Kochi: Thrissur Corporation’s development of Shakthan Nagar and Calicut Development Authority’s Palayam area re-development projects to be showcased at the proposed Partner Kerala initiative of the Department of Urban Affairs (DUA) are expected to attract investments worth over Rs. 1,500 crore.
These two major projects form part of more than 100 proposals that would be presented before potential investors from within the country and abroad at the ambitious event to be held in Kochi on February 24 and 25.
Partner Kerala Urban Development meet is an attempt to mobilize resources for cash-strapped corporation and municipalities that were unable to develop amenities in rapidly expanding cities.
The Shakthan Nagar Development project envisaged by the Thrissur Corporation at an expected cost of Rs. 700 crore is expected to give a face-lift to the existing area through the implementation of a scientific plan and design.
As per the project proposal, the holistic development of Shakthan Nagar to be carried out in the Public-Private-Partnership (PPP) mode will include a new Shakthan Nagar bus station with its commercial centre (10.89 acres); relocation of market place (2.71 acres); building of Thrissur Corporation tower at a strategic location (4.83 acres); and development of large open area with modern amphitheatre (3.91 acres).
“The project will provide enhanced access to the public to new neighborhood services and expand their recreational and leisure opportunities. The revitalisation of the Shakthan Nagar will also help reduce circuitous travel routes besides extending an urban ecosystem,” said Minister for Urban Affairs Shri Manjlamkuzhi Ali.
Calicut Development Authority plans to scale up the infrastructure at Palayam area through its re-development project worth about Rs. 865 crore. The aim of the project is to utilize the land behind the existing structures for the overall development of the area. The extent of land under this project will be developed in four phases using land pooling mechanism.
Nearly 25 acres will be available under the PPP mode as part of the project. About 900 cents will be available in the first phase followed by 650, 530 and 500 cents respectively in the remaining phases.
The authority expects to complete Project I the next four to five years. The investor has to develop the land in four phases according to the scheme approved by the government.
Kerala Biz News