KOCHI: SmartCity-Kochi, which has decided to approach the state government to convert 12 per cent of its allotted 246 acres into a freehold to promote residential projects, will allow investors from outside the IT zone, to own and lease apartments.
There is now a reservation among property developers and prospective owners from taking up apartment projects or own flats as the rules prohibited those outside the zone to lease or own properties.
“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 a 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,” said Manoj Nair, CEO, SmartCity-Kochi.
Nair expects the government to consider the proposal to allow those from outside to take up residential properties in the nearly 30-acre land, which will be converted into a freehold. Property developer Confident Group has recently submitted an expression of interest (EoI) for developing residential projects on 15 acres within SmartCity Kochi with an investment of Rs 1,200 crore. “This is one of the biggest residential projects in the city,” he said.
More property developers are also expected to join fray, once the government allows SmartCity-Kochi to convert the freehold, which allows those outside the zone to buy/lease properties, as the project would become more attractive. For instance, Infopark-Kakkanad, which is adjacent to the SmartCity-Kochi, employs over 25,000 software engineers. They can also find accommodation in the newly-coming up real estate project inside SmartCity-Kochi.
The current plan will also enable people to live in close proximity of their workplace, greatly mitigating transportation woes. Presently 27 companies have set shop at SmartCity Kochi employing close to 4,000 professionals. Based on the ongoing development plans in SmartCity Kochi, an additional 55 lakh sq ft built-up area will be delivered in phases commencing in the 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.
The board also approved the proposal to allocate 3.33 acre in SmartCity Kochi to Kochi Water Metro to set up a terminal and two jetties.
The terms of the lease with Kochi Water Metro will be finalised soon. The water metro project, being executed by Kochi Metro Rail Ltd, is part of the integrated transportation solution and will benefit the working population in the IT parks, SmartCity Kochi and the existing communities around these parks.
Project status
There is now a reservation among property developers and prospective owners from taking up apartment projects or own flats as the rules prohibited those outside the zone to lease or own properties
Nair expects the government to consider the proposal to allow those from outside to take up residential properties in the nearly 30-acre land, which will be converted into a freehold.
Property developer Confident Group has recently submitted an expression of interest (EoI) for developing residential projects on 15 acres within SmartCity Kochi with an investment of Rs 1,200 crore