Kochi Metro Rail Ltd explores resources to develop land parcels

05 Aug 2021 CW Team

Kochi Metro Rail Ltd (KMRL) is exploring the probabilities of tapping its resources, especially its land parcels across the metro corridor, with the burden of loan repayment and operational expenses growing.

The administration plans to utilise the land for commercial ventures with the support of private partners.

There are reports that say the construction cost of the first phase of Kochi Metro had inflated to Rs 7,700 crore from the initial estimate of Rs 5,189 crore, but the KMRL officials said that such reports were baseless.

An official of KMRL told the media that it is a fact that the cost of the Metro project has increased over the years, but it is not true that there is a tremendous increase in the scheduled rate.

Currently, the KMRL is planning to develop its land parcels. The Metro Agency began taking measures to revive a hotel project attached to Ernakulam South Metro station. The work on the project had been stalled for quite a while as it began five years ago.

An official from the metro agency told the media that they have parcels in many places like Edappally and Aluva and that these holdings can be grown into ventures like malls or other commercial spaces. He also said they expect that support from private entrepreneurs can also be needed for the purpose.

In the meantime, KMRL designed many mega projects that remained non-starters. The Metro agency planned to develop a metro village in Muttom, but the project could not begin because KMRL could not ease the environmentalist's concerns.

The Bliss City project designed by KMRL at NGO Quarters in Kakkanad is similarly in limbo.

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Also read: Kochi Metro land acquisition to completed by August 31

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