Kodungalloor Ministers, leading historians and social activists in the state visited the various historical sites and monuments in Kodungalloor and nearby areas and discussed the course of action to be taken to preserve the rich historic legacy of the ancient town, known in ancient times as Musiris.

The historians- K.N. Panikkar, Rajan Gurukkal, Michael Tharakan, P.J. Cherian and M.R. Raghava Varrier,Tourism Minister Kodiyeri Balakrishnan, Finance Minister T.M. Thomas Isaac, Revenue Minister K.P. Rajendran and the former Vice-Chancellor of Kerala University B. Ekbal were among those who teamed up to take the first step for the unique initiative as a sequel to an announcement made in the State Budget, which had set apart Rs.50 lakh for working out a comprehensive plan to protect the historical heritage of Kodungalloor.

A committee with Dr. Panikkar as chairman was formed to prepare a plan of action and the Kerala Council for Historical Research (KCHR) chosen as the nodal agency and the committee would prepare a plan within two months.

The project aims to develop areas of ancient historical importance such as Kodungalloor Bhagavathi temple, Cheraman Masjid, Azhikkode Mosque, Kodungalloor Kovilakom, Kottappuram fort, archeological area of Pattanam and the Jewish synagogue in Chendamangalam, and will be implemented with the help of the Union Government.

Kodungalloor was a critical trade link in India's ancient maritime history. It was known as Musiris to Pliny the Elder, who describes it as "primum emporium Indiae".

Roman gold and silver coins bearing impressions of Roman Emperors Tiberius and Nero were discovered in the village of Parur near the town during 2000.

The town was nearly completely destroyed by the Portuguese on September 1, 1504 in retaliation for the Samoothiri Raja's actions against them.