Friday, July 10, 2015

Prestige Group’s IT Tower to be developed at SmartCity Kochi

Kochi, July 09, 2015:  Prestige Group, one of south India’s leading property developers with numerous projects in the residential, commercial, leisure and hospitality sectors, will be constructing an IT tower at SmartCity Kochi. The agreement for the construction of the 2.61 lakh sq ft tower to be developed as part of the 246 acres’ SmartCity project was signed between SmartCity and Prestige Group at the SmartCity Kochi Office. 

Prestige Group has already got two IT complexes in Bengaluru to its credit, located at Sarjapur-Marathahalli Outer Ring Road housing many big corporate like JP Morgan Chase, Oracle, Nokia, Airtel and Altair Engineering. Tech Park-11 Electra is built on 22 acres of land with 3 independent towers having 2 wings each of an average floor plate size of 40,000 sq ft. Tech Park-111 has a total built-up area of 3.6 -3.8 lakh sq. ft.

Dr. Baju George, MD and officiating CEO of SmartCity Kochi, said it was a happy moment as some of the big companies are coming forward to be the co-developers of the prestigious SmartCity project of Kerala. He further said that having a renowned real estate co-developer like Prestige on board will ensure that the building developed by the group will be of a superior quality as envisioned for the business township of SmartCity Kochi. Prestige Group's rapid growth now has over 184 completed projects to its credit. Prestige was also recently awarded the CRISIL DA1 Developer Rating in recognition of the quality of their projects and the ability to deliver projects completed on time, making them the only property developer across India to have received this distinction. 

The agreement with the Prestige Group has been signed at a time when the first IT complex of SmartCity Kochi with a total built-up area of 6.5 lakh sq ft and 100,000 sq ft on a single floor plate targeting LEED Platinum rating is nearing completion. The first phase of the project (SCK01) would generate 6,000 direct jobs in the IT sector. Construction works on the second building with a floor space of 6.3 lakh sq ft would also start this year. It would generate another 6,000-7,000 jobs. 

In the meantime, construction of infrastructure facilities like roads, supplies and landscaping are also fast progressing while joint-developments teamed up with major players in each sector of various social infrastructure milieus including housing, healthcare, education and recreation are also under various stages of construction. 

Jointly promoted by Dubai Holding and Government of Kerala, the SmartCity Kochi along with its co-developers will jointly build around 50 lakh sq ft of space housing the IT/ITES industry in a span of 30 months that will generate another 50,000 jobs.  The project will also include Information and Communication Technology (ICT), Media, Finance and Research & Innovation clusters. SCK is the third such undertaking by Dubai Holding after the acclaimed SmartCity Dubai and SmartCity Malta.

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