The small allocations made for ownership housing programmes in Kerala’s Five Year Plans are not indicative of the size of this programme in the state. Kerala’s ownership housing programme got a big boost from the setting up of Urban Development Authority in 1962. The programme consisted, at least initially, to provide developed plots of land to the citizens of the state.
Since, land due to its high price was a major constraint in the acquisition of a house, this programme was expected to help people to acquire a house of their own in a big way. In the year 1967, this agency initiated a programme for providing custom built houses to people. Up to the year 1982, this authority had provided 32,997 plots of land to different income groups. Further, by 1985 a total of 1,11,716 dwelling units had been built and distributed. Growth of the cooperative housing movement had also helped in easier access to ownership housing in Kerala.
Even then much remained to be done to properly develop Real Estate in Cochin. The revenue and housing development agencies used to be concentrated in the capital city and they were not aware of the developments in other parts of the state. Cochin was the commercial capital of the state and it brought much revenue to the state mainly due to its proximity as an export hub of the state.
All that has changed in recent times due to the freedom given to the private sector. Perhaps at no other point in time has this city witnessed such rapid real estate developments. The quality of the final product has gone up because quality always comes with a price. Not only that investors are also now considering an investment in real estate rather worth because of the continuing appreciation in real estate values. Even during the global recession, Cochin is still witnessing major developments mainly due to the inflow of funds from other parts of the globel