Cochin Port to lease out 55 acres of land for commercial purpose
KOCHI: The Cochin Port Trust (CPT) has issued tenders for leasing 55.30 acres of land at the southern end of Willingdon Island for a period of 30 years, available for commercial or hospitality projects. The triangular-shaped plot, situated alongside NH-966B with waterfront on two sides, is deemed ideal for commercial ventures, said CPT sources.
The reserve price for the upfront lease of this plot for 30 years has been set at Rs 186.50 crore. In the past, the Port Authority had invited tenders for this property twice, but no parties showed interest. As a result, the CPT has now reduced the reserve price to attract potential bidders.
The bidding parameter will be the upfront lease rent offered by each bidder. Among the qualified bids received, the highest bid will set the floor price for the auction, and the lease will be awarded to the highest bidder in the tender-cum-auction process. During the lease period, the lessee will be required to pay a nominal lease rent of Re.1 per Sq m per year.
This plot is the largest among the properties previously leased out by the Cochin Port for similar purposes.
It benefits from excellent connectivity to Kochi City and the International Airport at Nedumbassery.
The land allows construction of up to 40 metres in height, making it suitable for establishing hotels, convention centres, and commercial complexes. To participate in the tender, bidders are required to have a minimum average annual turnover of Rs 64.16 crore. Alternatively, consortiums of up to three members can bid for the plot, provided that the minimum average annual turnover of each member in the consortium is not less than Rs 12.83 crore.