KOCHI: Greater Cochin Development Authority (GCDA) is going to develop its 0.5-acre land parcel in Marine Drive soon. It has invited expressions of interest (EoI) to develop the land near G Memorial near Goshree Junction. Project will be implemented as a public-private partnership (PPP) model.
According to GCDA authorities, they are planning to develop the area as a tourist attraction or a commercial area. “We have invited different proposals that are suitable for the location. After examining project components and cost, GCDA will make a final decision,” said a GCDA source.
As per the document inviting EoI, the project is part of GCDA’s tourism, commercial and public infrastructure development initiatives. “GCDA is floating this EoI with the objective of inviting interested applicants to propose projects that are feasible and will generate revenue for both the authority and the investor alike,” it states.
The GCDA land at Marine Drive has an extent of 50.3 cents and falls under the master plan for Cochin Marine Drive Scheme. The proposed site is a commercially important and valuable location with numerous commercial and residential buildings nearby, and numerous projects are coming up in the area. Land value in this area is considered to be the highest in Kochi and the site is strategically located in the city, the document states.
Based on the responses to EoI, GCDA will finalize the theme of the project, financial model, concession period and all other factors. If GCDA decides to proceed with the selected theme of the project, the formal process will be initiated, says the document.
