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Sobha Developers plans township project in Kerala

August 20, 2007

Sobha Developers announced before the market hours today, 20 August 2007 that the company will be signing a memorandum of understanding (MoU) with the state government of Kerala today, 20 August 2007, for setting up the largest township development in Kerala, Sobha Hitech City. The draft of the MoU has already been approved by the state government.

Sobha Hitech City project will create an integrated city of world-class standards with a focus on research & development, knowledge dissemination, electronics, information technology and pure & applied sciences. It will involve an investment of Rs 5000 crore, the highest such development in the state and is expected to create 75,000 direct jobs. The project will come up near Maradu in Kochi in a land area of around 400 acres, out of which around 320 acres have already been acquired.

Infrastructure work will commence soon after the signing of the MoU. The project is expected to take 8 to 10 years for completion after receipt of necessary approvals.

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