Smart City Project On Way To Become A REALITY!

Posted Date: 02-Feb-2011	Category: Kochi Smart City Project	Rating:
Author: Joseph Antony	Member Level: Gold	Points: 15 (Rs 10)

Kerala Government and representatives of TECOM, the holding company of Smart City Project, Kochi, have hammered out an agreement at a meeting held at the Mascot Hotel, Thiruvananthapuram today morning. According to reports, all the outstanding issues regarding the Smart City Project is now a thing of past. The new Lease Agreement will come to effect within one week,and the construction work for the Smart City Project will get under way with immediate effect.

Smart City Update

After long years of dispute and mud-slinging, it seems that the Smart City project is finally on its way to become a reality. After long deliberations this morning in Thiruvanthapuram, both parties have arrived at an amicable settlement regarding the dispute involving land. As per available information, Kerala Government will transfer 246 acres of land to Tecom in 30 days, and of this, Tecom will have a freehold over 12% of the property. It is also learnt that freehold won't involve transfer rights. Government has also agreed to give up Stamp Duty and Registration fees for the project.

The agreement was realized at the end of negotiations between the Representative of Dubai Government, Ahamed Humaid Althayar , TECOM group CEO Abdul Latheef Alamualla, and Kerala Chief Minister VS Achuthanandan, Minister S. Sharma and IT Secretary K. Suresh Kumar under the mediation of MA Yusuf Ali at the Mascot hotel. Both the parties have expressed satisfaction at the Agreement, and the final endorsement will be given by the Cabinet today evening.

CM said that after the Cabinet endorsement, details of the negotiations will be made available to the public. He further stated that the construction process will get underway with immediate effect.

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