Kochi Metro Rail Limited hosted a round-table conference on ‘Property Development Initiatives’ here on Tuesday, to improve metro’s financial viability.
Metro officials discussed with probable investors methods to earn optimal revenue from eight major stations of Kochi Metro and from 17 acres of Government land in Kakkanad that was handed over to KMRL for property development.
The stations include Aluva, Kalamassery, Kaloor, Ernakulam South and Edappally.
The funds from stations and the land in Kakkanad would be used to raise capital for the metro and also for its operation and maintenance. Speaking about the aim of the conference, KMRL’s MD, Elias George, said that the multi-rise structures that house the eight stations will cover an area of eight acres. The objective of the meeting was to find out the ideas and aspirations of investors, prior to finalising station designs. The commercial potential of these stations and the land in Kakkanad is yet to be quantified, he said. The event gave potential investors an opportunity to clarify doubts about the scheme and clarity on ownership details. Some of them also sought KMRL’s help to obtain mandatory clearances from Government departments. They also sought details of the proposed designs of the stations.
KMRL hopes to attract investors for the 1.2 lakh sq.m of commercial space available at the metro stations. The agency had engaged M/s Knight Frank, a property development consultancy company, for the initiative.
Around 40 companies from all over the country with expertise in realty, hospitality and banking participated in Tuesday’s conference. “The investor meet enabled KMRL to obtain a better understanding of possible client requirements, which will help us to design amenities at stations and at Kakkanad, for maximising their commercial viability as well as to ensure that the appurtenant facilities at the stations provide a right mix of civic amenities for the passengers,” Mr. George said.
KMRL intends to set up a modern urban amenity centre at Kakkanad. It will have shopping centres and commercial complexes which will enhance KMRL’s revenue. The proposed metro village at Muttom, too, holds potential for revenue generation.