To overcome the burden of loan repayment and operational expenses, Kochi Metro plans to tap into alternatives like commercial development of its land parcels by partnering with private players.
The Metro agency has started measures to revive a hotel project attached to Ernakulam South Metro station, which had been stalled though began five years ago, reports The Times of India.
“We have land parcels in many places like Aluva and Edappally. These holdings can be developed into ventures like malls or other commercial space. We expect that the support from private entrepreneurs can also be sought for the purpose,” an official with the Metro agency said.
According to the annual report 2019-20 of Kochi Metro Rail Limited (KMRL), the Government of Kerala allotted 17.3 acres of land to KMRL in 2013 for monetising and generating non-fare box revenue.
KMRL had decided to develop this land as an entertainment hub for all age groups. In light of the same, ‘Bliss City’ was conceptualised. But even this project is in limbo.
It must be noted that the Phase II of the Kochi Metro project running from JLN Stadium to Infopark via Kakkanad for a distance of 11.2 km has been included in the Union Budget 2021-22 at an estimated cost of Rs 1957.05 crore.
The project will connect the Central City of Ernakulam to IT hub Infopark and District headquarters Kakkanad. It will also interconnect Palarivattom, residential areas like Aalinchuvadu and Chembumukku.
Infopark is the largest IT hub of Kerala, and Kakkanad is where the district headquarters and major residential and commercial hub with an industrial area like SEZ are located.
According to Kochi Metro Rail Ltd. (KMRL), the alignment consisting of an 11.2 km viaduct and 11 elevated metro stations will inter-connect the existing Phase-I corridor at JLN Stadium Metro station.