Kerala government, representatives of Dubai government and promoters TECOM came to an agreement at a meeting here on Wednesday for revival of the Smart City project in Kochi which was in limbo for about five years. On Februry 2, 2011 the final issues about the agreements are resolved and an agreement is reached.
Chief Minister V. S. Achuthanandan and Ahamed Humaid Al Tayer, member of the Supreme Committee for Dubai World Group and Dubai Holding Group, UAE, announced after signing the minutes of the meeting that work would be started in a few months.
The Chief Minister said that construction of the building would start at the earliest in the proposed location in Kochi. The details of the agreement would be announced after approval by Cabinet this evening.A formal contract is expected soon, but no dates are announced yet.
Mr. Al Tayer said that he was confident that the work could be taken up within three months. Any revision of investment amount would be left to the Director Board.
It is understood that the government and the promoters have agreed that the freehold of 12 per cent of the land proposed in the frame work agreement would be within the special economic zone and would be inalienable. The freehold area would come to about 29.5 acres of total 246 acres earmarked for the project. The balance is to be given to the promoter-company on lease for 99 years.
The master plan for the project is to be completed within a month and the free hold transferred to the company on preparation of the plan.
The government is also understood to have agreed to consider waiver of stamp duty for registration of the deed.