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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