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Last Updated Tuesday January 23 2018 03:14 PM IST

SmartCity to get another IT building at Rs 200 crore cost

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SmartCity Kochi Phase 1 SmartCity Kochi to get more infrastructure development: File photo

Thiruvananthapuram: SmartCity, a Kerala government joint venture with Dubai Holding, today decided to build a seven lakh sq feet IT building at a cost of Rs 200 crore, second one in the SmartCity IT park at Kochi.

The decision was taken at the board meeting of the company chaired by chief minister Pinarayi Vijayan, who is also the chairman of the company.

The project would be implemented directly by the company, an official release said here after the board meeting.

The board has also decided to allot one acre land to Singapore based Bernad Scutle to set up a software solution centre, which is expected to generate 1,000 new jobs, the release said.

Earlier major organizational restructuring at Dubai Holding had raised speculation that the investment conglomerate might disassociate itself from all international projects, including Kochi SmartCity.

But despite apprehensions and massive cut downs globally, the investment vehicle of the emirate's ruler had decided to go ahead with the much-touted IT project as it was optimistic about the outlook for the free-zone business park.

The developer was expecting rental incomes of Rs 280-300 crore per year from the 6,50,000 square foot IT complex alone.

Another reason for the decision to not exit the SmartCity, Kochi project was that the Dubai government wanted to keep the historic and present day bonds with the state intact, it was reported.

The Phase I of SmartCity, Kochi, including the 6.5 lakh sq ft IT tower, was inaugurated in February.

The developer has completed works on five buildings of SmartCity-Malta, and several multinational companies have already joined the project.

Dubai Holding has so far invested about Rs 400 crore in the Kochi SmartCity project. The works undertaken during the first phase included construction of bridges and substations.

As the remaining structures would be built in partnership with co-developers, it would not incur any additional financial liability to Dubai Holding.

Read more at: Latest in Business | All you need to know about Technocity, Kerala's biggest IT park

The opinions expressed here do not reflect those of Malayala Manorama. Legal action under the IT Act will be taken against those making derogatory and obscene statements.

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