Smart city Kochi: Main features of the proposed project
Smart city Kochi is a proposed IT based project in Kakkanadu, Kochi in Kerala. It is a joint venture of the state government of Kerala and the Dubai based Tecom company. It is proposed to change kochi as a major IT hub of the world. These are the main features of the signed agreement of this Smart city project
Land area for Kochi Smartcity
246 acres of land is given as lease for a period of 99 years. Government gets Rs 104 crores as lease rent.
12 percentage (29.5) acres of land will be given with full rights. No extra charges are included for this.
This 246 acres includes 10 acres of KINFRA.Employment opportunities in Kochi Smartcity
90000 job opportunities will be created due to the project. It can be direct or indirect jobs.
If Tecom is not succeeding in this, clauses are included to take up their shares from the Smart city company.Share structure
Official capital- Rs 680 crores
Initial paid up capital- Rs 120 crores
Government will hold a share of 16%. It should deposit 19.2 crores for this.
Tecom gets 84% share. It need to deposit only 100.8 crores.
After 5 years, government can buy 10% of shares at the market price.Info Park and other IT projects in Kerala
Info park is not given to the Smart city company. It can function as an independent agency.
No restrictions are there for starting new ventures in IT sector, by the government. Government can start or be a part of any IT ventures in Ernakulam district or in other places of Kerala.Built up Area
Total area of 88 lakh sq.ft
In this area, 70% (62 lakh sq.ft) will be used for IT only.
If 88 lakh sq.ft area is not constructed within 10 years, government can take up the whole share of Tecom at the market price.
Chairman & Director
For the 16% share, government will get a chairman post and director post.
Government can appoint any one as the chairman.
One more director post will be available for the government when it buys the 10% additional share.
Job oriented