SmartCity Kochi to raise Rs 4,000 cr from investors

SmartCity Kochi, a joint venture (JV) company of the Kerala government and Dubai Holding, is all set to raise ₹4,000 crore from potential investors for upcoming development phases, the JV said on Tuesday.

“Phase III of the project will witness residential, sports, recreation facilities and mixed-use development in a land area covering 30 acres,” Manoj Nair, CEO of SmartCity Kochi said. 

“With these three phases opening up, we would create further investment opportunities of ₹4,000 crore to promote developments in the township side of SmartCity Kochi,” Nair said.

“In terms of development of IT business infrastructure, further investments to the tune of ₹2,200 crore could be attracted. The full build out investment potential of SmartCity Kochi is estimated to be ₹9,000 crore,” he further added.

As per the original framework agreement with the Kerala Government, the base investment in SmartCity Kochi was estimated to be ₹1,700 crore.

Overall, however, developments in SmartCity Kochi have so far resulted in investments of over ₹2,600 crore.