Kochi, the Queen of Arabian Sea, is one of the most actively emerging cities not only in India but also in South Asia. A host of development projects are lined up to transform Kochi into a key centre of development in South India.

An estimated investment of Rs 25,000 crore (Rs 250 billion), both public and private, lined up seeking to make it an emerging hub of IT and sea-based industries. The most of the important projects have been proposed at Vypin Island so the development of Kochi is based on that island.

The Vallarpadam International Container Terminal (VICT) is the flagship project of Kochi for which a road and a rail link project has been finalised. This ambitious project is being constructed by Dubai Port International (DPI) and as part of the agreement DPI is now operating the Rajiv Gandhi Container Terminal (RGCT). The project for setting up the first port-based special economic zone, which will be a major turning point in the development of both Kochi and Kerala. This will be established at Vallarpadam as part of the international container terminal. The foundation stone of the project was laid by the Prime Minister.

Indicating a new era in the IT development of Kerala, Dubai Internet City had already signed a Memorandum of Understanding (MoU) with the state government for setting up a Smart City at Kakkanad near Kochi. The proposed project envisages creating 33,000 jobs and will show case almost all the major IT companies of the world. Once fully operational, the Smart City would be one of the leading IT parks in India, and would consolidate the image of Kerala as the emerging hotspot for IT investment. Under the project, Dubai Internet City has entered into a joint venture with the Government of Kerala to build a state-of-the-art 300 acre self contained IT Park. DIC had visited several other cities in India before deciding on Kochi for the Smart City Project.

There have been plans to transform Cochin Shipyard into one of the largest and most modern ship building centres in Asia in line with Korea and Japan.

Kochi being one of the interesting tourist spots in Kerala, both the Kerala government and Kochi Port Trust (KPT) are keen on the development of its tourism infrastructure. As more luxury liners come to Kochi, KPT will build a berth of international standard exclusively for passenger ships. There is also a proposal by the tourism department for an international standard golf course at Vallarpadam.

To improve the mass transportation system a Kochi metro rail project is in the process. Many big national and multinational companies are planning to set up campuses in Kochi. A lot of small and medium IT companies are also starting their units.

The development and diversification plans of Kochi Refinery and FACT are the other major development initiatives and Kochi will be the major economic centre of India within a short period.

Cochin International Airport Limited (CIAL)
The Cochin International Airport (CIAL) is another major development that has changed the face of Kochi. This airport is the first in the country constructed on the green-field. The airport is equipped with state-of-the-art facilities. It was formally inaugurated by the President of India on May 25, 1999.

The airport currently operates 224 services in a week, including both domestic and international services. About 4,800-5,700 passengers both international and national pass through the airport daily. The airport has crossed a landmark figure of one lakh services passing through the airport.

CIAL has witnessed a steady growth in the aircraft movement since seven years. Along with public sector airlines Air-India, Air-India Express and Indian, there are nine private international carriers operating through the airport — Silk Air, Qatar Airways, Mahan Air, Emirates Airlines, Kuwait Airways, Saudi Arabian Airlines, Oman Air, Gulf Air and Srilankan Airlines. Six domestic carriers operate through the airport; Indian, Jet Airways, Air Sahara, Air Deccan, Kingfisher Airlines and Go Air.

Real estate boom
The proposed developments and the changes which have occurred in Kochi have also changed the real estate value. The land value in Kochi and adjacent areas like Tripunitura, Kakkanad and Vypin island have increased incredibly. Land prices have rocketed by around 500 per cent in and around Kochi.

The main beneficiary of the price rise is Kochi’s suburbs which have become the nerve centre of real estate activities as Kochi is congested. With the construction of Goshree bridge connecting Vypin island to the mainland, prices there have shot up to Rs 1-2 lakh, compared to just Rs 20,000-30,000 about a year ago.

About 30 major hotel projects and over 50 apartment projects are at various stages of construction to cater to the needs of the emerging city within a few years time. The value of flats has increased to Rs 50 lakh to Rs 1 crore in the most fancied areas such as Marine Drive.