The Hindu Business Line : Sobha to set up integrated township in Kerala

MUMBAI: Real estate firm Sobha Developers on Monday said it will sign an agreement with Kerala government for developing a township entailing an investment of Rs 5,000 crore in that State.

The project, Sobha Hitech City, would create 75,000 direct jobs and the investment is one of the biggest such development in Kerala, Sobha Developers informed the BSE.

The proposed township would be built with a focus on research and development and information technology, it added. It would come up near Kochi over 400 acres of land, of which around 320 acres have already been acquired, Sobha Developers said.

As per the memorandum of understanding, the State government would provide permission for land development, environmental clearances and land acquisition certificates, besides providing a single window clearance for the project, the company said.

The project is expected to be completed in 8-10 years after receipt of necessary approvals. Sobha Developers has to arrange rehabilitation package as recommended by the Government. The shares of the company were trading at Rs 793.55, up 1.88 per cent o n the BSE. - PTI

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