Rs 850-cr township comes up in Kerala

n a bid to capitalise on the NRI investments as well as the gold trade that together drive Thrissur’s local economy, Bangalore-based real estate developers Sobha Developers launched one of the largest fully integrated townships in Kerala on Saturday.

Called Sobha City, the 55-acre township is being built at an investment of Rs 850 crore. The township, covering 3 million sq ft will be built around a 6.5 acre man-made lake and will have 78% residential and 22% commercial areas.

To be completed by May 2011, the price ranges from Rs 2 crore for a villa (spread over 4,040 sq ft) to Rs 67-85 lakh for a three/four bedroom apartment (1,800-3,000 sq ft). While there will be 25 villas, the configuration of the three and four-bedroom apartments would be 423 and 216.

On why Thrissur was chosen over the commercial capital of Kerala, Kochi, for launching the project, P N C Menon, chairman, Sobha Group, said, “With 40% of Thrissur’s economy being run on NRI investments and the remaining on the gold trade, the city was a perfect bet over Kochi, where land rates would be much higher. ”

Source://FinancialExpress