Kevin

A Khajeej Times Report on 24th November, 2007 says, Malayalee Realtors India Pvt. Limited (Maa), a leading property company promoted by prominent NRIs from the Gulf and the US, is developing a state-of-the-art township in Kochi.

Spread over 55 acres of prime land near Kochi International Airport and the Smart City project, the self-contained township — Smart Village — will feature 1,668 housing units, including luxury villas, row houses and apartment complexes in the first phase. The construction of this phase is to begin next month, said B. Sreekumar, a director of the company, who is based in Dubai.

"In the second phase of the project, which is on the drawing board, Maa proposes to construct healthcare, educational and technology complexes, in addition 10 acres of Ayurvedic herbal garden in line with the company's vision to provide quality living units and modern infrastructure in an eco-friendly setting," Sreekumar said.

Sabu Karikkassery, Chairman of Maa said his company is pondering a joint venture with foreign investment companies to develop and promote the township. The second phase will focus on buildings suitable to the IT industry.

He said Kochi's property sector is poised to sustain the current vibrancy and growth given the predicted population growth and economic developments. By 2011, the city's cosmopolitan population is projected to grow seven per cent. "Apart from the Smart City project, which promises to transform the city dramatically, the city has several other mega projects under way including the container transshipment terminal being developed by Dubai Ports World, Sobha Hi-Tech City in Maradu.

He said real estate prices have gone up by 25 per cent over the past one year. The increasingly high cost of property in the city is driving many buyers to the suburbs. "With city becoming more and more congested with heavy traffic movement, deamnd for proeprties on the city outskirts is on the upswing," a property analyst said.

The first phase of the Smart Village was launched in 2006 by former Maharaja of Travancore, Uthradom Thirunal Marthanda Varma.

The promoters of the company, which is committed to facilitating quality living and infrastructure development, mostly comprise members of World Malayalee Council, said Karikkassery.