High level of degradation and urban problems

The land-use changes in Cochin are more pronounced and perceptible these days. The residential and commercial areas show a high level of degradation. Houses are getting clustered and yearn for more space. Residential areas are undergoing vertical expansion owing to lack of space. Parks, open lands etc are giving way to human settlements. Congested urban areas are getting more congested and thus slum areas are growing. Commercial establishments and streets are getting busier and the condition of buildings is deteriorating.

The volume of traffic is high at important road junctions producing much noise pollution. The ambient noise standard prescribed is 55 Leq dB (A) for residential area but Cochin city shows a high level of noise pollution between 60 – 70 Leq dB(A), the highest being near Panampilly Nagar where it is 74 Leq dB (A). The accepted noise standard in commercial areas is 65 Leq dB (A) at day time. It is now as high as 84 Leq dB (A) at Ernakulum south adjacent to M.G.Road, which again shows a high level of degradation. The noise levels are high even in the silence zone where hooting of horns is prohibited. The recommended noise standard in this zone is 50 Leq dB (A).

Even with all these problems when considering the developments in real estate Cochin is in the forefront of major developments. The one reason for the phenomenal appreciation in real estate values is due to the preference shown by the investor community. Investors from all over the world started flocking to Cochin when the land values started appreciating and doubled within a short period of time.

Due to the recession in the global economy and particularly in the gulf countries, the reverse brain drain or the reverse migration of people has resulted in major changes. What began as a trickle has now turned into a flood. The state government is in a fix as to how to meet this phenomenal inflow of people. This influx of the expatriate population is having a positive aspect as well. The returning expatriates now bring in significant investment funds and thus the global recession did not have a major effect upon the local real estate market.