Kochi: Seeking to give an impetus to its growth plans, SmartCity Kochi has decided to convert 12 per cent of its allotted 246 acres of land to freehold to promote residential projects.
SmartCity Kochi said the decision would compliment the development of the commercial IT buildings and enable people to live in close proximity of their workplace, thereby greatly mitigating the transportation woes.
A board meeting of the company, held last week in Thiruvananthapuram, had resolved to approach the Kerala government, seeking change of status of 29.5 acres from leasehold to freehold, SmartCity Kochi CEO Manoj Nair said on Monday in a release.
"In accordance with the provisions of the framework agreement executed in 2007 followed by the lease agreement signed in 2011 with the Kerala government, we will submit the request to the state administration to facilitate change of status of selected plots in SmartCity Kochi from leasehold to freehold", Nair said.
This would enable SmartCity undertake developments to promote residential projects and facilitate people to buy residential units, including options, for long-term lease, he said. Based on the ongoing development plans in SmartCity Kochi, an additional 55 lakh square feet built up area will be delivered in phases commencing fourth quarter of 2020.
"This will create an additional 55,000 direct jobs, increasing the workforce population to 100,000 in the IT hub at Kakkanad," Nair said. The board also approved the proposal to allocate 3.33 acres of land in SmartCity Kochi to Kochi Water Metro to set up a terminal and two jetties.
Meanwhile,Confident Group,a leading real estate developer in Kerala and Bengaluru, has submitted an Expression of Interest (EoI) to develop residential projects on 15 acres within SmartCity Kochi at an investment of Rs 1,200 crore.
"The group has been in discussions with us for the past couple of months and we can confirm that we have received a firm EoI from Confident Group. We have identified the land parcels where residential developments will be prioritized.
Subject to completing the processes with the government of Kerala, we are hopeful that the development with Confident Group will further construction activities in SmartCity," Manoj Nair said.