KOCHI: As part of efforts to increase non-ticketing revenue, the Kochi Metro Rail Ltd is focussing on alternate sources of income. The agency is taking determined steps towards launching a Metro City project - with an apartment complex and a shopping mall - spanning 17 acres in Kakkanad.
With the KMRL reaching a consensus with the PWD on the handing over of the land, it is now awaiting a government order (GO) in this regard. The plan is to complete the Metro City project before the completion of the proposed Kakkanad extension so that the agency will be able to garner a considerable revenue by the time of the extension of the services in the second phase.
Under the ambitious Metro City plan, KMRL is planning to raise up to Rs 1,000 crore. “We have reached on an in-principle agreement with the PWD, under which the latter will hand over the land, excluding the guesthouse, for the property development. The fencing and other work will be carried out soon. We hope the GO in this regard will be issued soon,” said a KMRL officer.
Once the land is officially handed over to KMRL, the agency will rope in a global consultant for the property development through competitive bidding. “We are looking to appoint an agency on a ‘design and build’ basis. We have already conducted a feasibility study on the project. Through the project, KMRL is hopeful of meeting its operation and maintenance expenditure,” said the KMRL spokesperson.
The Metro City apartment complex is aimed at providing high-quality residential units, ranging between 1,000 sq ft and 1,600 sq ft, to middle-class families at a reasonable price range. The KMRL will fix the specifications for the builders to ensure the build quality. Along with the apartment complex, a shopping mall with a multiplex, recreation area and related infrastructure are also part of the project. The proposed site is not directly linked with the metro station. The KMRL will also look into launching feeder services from the nearest metro station to the facility.