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.
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