The Smart City Thiruvananthapuram Limited (SCTL) and the Thiruvananthapuram Development Authority (TRIDA) have decided to share the income that is generated from three major projects that are being implemented under the city Corporation’s Smart City project.
This includes the rehabilitation block of the Connemara Market in Palayam, multi-level car parking complex behind Saphalyam complex and the warehousing complex at Attakulangara, all of which are being developed on land owned by TRIDA.
The State government earlier this week accorded the approval for the revenue sharing model proposed by the SCTL and TRIDA. The revenue generated through lease rent of shops, parking charges and through other sources will be shared by both parties, after meeting all expenses for operation and maintenance.
The SCTL’s share includes the cost incurred by it for project development and for the annual maintenance contract for five years, while TRIDA’s share includes twice the cost of land utilised by SCTL for project development, determined as per the fair value of land.
At the rehabilitation block at Palayam, considering the respective shares of TRIDA and SCTL of ₹22.63 crore and ₹17,50 crore, the proposed revenue sharing is 55.39% and 43,61%. The rehabilitation block is spread over an area of 93.1 cents. The automated multi-level car parking lot behind Saphalyam complex, spread over an area of 86.3 cents, has a revenue share of 59.03% for SCTL and 40.97% for TRIDA. In the case of the warehousing complex near Attakulangara, spread over an area of 209.7 cents, TRIDA’s share of the revenue will be 64.54% and SCTL's 35.54%.
The Connemara market at Palayam is set to get a major revamp under the Smart City project of the city Corporation. The existing cramped spaces will be replaced by a multi-level complex, which will also include parking spaces and extra commercial spaces.
The development activities will be carried out within the market area by retaining the 19th century arched gate, considered one of the heritage monuments of the city. The land within the market area is partly owned by the city Corporation, while the rest is owned by the Thiruvananthapuram Development Authority (TRIDA), where the rehabilitation block and the parking lots are coming up.
