The first phase of the proposed Marine Drive extension project will witness the extension of Queen’s Walkway to Vaduthala till the container railway terminal line.
The project will also witness the development of 42.49 hectares in the region, according to the project document.
The preliminary project report, which was prepared by the Consultancy Service Unit of the Kerala Infrastructure Investment Fund Board (KIIFB), has proposed a compensation package for landowners. It will include compensation for the holding to be acquired at market rate and built-up space equivalent to the extent of the holding which may have to be acquired.
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For instance, once the plot of a landowner, who holds a 240-square-metre-wide plot, is acquired, he will get the land value for 240 square metres, besides a built-up space of 240 square metres, the document explained.
It is estimated that 34.71 hectares will have to be acquired in the first phase of the project. The land acquisition cost has been estimated at ₹857.8 crore in the first phase.
Land acquisition for creating a mangrove forest in the project area will require ₹100 crore, which will primarily be used for acquiring islands in the project area to develop the mangrove forest. Interestingly, the mangrove forest will offset environmental degradation that may occur during the construction of the project, according to the document.
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It is estimated that construction activity during the first phase will cost ₹5,312 crore, infrastructure development ₹198.9 crore, and rental for rehabilitation component ₹100.8 crore. The project proposes to extend Marine Drive to Vaduthala. It will also cover Mulavukad and Cheranalloor.
Cost modelling
The project document explains the execution of the project in a phased manner, with each phase generating surplus revenue. The revenue thus generated will be used as the seed fund for the next phase. The first phase will require a capital fund, which will have to be supplied to the special purpose vehicle to be formed.