Tag: Kochi

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NCC Urban forays into Mumbai realty market with redevelopment project in Versova

NCC Urban Infrastructure Ltd has forayed into the Mumbai Metropolitan Region’s property market through a redevelopment project with development potential of 4 lakh sq ft in western suburb Versova. The company has signed a development agreement with a housing society for the project estimated to generate approximately Rs 700 crore in revenue and is part of the company’s broader expansion strategy, the company said in a release. Real estate projects involving the redevelopment of old housing societies and rehabilitation are the mainstay of the Mumbai region’s property market, as the land-starved city and its peripheral areas have few vacant land…

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Kerala: KCZMA ‘restriction’ causes concern among residents over property ownership & transfer rights

KOCHI: The Kerala Coastal Zone Management Authority’s (KCZMA) decision that buildings should not be sold or transferred to non-traditional coastal communities has drawn apprehension among the coastal residents, as it affects those looking for joint ventures and other activities. According to the pre-condition put forth by KCZMA for giving CRZ-2019 clearance for construction in these zones, the building should not be sold or transferred to non-traditional coastal communities. For residents obtaining a building permit for residential construction, it states that it should not be used for any commercial activity. The purpose of construction should not be altered under any circumstances,…

Infrastructure

Government opts for negotiated purchase of 358 acres for Global City in Ayyampuzha

KOCHI: After a wait of three years, Global City at Ayyampuzha is set to become a reality. The district collector granted clearance to proceed with the purchase of land and the revenue department will formally announce the decision soon. However, this will be a ‘negotiated’ purchase, which is different from the normal govt land acquisition procedure under the Land Acquisition Act. In a negotiable purchase, the govt directly purchases land from the landowner after negotiation with them rather than through acquisition. According to sources, this will avoid delays in acquisition procedures. Meanwhile, the landowner can demand and receive a high…

Infrastructure

Kochi metro phase III plan suffers setback after high DPR bid

KOCHI: Kochi Metro’s plan to commence work on Phase III line connecting Aluva with Nedumbassery along with Phase II works suffered a setback as RITES Ltd, public sector undertaking under ministry of railways, quoted a higher-than-expected amount for preparation of detailed project report (DPR). As RITES, the lone bidder, quoted an amount more than double the estimated cost of DPR preparation, Kochi Metro Rail Ltd (KMRL) issued a re-tender inviting DPR consultancy. Due to the high bid, KMRL excluded feasibility study of the future extension of the proposed Metro rail line to the proposed GIFT City in Ayyampuzha and the…

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Kochi Metro to lease land near Kaloor station for commercial development

KOCHI: A commercial establishment is set to come up on Kochi Metro’s land near Kaloor metro station in the city. Aiming to monetise its land in a prime area, Kochi Metro Rail Ltd (KMRL) will lease out the land, which is currently being used as Metro’s parking ground. KMRL issued a tender for commercial lease of 45 cents land adjacent to the metro station. The tender notice stated that KMRL wished to lease out its land to investors or developers who can develop the land parcel. It said that the proposed land was suitable for initiating ‘commercial activities/ shopping complex/…

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Kochi metro phase II moves ahead with tender for five more stations

KOCHI: Bringing Metro connectivity closer to the Kakkanad region, Kochi Metro Rail Limited (KMRL) has invited tenders for the construction of five additional stations under Phase II of the Metro’s expansion. These stations will be built along the JLN Stadium–Kakkanad corridor at Palarivattom bypass, Padamugal, Vazhakkala, Chembumukku, and Alinchuvadu. Construction of seven other stations in Phase II began last year. However, progress on these five stations had been delayed due to land acquisition hurdles. The latest tender signals a resolution, with work expected to begin soon. According to the tender document, construction of these stations must be completed within one…