Kerala - Kochi   

Work on GCDA flats to begin soon

By Our Staff Reporter

KOCHI, MARCH 22. The State Government has given sanction for the prestigious apartment complex project, Soorya Enclave, taken up by the Greater Cochin Development Authority (GCDA). The construction is expected to begin soon.

The project has been highlighted as a profit-making one for the cash-strapped Authority. It was announced as the first venture with private partnership in real estate on a build-share-transfer basis.

The Authority conceived the project as part of its efforts to effectively utilise its non-productive assets. The two plots the GCDA owned at Gandhi Nagar have staff-quarters that are not occupied. So it was decided to invite tenders to construct new residential apartments there.

Even though the Minister for Local Administration, Kutty Ahmed Kutty, laid the foundation stone in December last, the provisional sanction was delayed. The Authority had chosen Blued Dot Constructions from Expression of Interest (EoI) invited July last.

However, the builder was not able to begin the work due to the delay in getting Government sanction and also because of the objection raised by the Kerala Water Authority (KWA). The KWA asked the GCDA to deposit Rs. 27 lakhs to re-locate the pipeline that runs underneath the plot.

KWA refusal

The GCDA held discussions with the KWA authorities on reducing the amount required for re-locating the pipeline, but the latter is learnt to have refused to do so. For the time being, the GCDA is preparing to deposit the amount and get the work going, said Antony Isaac, GCDA chairman.

According to the project, 48 apartments will be built in the 50-cent plot and 36 apartments in the 36-cent plot. The land used for construction will remain under the GCDA's ownership, while the builder will meet the cost of construction.

Once the construction is completed, the Authority will have the right over 30 per cent of completed floor area. It is believed that the GCDA will be able to raise nearly Rs. 500 lakhs by selling the apartments.

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