Group will foray into realty development via NeST Infratech
City-based NeST group has resumed plans to build NeST Electronics City on 30 acres of land at Kinfra park in Kalamassery near here, at a cost of Rs 2,500 crore.
The 3 million-sft project would be an ultramodern, full-fledged township with the Electronics Park covering one million sft and the remaining two million sft given over for an international convention centre, an exhibition centre, a five-star hotel and residential complex.
The cornerstone for the NeST Electronics City was laid by Industries minister Elamaram Kareem two years ago. But the global recession that followed slowed down the construction work.
The project is expected to provide employment to 10,000 professionals directly, including 5,000 engineers, and many more indirectly, according to Javad K Hassan, chairman, and N Jehangir, vice-chairman and managing director, NeST group.
The first phase would be finished and operational within a year, they said, adding that several well-known MNCs had expressed their willingness to start manufacturing units in the premises.
The entire work of the City and allied residential complex is undertaken by the construction company of NeST group. The group will also launch its IT SEZ projects in Bangalore and Chennai soon.
The group has also announced its foray into realty and infrastructure development by mooting a new company, NeST Infratech. The new company will execute residential apartments and villa projects at Kochi, Aluva, Kottayam, Thiruvananthapuram, Kozhi-kode,Thalassery, Chennai and Bangalore.
The company plans to offer attractive price packages for apartments beginning from Rs 8.5 lakh. The new vertical of the group would be inaugurated by Oommen Chandy, leader of the Opposition in the Kerala Assembly today.