Smart City Kochi to raise additional Rs 4,000 cr

Smart City Kochi to raise additional Rs 4,000 cr

Agency News

Kochi, May 29: Smart City Kochi, a joint venture company of the Kerala Government and Dubai Holding, has drawn up an ambitious plan to raise an additional Rs 4,000 crore from potential investors in its Phase III, IV and V by activating infrastructure ready residential plots and by completing the balance infrastructure development on its township side.

“The Phase III will witness residential, sports and recreation facilities and mixed-use developments in a land area covering 30 acres. Phase IV and V planning is underway where we would invest an estimated Rs 200 crore to complete the remaining infrastructure to activate 45 acres of additional plots that could be offered to the investors for residential and social infrastructure projects,” Smart City Kochi Managing Director Manoj Nair said.

On the township side, GEMS Modern Academy, with an investment of Rs 102 crore, has commenced its operations with sports and other educational amenities, he said in a release here on Wednesday.

Construction work on the residential project is likely to commence during the last quarter of 2019 itself, subject to necessary clearances from the state government. Work on the remaining infrastructure development will be taken up in the last quarter of 2020, Nair said.

He said the master plan of Smart City Kochi has been updated and environmental study for the expansion is underway.
As per the framework agreement with the Kerala Government, the base investment in Smart City Kochi was estimated to be Rs 1700 crore. Overall, developments in Smart City Kochi have so far resulted in an investment over Rs. 2600 crore, he added.

“In terms of development of IT business infrastructure, further investments to the tune of Rs. 2,200 crore could be attracted. The full build out investment potential of Smart City Kochi is estimated to be Rs. 9,000 crore,” the MD said.

“To facilitate co-developments by investors, we have invested in the development of a 7 km of 4-lane road with utility and services trenches, 33 KV sub-stations with power infrastructure, water storage and distribution infrastructure and landscaping. Work on water treatment plant is progressing as per schedule,” he said.

Nair said major businesses like Lulu Group International, Prestige Group, Maratt Group, Holiday Group and Schulte Group are the co-developers which have signed up to create IT business infrastructure projects.