KOCHI: The land acquisition for the proposed Rs 290-crore modern bus terminal project near Tripunithura railway station has hit a roadblock as the Municipality is short of funds.
Tripunithura municipal chairperson Chandrika Devi said: “Around 13 acres of land from more than 30 landowners are needed for the project. Of these, the municipality will acquire 10.17 acres of land and the remaining will be acquired by the Kochi Metro Rail Ltd to set up their terminal.” The municipality has estimated around Rs 101 crore for their piece of land. “We cannot release this much amount for land acquisition,” she said.
The municipality has sought the state government’s help. “We have sent a proposal to the state government to help us avail a loan for land acquisition. We will soon submit a detailed project report on the repaying capacity of the local body,” Chandrika said.
A councillor with the municipality said if the government extends support, then they will be able to avail loans from institutions like Housing and Urban Development Corporation (HUDCO) and Kerala Financial Corporation (KFC). “Then the land acquisition will be over in six months,” he said.
Meanwhile, residents here said they will also submit a memorandum citing the importance of the project to the state government. K P Prasad, chairman of Tripunithura Rajanagari Union of Residents’ Associations (TRURA) said, “The project will boost commercial activities in the area and hence increase the local body’s revenue collection, but the project needs government support.”