Sobha Hi-Tech City:Rs 5,000 cr Kochi project on course

Bangalore-based realty major Sobha Developers has said its Rs 5,000 crore hi-tech city project in Kochi is delayed as the company is awaiting clearances from the central government.

While necessary state approvals are in, the clearances from the Centre under the Coastal Regulation Management Act and environmental clearances are yet to be attained, Sobha Developers senior official Mr Mathew Francis said. The mega project was to come up at Maradu village on Kochi outskirts.

“On receipt of these clearances only, the master plan for the project can be submitted for final approval,” Mr Francis, who is the area head, said.

Way back in August 2007, Sobha had inked an MoU with Kerala to build a Rs 5,000 crore ‘Sobha Hi-Tech City’ The pact involved the company developing a 400 acre and the state had agreed to bring the project under single-window clearance, besides agreeing t o provide electricity, gas, water, sewerage system, telecom etc.

The project would offer seven million sqft of knowledge park, shopping malls and avenues, hotels, resorts and leisure and entertainment facilities, residential complexes and all related infrastructure including world-class marina.

On completion, the ‘Sobha Hi-Tech City’ is expected generate 75,000 direct jobs. The project was initially proposed to be completed in eight years.

On the heels of company selling its 50 acres in prime Pune IT corridor for Rs 114 crore, a section of media has reported that the company was thinking of monetising the huge swathe of land near the commercial capital of Kerala.

Dismissing these reports as baseless, Mr Francis said that the company is not abandoning the mega project.

If stayed on course, this would be one of the largest investments in the otherwise investment-starved Kerala.

Meanwhile, the first phase of Sobha City in neighbouring Thrissur is is already complete, Mr Francis said.

The Sobha City spans over 55 acres and consists of 18 lakh sq ft of residential space and over five lakh sq ft of commercial space. The group has 80 acres of land in Thrissur and it is awaiting government approval for the remaining 25 acres.

Mr Francis said the company reported a two-fold jump in net profit at Rs 58.9 crore for the quarter ended September. – PTI

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