SmartCity Kochi, a joint venture company of the State government and Dubai Holding, is all set to raise an additional Rs 4,000 crore in its Phase III, IV and V. The plan is to complete the infrastructure development of the residential plots in its township side, said a press release.
“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 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 in the press release.
While the construction work of the residential project is likely to begin during the last quarter of this itself, post the necessary clearances from the State government, while the remaining infrastructure development work will be taken up in the last quarter of 2020.
Meanwhile, with an investment of Rs 102 crore, GEMS Modern Academy has started its operations on the educational and other sports amenities on the township side which are 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 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,” Nair said.
Initially, the base investment in SmartCity Kochi was expected to be around Rs 1,700 crore, however, the over developments in SmartCity Kochi so far have reached an investment worth over Rs 2,600 crore.