KOCHI: Kochi Metro Rail Ltd’s ambitious Bliss City project near Kakkanad is finally set to take off with Delhi-based National Buildings Construction Corporation (NBCC), the implementing agency, getting its hands on investors for the proposed Rs 700 crore mixed-use development.
“...We had a discussion with them [NBCC] the other day. They will be developing 17 acres, and are suggesting mixed use of the land. It will have facilities for entertainment and eating out, a mall, commercial buildings and offices, besides a warehouse. The investors must cover all of this. We’re providing the land, and NBCC will develop the infrastructure,” KMRL managing director Loknath Behera told TNIE.
Though an expression of interest (EoI) was floated in 2022, no major investors came forward. Following this, KMRL approached NBCC, a public-sector enterprise under the Union ministry of housing & urban affairs which offers value-added construction services. An MoU was signed last May for the development of contiguous land parcels.
On whether big-time investors will be involved, Behera said, “Yes, some will be involved in the theme park (on five to seven acres), IMAX theatres (half an acre), etc. The revenue models are flexible – featuring both rental or revenue sharing – but the effort is to attract maximum investment. We’re dependent on NBCC and they are working on it. They have actually got some investors,” Behera pointed out.
Another concern was the cutting down of trees in the proposed location in Kakkanad. “We conducted a tree survey, with the help of St Teresa’s College. We found that 95% of trees in the city are useless. They are not even good for firewood. But those worth protecting will be viewed differently. The investors will have to adopt all the procedures to cut the good trees,” he said.
On the role of NBCC, the official said, “They are the facilitators. They will do everything, because we don’t have the expertise.”
Metro connectivity
The Bliss City project is proposed to come up on a total of 31.43 acres near Kakkanad. Of this, the government has transferred 17.43 acres to KMRL. Kochi Metro’s ongoing phase-2 expansion will ensure that the location is well connected. An empowered committee, comprising KMRL and NBCC officials, has been set up to oversee the project.