The Malabar Group has announced the launch of a township project in Thrissur, central Kerala, with a development cost of Rs20bn ($293mn).
The Malabar Integrated Township project, a mixed-use master-planned community, is being developed by the group’s property division, Malabar Developers. It will create more than 50,000 jobs and is to be built on a 5mn sqft area, the company has said in a press statement.
Malabar Integrated Township, which is described as a “city within a city where one can live, work and play,” will create a community that will comprise an information technology hub, a commercial business cluster, a large convention facility, a residential community, a shopping mall and an entertainment centre, according to the Malabar Group.
It will also host a five-star hotel along with a business hotel, as well as an “iconic” residential tower that will raise the profile of Kerala in the urban landscape.
About 40% of the area will be for residential projects while 30% will be for the IT business park.
Located on National Highway 47, the project is a 90-minute drive from three international airports - Kochi, Coimbatore and Calicut, the statement notes.
“The Malabar Integrated Township will not only help retain and nurture local IT talents, but also help attract those scattered across other IT hubs in the world,” said M P Ahammed, chairman of Malabar Group.
“The township will also attract investment in the outsourcing business - which, due to a competitive environment worldwide - will look at a more cost-effective destination. When it comes to cost advantage, no one can beat the cost competitiveness of Kerala.”
The project will offer office blocks on lease as well as sale for investors and IT companies.