A ride past High Court Junction towards Goshree Road might make one feel as though they are in a township of skyscrapers. The northern side of Marine Drive, a popular promenade facing the backwaters in Kochi, has undergone a remarkable transformation over the past decade.
Highrises such as Abad Marina Plaza, KGL Marine Majestic, and Prestige Neptune’s Courtyard now dominate the skyline, reflecting the city’s vertical expansion.
Now, the ‘mother-of-all’ skyscraper project is set to come up in the region, creating a buzz in Kochi’s real estate sector. Originally mooted a decade ago, the Kerala State Housing Board’s (KSHB) ‘Marine Eco City’ project was on the backburner due to various reasons. Now it has been revived.
The Rs 2,400-crore project has gained momentum following its inclusion in the State Budget 2025-26 document, with the government estimating a revenue of Rs 3,650 crore from it.
“It’s a dream project of the government and is set to come up at the heart of Kochi city, in the flourishing Marine Drive area,” KSHB chairman T V Balan tells TNIE.
“The government has expedited the project, which involves developing a massive residential-cum-commercial complex. Construction will commence this year itself. An empowered committee, headed by the chief secretary, has been formed to ensure swift execution. A meeting of the committee is scheduled for February 20 to discuss strategies for speedy implementation of the project.”
What’s the project all about?
“Discover a sanctuary where modern sophistication and sustainable living converge seamlessly. This exceptional development offers the perfect balance of comfort, functionality, and environmental responsibility, creating an unparalleled lifestyle experience,” says the KSHB website.
“Immerse yourself in a tranquil atmosphere that inspires both relaxation and productivity, while enjoying top-quality features that cater to your every need. Whether you’re seeking a premium commercial address or a luxurious residential haven, this project delivers an opportunity to elevate your standards and embrace a more sustainable future.”
Spanning 17.9 acres near G Memorial and Mangalavanam, Marine Eco City will feature flats, shopping malls, a convention centre, offices, hotels, and more. The residential complex will have a total built-up area of 31.48 lakh sq.ft, offering 3BHK and 4BHK apartments.
“Marine Eco City will be constructed in an eco-friendly manner,” says Balan. “It will be a harmonious blend of luxury and green building design, surrounded by lush greenery and abundant natural light. There is also a plan to create a bamboo forest.”
The project will be implemented in three phases. The first phase will see the construction of six 26-storey towers, with a shopping mall on the first three floors, office spaces above, and flats on the top. The cost for this phase is estimated at Rs 486.38 crore.
An official explains that KSHB will retain ownership of the 2.47 lakh sq.ft commercial complex, the 85,651 sq ft convention centre, and the hotel.
“A memorandum of understanding was signed between KSHB and the National Buildings Construction Corporation on December 31, 2024,” the official adds.
“An empowered committee was established in May 2024, with its first meeting held on November 12, 2024. The NBCC floated tenders for Phase 1 implementation last month. Currently, discussions are ongoing with the Housing and Urban Development Corporation to secure initial funding. Additional investments will come from residential unit sales and loans backed by land pledges.”
A top NBCC official says the project is being “executed on an EPC (engineering, procurement and construction) basis, where the contractor will be responsible for the entire project, from design to commissioning”. “The contract includes comprehensive design, engineering, and allied works,” he adds.
A township model
While the project will follow a township model, its facilities — except for the residential units, of course — will be accessible to the public.
“A lion’s share of the residential units will be luxury flats targeted at premium customers,” says Balan. “However, we plan to reserve some 3 BHK flats at an affordable price for other sections. However, the commercial complex and facilities such as the convention centre, mall and hotel will be open to the public.”
The “mega project” will “tranform the region”, believes Sethunath M, CEO of Confederation of Real Estate Developers’ Association of India (Credai), Kerala Chapter. “While it was conceived much back, the government has now taken the project again, anticipating the boom in the real estate market. It’s a good sign and will add to the growth of Kochi city,” he says.
“However, the government should focus on developing the infrastructure in the whole Marine Drive area. Already a lot of builders like Sobha City, Tata and Prestige groups have constructed highrises in the area, which has started to feel congested. This project is sure to take a toll on the current infrastructure. The roads should be widened and water way connectivity should be provided.”
Deepak L Aswani, co-chair of Federation of Indian Chambers of Commerce & Industry, (Ficci) - Kerala Chapter, gives a thumbs-up to the project. “Earlier, Ficci conducted a study of the project. We suggested creating a good ecosystem within the township,” he adds.
“One of the key recommendations was a setting up a seafood shop, where one can buy fresh catch to finished products under a single roof.”
D Dhanuraj, chairman of the Centre for Public Policy Research, shares some concerns as he welcomes the project. “It augurs well for the city, as it could fuel the growth of the local economy,” he says.
“However, the government should ensure the creation of a good ecosystem first. Only then can KSHB be able to find genuine buyers. Moreover, people should settle there once they buy the residential units. It shouldn’t be like certain other highrises where people, especially NRIs, buy flats as a vacation stay facility. Only if the buyers reside in the units will it give a boost to the local economy.”