KOCHI: Goshree is a region where around `9,600 crore has been pumped and has seen real estate development worth `5,000-crore in a span of just 10 years. Normally, such a place would have become the most developed area in the state, but the islands in Kochi still cut a sorry picture. Unfortunately, the benefits of ‘mega development’ have hardly drifted down to the masses with around 2.5 lakh residents in the area still running from pillar to post for basic needs.
The mega projects in the region are International Container Transshipment Terminal at Vallarpadam, Petronet LNG Terminal, Petroleum Products Bunkering Facility of Kochi Refinery, LPG terminal of Indian Oil Corporation, Oceanarium Project and Ship Repair Complex of Cochin Shipyard.
The rough investment on these project is `9,630 crore. The real estate value of the area rose considerably which triggered a real estate boom with projects to tune of `5,000 crore.
“The configuration of Kochi City has undergone a complete change with the construction of Goshree bridges. Due to the geographical advantage of the region many mega projects have come up, particularly at Puthuvype and Vallarpadam. But the projects have failed to bring any benefits not only to the region but also to the state as well for want of a proper master plan,” said K J Sohan, Town Planning Standing Committee Chairman, Kochi Corporation.
Bernard Benny, vice-president, Elamkunnapuzha panchayat, said mega projects in the region has not helped reduce the misery of the residents in the area. Water-logging and drinking water crisis are major problems
“Before the arrival of the bridges the land price was only `3,000-`4,000 per cent. Now it has increased to `5 lakh per cent. Vallarpadam container terminal and Petronet LNG Terminal worth ` 8,000 crore struggle hard to stay afloat while the other projects are only in the initial stages of implementation. The real estate bubble at the region is likely to burst due to over supply. Around 20 projects are being built at the Marine Drive region and the units in supply is over 2,000 and under premium category with few takers,” said N P Nishad, MD, Nucleus Properties.