Kochi: Real estate sector thrived in the sleepy village of Kizhakkambalam in Kochi when the Left government allowed Dubai-based TECOM Group to set up the SmartCity project in 2011, analysts said
Envisioning huge returns in future,
people invested heavily in projects floated by real estate firms which made a beeline to Kochi to make hay while the Sun shines, they said.
All their dreams were short lived as lack of initiative by different governments helped TECOM to sit on it leading to Pinarayi Vijayan’s Left government deciding to back out from the project which got the thrust in 2011 when his bete noire V S Achuthathsndan was the Chief Minister.
The Pinarayi government’s decision to pay compensation to TECOM is also seen as fishy by the Opposition in Kerala.
Justifying its decision, the government cited tardy progress in execution of the project in Ernakulam district.
The government claimed that there was an acute shortage of room for IT companies which were longing to invest in the state.
The Congress leader V D Satheesan claimed that work on 6.2 lakh square feet was completed during Congress rule from 2011 to 2015.
The plan was to provide jobs for over 90,000 aspirants, but they had provided jobs for only below 10,000 people.
The initial MoU was signed in 2005 by the Congress government.
The Left government revived the project in 2011 under V S Achuthanandan safeguarding the interest of the state.
At the end of the day the public are the victims as those who invested in real estate projects will struggle to get their returns at a time when real estate is in shambles, the analysts said.
Photo Credit: X
