Kerala is gearing up to unveil an integrated township with 6.5 million sq ft of IT space by 2021. The project envisioned as a special economic zone (SEZ), SmartCity Kochi will spread over 426 area of land in suburban Kochi. Of this 131 acre has been earmarked for IT space and the rest for residential-cum-mixed use.
The project is a joint venture between government of Kerala (16 percent) and Dubai Holding (84 percent). The partners had entered into a framework agreement in May 2007 to set up an IT-based township with world-class infrastructure that included residential and educational facilities, besides retail and hospitality offerings.
Phase-I of the project, comprising 0.65 million sq ft IT tower and associated infrastructure, was inaugurated in February 2016. In Phase-II, construction of 5.8 million sq ft of built-up area is ongoing in various phases and these are likely to be delivered from March 2020 onwards until April 2021.
The government has invested in the development of seven km of four-lane roads with utility and services trenches. Two 33 kV substations are expected to be commissioned by mid-July 2019. The construction of a three MLD water treatment plant has commenced and is expected to be complete in the Q1/2020. As much as 30 acre of land has been utilised so far for construction of roads, utility trenches, drains, substations, water storage tank, customs office, etc.
All buildings in the township will employ rooftop solar to generate renewable power. Major business entities like the Lulu Group International, Prestige Group, Maratt Group, Holiday Group and Schulte Group are the co-developers to have signed up for IT business infrastructure projects at SmartCity Kochi.
In Phase-I, 0.65 million sq ft built-up area have been leased out fully, with a total of 35 companies occupying them. The promoters have drawn up plans to raise an additional Rs 4,000 crore from investors for the upcoming Phases-III, IV and V. Phase-III will have residential, sports and recreation facilities and mixed-use development over an area of 30 acre.
Planning for Phases-IV and V is underway which will see an investment of Rs 200 on infrastructure to activate 45 acre of additional plots that could be offered for residential and social infrastructure projects. These phases are likely to be delivered from 2023 onwards until 2027.
Overall, SmartCity Kochi has drawn investment of over Rs 2,600 crore so far. Its full buildout investment potential is estimated at Rs 9,000 crore.