SmartCity Kochi project talks at crucial juncture

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Tvm: The outcome of today’s talks of the Kerala Government with the Dubai Government’s representative and Dubai International Financial Centre Governor, Ahmad Humaid Al Tayer will decide the future of the SmartCity Kochi project. Al Tayer and his team from Dubai are in Trivandrum on the invitation of the Chief Minister for talks which is scheduled for later in the day.

In a meeting held with the UAE based Indian businessman and Government mediator, M A Yusuf Ali on Sunday evening, Al Tayer is said to have discussed the agenda for this crucial meeting. According to reports, an understanding is said to have been reached between both the parties to allow freehold rights over 12 per cent of the land earmarked for the project. This would mean that the promoters would be able to lease out the freehold land, but cannot sell it, as Special Economic Zone rules specifically ruled out selling rights. While Tecom has been demanding that freehold rights for 12 per cent of the land outside the SEZ, Kerala is opposed to this and the project has been in limbo ever since it was launched about five year back.

Meanwhile Tecom has indicated that the construction work of the proposed Rs.1,500 crore SmartCity Kochi project will be launched within weeks if the meeting between the CM and the representative of the Dubai government proves fruitful. Once the consensus is reached, the State Government would cancel the previous lease deed, which had expired, and sign a fresh lease deed incorporating the clarified understanding on freehold at the earliest.

Kerala IT News

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