Due to the increase in the circulation of money in Kochi, the commercial capital of Kerala, major economic developments are taking place. The investment of surplus capital in the housing market has resulted in a housing boom. Newer areas that are better served with all amenities within a short distance from the residential neighborhoods are now preferred by the elites. When considering the proliferation of Apartments Kochi is now witnessing a boom unseen in earlier times mainly due to the advent of planned urban development.
This process has led to a changed city landscape and resulted in the sub-urbanization of the elite population. Secondly, this social dimension is expressed through changing family size, housing requirements, lifestyle preferences, growing environmental awareness and increased personal affluence. This encouraged many people to reside in suburbs with better living conditions, cleaner environs and lower crime levels. In this process the size and power of the core area of Kochi has weakened. Thirdly, the increase in investment in SOC (social overhead capital) by the government has resulted in improvement of the transportation facilities in the suburbs. This has opened up the suburbs and resulted in a large-scale movement of the elite population away from the core of the city. Thus, they have not received the attention they deserved and it is equally important to conceptualize the whole process of spatial change.
The perceptions and decisions taken by the high income class people are the pivotal point of the spatial change that has occurred in the emerging metropolitan cities like Kochi. In Kerala, almost all the leading realtors and also other investors intending to invest in real estate always consider Kochi as the most preferred destination due to the possibility of phenomenal returns within a short period of time. Very few of the leading businesses in Kerala do not own a foothold in Cochin. One of the reasons for the continuing appreciation in real estate values in Kochi is due to the preference given by the prominent businessmen towards investing in this commercial city.
Tue Jun 07, 2011 1:09 am