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Metro agency plans to develop its land parcels, Real Estate News, ET RealEstate

Metro agency plans to develop its land parcels, Real Estate News, ET RealEstate
KOCHI: With the burden of loan repayment and operational expenses growing, KMRL is exploring the possibilities of tapping its resources, especially its land parcels across the Metro corridor.

The authorities plan to use the land parcels for commercial ventures with the support of private partners.

There are reports that the cost of the construction of the first phase of Kochi Metro had inflated to Rs 7,700 crore from the original estimate of Rs 5,189 crore. But the KMRL officials said that such reports were baseless.

“It is a fact that the cost of the Metro project has increased over the years. But, it is not true that there is tremendous increase in the scheduled rate,” an official with KMRL said.

Now, KMRL is planning to develop its land parcels. The Metro agency has started measures to revive a hotel project attached to Ernakulam South Metro station. The work on the project started around five years ago had been stalled for quite some time.

“We have land parcels in many places like Aluva and Edappally. These holdings can be developed into ventures like malls or other commercial space. We expect that the support from private entrepreneurs can also be sought for the purpose,” an official with the Metro agency said.

Meanwhile, many mega projects designed by KMRL for generating income remain non-starters. The Metro agency had plans to develop Metro village in Muttom. But, the project couldn’t be started as KMRL couldn’t allay the concerns raised by environmentalists.

Similarly, the Bliss City project designed by KMRL at NGO Quarters in Kakkanad is in limbo.


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Written by Realty Beat

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