The plans of Cochin International Airport Limited (CIAL) to establish an aerotropolis at Nedumbassery have received a shot in the arm with the State government floating the proposal of an airport free-zone in Nedumbassery.
Official sources said on Wednesday that the project, to be initiated in association with the Dubai Free Zone Authority (DFZA), envisages augmenting the non-aeronautical revenue of the airport company. “The proposal is in line with our plans to effectively utilise the 1,253-acre property, which includes the airport,” they said, adding that the specifications of the model to be adopted were yet to be finalised.
On March 31, Chief Minister Oommen Chandy signed an agreement with director general of the DFZA Muhammed Al Suruniya on establishing free zone projects in Kochi and Kannur. As per the agreement, the DFZA will leverage its logistics and administrative expertise for developing the project.
ADVERTISEMENT
CIAL has already carried out a massive land utilisation mapping of its property based on a study by Ernst & Young — an international consultancy firm — to develop its city-side infrastructure. Some of the projects listed under the plan include themed indoor theatre, hotels, trade and cultural village, gem and jewellery park, hyper malls, and food court, among others.
As part of it, the airport company has already commenced work on a seven-storey commercial complex opposite the domestic terminal here. The Rs.36-crore project, with around 1.25 lakh built-up area, which began in January this year is slated for completion in two years.
The project aims at constituting a world-class shopping area with reputed brands for operating the retail outlets that will convert a passenger into a travelling customer. For this, it proposes a long-term partnership to be put in place to enable optimum investment decisions and encourage fuller exploitation of the airport’s retail potential.
ADVERTISEMENT