CyberCity Kalamassery – Yet another real-estate deal?

TechnoparkToday.com >> The much hyped Cyber City Project announced by HDIL(Housing Development and Infrastructure Limited) at at Kalamassery, Kerala is yet another real estate deal? – The 70 Acres of land acquired from HMT is now available for sale – according to the recent newspaper advertisements given by HDIL .

The Government of Kerala has granted a single window clearance to the project which acquired a complete SEZ status from the Government of India. The promoters of the project, Blue Star Realtors Private Limited, 100% owned subsidiary of HDIL expected to invest approximately Rs. 2300 crores in the project. And the project expected to be a state-of-the-art built up space of about 10 million square feet in the 70 acres land at Kalamassery Special Economic Zone. It was expected to generate 60,000 new direct jobs in Kerala.

The 70 acres was sold for Rs. 91 crore and HDIL stands to gain immensely with the land rates being five times that amount in Kalamassery now. And many doubted that – the company is now trying to sell the land and make profit, than going ahead with the IT park project.

The advertisement for the sale / join venture published in all major newspapers, and the announcement is available in HDIL website ( Link – http://www.hdil.in/news-events.html ) . Screen shot is given below:

Direct Link – http://www.hdil.in/pdf/news/HDIL-Press-Release05.06.13.pdf