Kochi: SmartCity Kochi, a joint venture company of the Kerala government and the Dubai Holdings Ltd, 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 completing the remaining infrastructure development in its township side.
“The Phase III will witness residential, sports & 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 remaining infr-astructure to activate 45 acres of additional plots that could be offered to investors for residential and social infrastructure projects,” said Manoj Na-ir, CEO, SmartCity Kochi.
“With the three phases opening up, and subject to timely clearances and approval from the state government, we would create further investment opportunities of Rs 4,000 crore to promote developments in the township side of SmartCity Kochi. Of this, a confirmed expression of interest from a leading residential project developer in South India is under process. The development entails residential project in an area covering 15.5 acres of land on a freehold basis with an investment of approximately Rs 1,200 crore,” he added.
Construction work on the residential project is likely to commence during the last quarter of 2019 itself while work on remaining infrastructure development will be taken up in 2020 end.
Mr Nair said the master plan of SmartCity Kochi had been updated and environmental study for the expansion is underway.
As per the framework agreement with the state government, the base investment in SmartCity Kochi was estimated to be Rs 1,700 crore. Overall, developments in SmartCity Kochi have so far resulted in an investment of over Rs 2,600 crore.
“In terms of the development of IT business infrastructure, further investment to the tune of Rs 2,200 crore could be attracted. The full build-out investment potential of SmartCity Kochi is estimated to be Rs 9,000 crore,” he informed.
