Phase-1 of SmartCity Malta launched

The government of Malta and Tecom had signed an agreement to set up the SmartCity in April 2007, while a month after, on May 15, the Kerala government signed an agreement with Tecom for SmartCity Kochi.

Though a separate joint venture company had been formed under the chairmanship of S Sarma, minister of fisheries and registration, work on SmartCity Kochi is moving at a slow pace as the master plan is yet to be designed.

The new company had even shortilisted two global master planners in April this year, but there has been no serious move in this regard.

On the other hand, the master plan for the Malta project was prepared in September 2007. The project, with an outlay of $300 million (around Rs 1,200 crore), is expected to create a total office space of 163,538 sqm. Of this, 20,034 sqm is dedicated to ICT and media.

In 2010, the Malta project will be releasing ready-to-operate office space. This will be followed by the supporting release of residential and retail spaces, a company press release stated.

Over an eight-year period, SmartCity Malta is committed to creating 5,600 jobs, while the Kochi project has offered employment opportunity for 99,000 IT professionals in 10 years.

The Malta government will invest in the land and retain 9 per cent equity in the project.

The Kochi project, a much bigger project, will have a total land area of around 300 acres and see an investment of Rs 1,700 crore. The Kerala government will have 25 per cent holding in the new company. The state government had handed over the lease rights of 236 acres on November 16 last year when the foundation stone was laid by chief minister VS Achuthanandan.