Kochi: SmartCity Kochi, a joint-venture organization of the Kerala government and Dubai Holding, has planned to raise Rs 4,000 crore from prospective investors in its phase III, IV and V by finishing the balance infrastructure development in its areas.
“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 the remaining infrastructure to activate 45 acres of additional plots that could be offered to the investors for residential and social infrastructure projects.” said Manoj Nair, CEO, SmartCity Kochi.
“With these three phases opening up, and subject to timely clearances and approval from the Government of Kerala, 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 projects 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.
According to the regulatory agreement with the Kerala government, the starting investment in SmartCity Kochi stood at Rs 1,700 crore. The developments in SmatCity Kochi have garnered investments of more than Rs 2,600 crore so far.
Prestige Group, Maratt Group, and Holiday Group are some of the firms that have signed up to develop the IT business infrastructure projects in Kochi.