SmartCity Kochi Directors Board meets for a formality

Kochi: Yet another meeting of the Board of Directors of the proposed SmartCity Kochi project was held today at Kochi with both parties sticking to their earlier stands. Briefing the media after the short Directors Board meeting, Fareed Abdul Rehman, CEO of Tecom, the promoters of the SmartCity Kochi, said that while Tecom was ready to go ahead with the terms as mentioned in the original agreement, they were not ready to give up their demands.

This Board of Directors meeting was held in the backdrop of the State Government having issued a two weeks deadline to Tecom, to inform their intention of going ahead with the project. Tecom has asked for an extension of the deadline (till September 30, 2010) for responding to the Government’s ultimatum. Fisheries Minister S Sarma, who is also the Chairman of the SmartCity Kochi Board said, after the meeting, that the decision on extending the date for Tecom to reply would be taken in the next Cabinet meeting.

The Directors Board meetings are held once in three months under the statutory requirements of the Companies Act. The last such meeting was held on June 28, 2010 at Kochi. As expected, today’s meeting also did not take any decision on the contentious issues, including the right to freehold land for the promoters.

Meanwhile SmartCity Kochi has renewed the lease of its office at Josh Towers in Kochi.


Source: http://keralaitnews.com/other-it-news/smartcity/1415-smartcity-kochi-directors-board-meeting

Cabinet approves 4 lane highway to Cochin container terminal

New Delhi, India, April 12, 2007 - The Cabinet Committee on Economic Affairs today gave its approval for undertaking the Project for Rs.557.0 crore for providing 4 lane NH Connectivity to the proposed International Container Transshipment Terminal (ICTT) at Vallarpadam, Cochin, Kerala using cess funds.

This project has been undertaken as per commitment given to the Licensee of ICTT. Being a first Container Transshipment Terminal in India, considerable savings in transshipment cost currently incurred via third country ports (Colombo) are expected.
The Project will be implemented by NHAI and is to be completed within a period of 30 months and will be commencing from April, 2007.
In January, 2005, the Cabinet approved the proposal for development and operation of International Container Transshipment Terminal (ICTT) in Cochin on Build Operate and Transfer (BOT basis). Accordingly, Cochin Port Trust signed a license agreement on 31.01.2005 with M/s. India Gateway Pvt. Ltd., a subsidiary of Dubai Port International, UAE. As per License Agreement, provision of 4 Lane NH connectivity inter-alia is a condition precedent. Accordingly, the Cabinet has now approved a Project for 4 lane NH Connectivity at a cost of Rs.557.0 crore.

SEZ status cleared for $350 million Kochi Smart City

Kochi, Kerala, June 20, 2007 - The Centre has granted SEZ clearance for the $350 million Kochi Smart City promoted by the Kerala Government and Dubai based TECOM Investment. The project aims to develop 88 lakh sq.ft of built-up space and supporting infrastructure for IT and ITES firms and can generate 90,000 jobs over the next 10 years. The Kerala Government will have an initial stake of 16% that will increase to 26% after 5 years.

Sobha Developers to build Kochi township in massive Kerala real estate deal

Kochi, India, August 20, 2007 - Sobha Developers Ltd has announced that the Company will be signing a Memorandum of Understanding (MOU) with the Government of Kerala on August 20, 2007 at Thiruvananthapuram for setting up the largest township development in Maradu, Kochi - SOBHA HITECH CITY. Maradu is a high potential part of Kochi City with a number of  developments including five star hotels, shopping malls and IT parks coming up here.

The draft of the MOU has already been approved by the Government of Kerala. The MOU seeks to reinforce the Public Private Partnership (PPP) initiative by the Government of Kerala, spearheaded by the Department of Industries & Commerce.
SOBHA HITECH CITY project will create an integrated city of world-class standards with a focus on Research & Development, Knowledge Dissemination, Electronics, Information Technology and Pure & Applied Sciences. It will involve an investment of Rs 5,000 Cr, the highest such development in the state and is expected to create 75,000 direct jobs.
The salient features of the MOU are:
- The project will come up near Maradu in Kochi in a land area of around 400 acres, out of which around 320 acres have already been acquired. It will include a 7 million Sq.Ft, Knowledge Park, shopping malls and avenues, hospitality projects (hotels, resorts and other leisure facilities), residential complexes and all related infrastructure, including a unique Marina of international standards, creating a substantial number of technology jobs, in addition to numerous non-technology jobs, and be a source of significant revenues to the Government.
- The Government will provide a Single Window Clearance for the project.
- The Government will provide permission for land development, provision of necessary utilities, facilitation for environmental and other clearances, acquisition of limited land areas etc; and the Company will implement a rehabilitation package as per recommendations of the Government.
Infrastructure work will commence soon after the signing of the MOU. The project is expected to take 8 to 10 years for completion after receipt of necessary approvals.

Rs 500 crore residential project planned in Kochi

Kochi, India, September 11, 2007 - Malayalle Realtors India Pvt Ltd is to set up "Smart Village" in 55 acres of land at Manjapara near Nedumbassery at a cost of Rs 500 crore.

The project will feature premium villas, row houses, apartments, and studio apartments according to Mr Sabu Karikkassery, its Chairman.
By INRnews Correspondent

DLF invites Private Equity players to its middle income homes business

New Delhi, India, November 20, 2007 - DLF Ltd has announced that the Company has attracted participation of private equity real estate funds in its township projects by diluting 49% equity stake at a premium, in seven residential projects to a Merrill Lynch & Co entity for a consideration of Rs 1481 crore.

The mid-income housing projects, located in Chennai, Bangalore, Kochi and Indore would get fully developed in about 7 - 8 years time frame.

In a related but separate transaction, the Company has also diluted 49% of its equity stake at a premium, in another middle-income housing project in Panchkula, Haryana to Brahma Investments, for a consideration of Rs 194 crore.

Speaking on the development, Mr. T C Goyal, MD, of the Company, said, "as a part of its strategic objective, DLF continues to remain focused on keeping its net economic interest in homes business to a ten year development horizon. Accordingly, these two transactions shall help DLF unlock its investments in land resource for the eight projects and also help in increasing rate of return to DLF shareholders. Besides resulting in positive NAV accretion for DLF, the transactions would provide good returns for the PE investor."

HDIL to set up Kochi IT Park

Kochi, India, September 13, 2007 - Mumbai-based real estate developer Housing Development and Infrastructure Ltd (HDIL) is to set up an IT park at Kalamassery, near Kochi. HDIL Cybercity will come up on a 70-acre plot with a total built-up area of 7.9 million sq ft of which 5.4 million sq ft will be used for IT space and the rest for hospitality, retail and entertainment.

The total investment in the project is Rs 2,000 crore.
HDIL will make the investment through its subsidiary Blue Star Realtors Pvt Ltd.  Blue Star Realtors Pvt Ltd have in October 2006, pursuant to bids called by HMT, purchased by Deed of Absolute Sale from HMT, land situated at Kalamaserry, Ernakulam, admeasuring 70 acres. Blue Star Realtors Pvt Ltd has entered into a Joint Development Agreement with HDIL for development of said 70 acres of property at Kalamaserry.

Sudhir Gopi Developers launches apartments in Guruvayur, Kerala

Kochi, India, September 18, 2007 -  Sudhir Gopi Developers Private Ltd (SGDPL) has launched its debut project ‘Vaikundam Retreat’, a 11-storied fully air-conditioned apartment complex at the temple town of Guruvayur in Kerala.

According to Mr Sudhir Gopi, Chairman and Managing Director, Sudhir Gopi Holdings the parent company of SGDPL, the group plans to build service apartments in pilgrim centers in South India. SGDPL is planning projects in Kochi, Thrissur, Thiruvananthapuram and in the Pathanamthitta district and targets a turnover of Rs 500 crore in three years.

Simplex Infra bags Rs 580cr worth ICTT project at Kochi

Kochi, India, November 24, 2007 - Simplex Infrastructures Ltd., one of India’s leading infrastructure solutions providers, today, has been awarded the largest marine project, ICTT Kochi Phase 1A Civil Works, at Kochi by DP World. The project is worth Rs. 580 crore and is proposed to be completed within a period of 24 months.

Commenting on this, Mr. Amitabh Mundhra, Director, Simplex Infrastructures Ltd. said, “We, at Simplex, are glad to be associated with one of India’s most ambitious maritime projects. It strengthens our aim to capitalize on the opportunities emerging in marine works apart from other infrastructure verticals. We are confident that this project will provide Simplex an opportunity to add to Vallarpadam’s development.”
“Simplex Infrastructures would also contribute towards the Social Responsibility and Community Service Program in Kochi. Keeping in mind the gaping demand for better infrastructure, we are committed to economic and social prosperity of the nation. Moreover, our order book standing at approximately Rs. 8,000 crore, is growing not only in terms of quantity but in quality as well,” he added.