One of my friends graduated from CUSAT and he was able to give me some information regarding the status of the institute.
CUSAT is a state University, recognized by UGC, and AICTE. It has also been accredited by NAAC.
In past, there was a rumor going on that CUSAT will become an institute of national importance under MHRD, Govt of India. However, as of now, nothing regarding this has been officially declared.
In terms of academics, CUSAT is a decent university. To know more about the institute you can read the student reviews available on various social media. You can also visit the official website.