SmartCity Kochi, a joint venture company of the State government and Dubai Holding, will raise an additional ₹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 in its township side, said a press release here on Tuesday.
“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 under way where we will invest an estimated ₹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,” Manoj Nair, CEO, SmartCity Kochi, was quoted as saying in the release.
On the township side, GEMS Modern Academy, with an investment of ₹102 crore, has commenced its operations with sports and other educational amenities expected to be completed by this month-end.
“With these three phases opening up, and subject to timely clearances and approval from the government of Kerala, we will create further investment opportunities of ₹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 ₹1,200 crore,” Mr. Nair said.
Construction work on the residential project is likely to commence during the last quarter of this itself, subject to necessary clearances from the State government. Work on remaining infrastructure development will be taken up in the last quarter of 2020.
As per the framework agreement with the Kerala government, the base investment in SmartCity Kochi was estimated to be ₹1,700 crores. Overall, developments in SmartCity Kochi have so far resulted in investment over ₹2,600 crore.