Kochi: Real estate company Sobha Developers Ltd has inked a memorandum of understanding (MoU) with the Kerala government to set up a Rs5,000-crore hi-tech city here.
Billing it as the largest township development project in Kerala, P.N.C. Menon, chairman of Sobha Developers, said the company would develop an area of 400 acres, dubbed Sobha Hi-tech City.
The company hopes to complete the project in eight years from the date of receiving approvals.
As per the MoU, the government agreed to bring the project under single-window clearance and will facilitate land development, limited land acquisition and environmental clearances, as well as provide utilities such as electricity, gas, water, sewage and communications.
The project will create an integrated city with a focus on research and development, knowledge dissemination, information technology and pure and applied sciences, the builder said.
It will have a 7 million sq. ft knowledge park, retail shopping malls and avenues, hotels, resorts, residential complexes and a marina. Menon claims it will create 75,000 direct jobs.
P. Ramakrishnan, regional director for Kerala, said the project would need clearance from the ministry of environment since the proposed project would have to meet the costal regulation zone norms. Speaking about conserving mangroves in the area, which had become an issue, he said Sobha had conducted indepth studies and would ensure that the mangroves would not be destroyed.
Ramakrishnan added that land had been acquired from the local residents and any rehabilitation package to be implemented for the remaining residents in the area would be as per government recommendations.
Menon said the project would also provide 600 apartments for free to the poor.