Kerala govt to lease 2.35 acres of land for MLCP development

The Kerala state government is set to lease 2.35 acres of land to Dragonstone Realty Private Limited for developing a multi-level car parking (MLCP) facility in the Technopark Phase-III campus.

The construction proposal includes the construction of a ground plus six-floor MLCP facility, having a built-up area of 4.5 lakh sq ft.

Previously, the chief executive officer of Technopark forwarded a proposal submitted by Dragonstone Realty for developing an MLCP facility in the Technopark Phase-III campus. Besides the proposal, a draft lease deed of 2.35 acres of area for the project was also enclosed.

MLCP will be implemented to cater for the need for parking space after completion of the Non-Special Economic Zone (SEZ) part of the project for retail and commercial use by Dragonstone Realty, while the office building by Dorne Realty Private Limited.

Currently, the land is used for ground surface open car parking space by the companies operating from the Ganga-Yamuna building of Technopark.

The land allotted will be given on lease for 90 years. According to the order by the state government, Technopark will enter into a lease agreement with Dragonstone Realty for 90 years to construct an MLCP facility in its Phase-III campus, with a provision to sub-lease for Dorne Realty for joint development by both companies.

Technopark will be given 250 car parking slots and 100 bike parking slots for free as a consideration by the lessee for the lease during the period of operation.

The MLCP project is expected to complete in 36 months after obtaining single-window clearance approval and all other statutory approvals.

Alternative car parking facilities for the existing users and logistics from the identified area to the Ganga-Yamuna building should be provided by the company during the construction.

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