Seeking to give an impetus to its growth plans, SmartCity Kochi has decided to convert 12 per cent of its allotted 246 acres into freehold to promote residential projects.

A board meeting of the company has resolved to approach the Kerala government, seeking change of status of 29.5 acres from leasehold to freehold, SmartCity Kochi CEO Manoj Nair said.

Residential projects

“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. This will enable SmartCity to undertake developments to promote residential projects and facilitate people to buy residential units, including options for long-term lease,” Nair said.

Job creation

Based on the ongoing development plans in SmartCity Kochi, an additional 55 lakh sq ft 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 1 lakh in the IT hub at Kakkanad.

With the Gems Modern Academy School, with a capacity of 3,000 students, commencing soon, the timing is appropriate to promote residential and retail projects and other related infrastructure that will make up the landscape of the township, he said.

EoI submitted

Meanwhile, Confident Group, a leading real estate developer, has submitted an expression of interest (EoI) for developing residential projects on 15 acres within SmartCity Kochi with an investment of ₹1,200 crore.

“We have proposed to undertake the development in phases over five years, once necessary approvals are given,” said Roy CJ, Chairman of Confident Group.

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