The local media has been pretty mum about it, but Kerala's biggest real-estate purchase has just been completed in Trivandrum. No shady operators involved, which may be why it has not found favour among the "Manoramonials" of the world, which delight in trumpeting many a half-baked deal elsewhere.
Anyways, Plaza Centres, the Netherlands-based real estate arm of an Israeli conglomerate has bought about 10 acres of land near Aakulam, along the IT Corridor, for the small sum of about Rs 110 Crores, or $ 25.5 million to be exact. This makes it the single largest transaction of its kind in the State, by sheer volume. And the location is suburbian, not centre of town mind you. Which makes it even more impressive. It is also the first entry into Kerala by a non-Gulf based international player. Plaza operates many major properties, mostly in Europe.
Plaza Centres, in partnership with their Indian partner - Pune realty major Panchil - will build over 2,100,000 sft of space, comprising a 1 million sft IT park, 750,000 sft mall and 400,000 sft hotel. That also makes it Kerala's biggest hotel and mall project. And all of this set in picturesque, lakeside settings smack back in the middle of Kerala's IT hub! No wonder they are shelling out a whopping Rs 10 Lakhs per cent, for over 1000 cents in all!
And cast your eye around. Close by developments include the International Convention Centre, the Infosys and US Technology campuses, VSSC, the International Airport, two five-star hotel projects and of course, the rest of Technopark.
A few years from now, Aakulam lake may turn out to be one of the most spectacular lake districts in any city in India, if not the world! And having bought a flat thereabouts, let's just say I have a vested interest in the realisation of that idea!
(Click on the title for the detailed news item; Courtsey: The Business Line)