After starting work on its Rs 5,000-crore Kochi project, Dubai-based SmartCity India is keen on setting up a much larger facility that could spread up to 1,000 acres, preferably in North India.
“Having stabilised the SmartCity Kochi project with the first phase of 650,000 sft property getting ready by December and the work on another 3.6 million sft to be launched soon, we are keen on looking for a similar but much larger project elsewhere in the country, preferably in the North. Our plan is to develop a new SmartCity project spanning 500-1,000 acres,” SmartCity India MD Baju George told PTI here. However, he did not specify the investment size saying it is too early to comment on that.
Considering the possible size of the project, it could be well over Rs 10,000 crore. The 246-acre Kochi project has capex of Rs 5,000 crore.
SmartCity Kochi is a cluster of futuristic buildings planed to house the ICT, media, finance, research & innovation giants from across the world in a 246-acre knowledge hub. SmartCity is the international business parks arm of Dubai Holding.
George, who is also the head of SmartCity Kochi as its MD, said the company will finalise the plans after forthcoming general elections. When asked if Delhi NCR could be a potential location, George said: “Any location that can offer connectivity and a pool of raw talent will be okay with us. We are not looking at a well-developed IT centres like Pune or Hyderabad but not so developed areas, but good connectivity is a pre-condition.”
The proposed SmartCity will be self-contained knowledge townships. “Like the Kochi project, there will be full-fledged digital master plan to ensure inter-operability so that the project is really smart and efficient,” George added.
The Kerala government holds 16 per cent equity in Kochi SmartCity project, while the rest is held by Tecom Investments, a subsidiary of Dubai Holding. Once completed, the project will be at least 8.8 mn sft developed area and is expected to create over 90,000 direct jobs.
George said though the mandate is to have 8.8 million sft, the objective is to take this to 14 millionsft of developed area over the next five years. The company held a road show in Bangalore last month to attract both tenants and builders and another roadshow will be held in Mumbai in June to attract bankers, media etc, George said, adding SmartCity is not a construction or realty company but creating knowledge-based habitats and offices.
He said the work on the first 650,000 sft has already started and once commissioned it will offer direct jobs to 36,000 people.
