No selling freehold land: SmartCity

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Dubai: Mr. Fareed Abdulrahman, CEO, SmartCity has said the company has no intention to sell the freehold land it has claimed as part of its Kochi project for real estate gains. The company has already given this in writing to the Kerala government.

Talking to reporters on Wednesday, Mr. Abdulrahman said the company was not into real estate business. He said the freehold right was asked in favour of SmartCity Kochi, an Indian company registered in Kochi in partnership with the Kerala government of which Minister S Sarma is the chairman. He urged the government representatives to visit the company’s headquarters in Dubai for the next round of talks to resolve the outstanding issues so that they could see for themselves the ‘development SmartCity has brought about in the last 10 years’.

The SmartCity Kochi project has been on hold ever since differences of opinion cropped up between the Dubai based promoters and the State government over the issue of freehold right for 12 per cent land. While the company said it was legally entitled to freehold right as clearly mentioned in the original framework agreement and hence the project could not progress without a decision on the issue, the government was of the view that it was an issue to be settled only after the completion of the master plan.

Kerala IT News

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