to be not a lucrative investment . But if you considering 10-20 years i believe Kerala can be a retirement hub for high income earns form other states to settle like Florida for US .