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Tech
News18 » India
1-min read

SmartCity Kochi Project Targets Rs 4,000 Crore Investment for Phase III Development

Kochi's development as a Smart City is leading India's objective to promote smart cities across the country, and is being built as a joint venture between Dubai Holdings and the Kerala government.

IANS

Updated:May 28, 2019, 9:29 PM IST
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SmartCity Kochi Project Targets Rs 4,000 Crore Investment for Phase III Development
Kochi's development as a Smart City is leading India's objective to promote smart cities across the country, and is being built as a joint venture between Dubai Holdings and the Kerala government.

SmartCity Kochi, a joint venture (JV) company of the Kerala government and Dubai Holding, is all set to raise Rs 4,000 crore from potential investors for upcoming development phases, the JV said on Tuesday.

SmartCity Kochi CEO Manoj Nair said that Phase III of the project will witness residential, sports, recreation facilities and mixed-use development in a land area covering 30 acres. "With these three phases opening up, we would create further investment opportunities of Rs 4,000 crore to promote developments in the township side of SmartCity Kochi," Nair said.

"In terms of development of IT business infrastructure, further investments to the tune of Rs 2,200 crore could be attracted. The full build out investment potential of SmartCity Kochi is estimated to be Rs 9,000 crore," he added.

As per the original framework agreement with the Kerala Government, the base investment in SmartCity Kochi was estimated to be Rs 1,700 crore. Overall, however, developments in SmartCity Kochi have so far resulted in investments of over Rs 2,600 crore.

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