The estimated project cost is Rs 170 crore and the project will complete in 18 months.
The state government has come up with an innovate proposal to give the Rajaji Nagar Colony a major makeover.
According to the proposal, government will construct flats and a shopping complex in the colony. An in-principle approval to the project has been given at an all-party meeting chaired by chief minister Oommen Chandy. The feasibility study of the project was done by Kerala Urban and Rural Development Finance Corporation (KURDFC).
As per the proposal, the shopping complex and flats will come up at 11.26-acre of land in the colony. Half of 11.26 acre will be used for constructing the shopping complex while the rest will be used for constructing residential apartments.
The project will benefit 971 families living in the colony as all will get their own house with all the required documents. The houses will have two-bedrooms, kitchen, toilet and a sit-out in 400 sq ft space. The four-storyed apartment will have around 100 flats. Apart from these, roads, children’s play area, nursery, public health centres, etc will be constructed in the colony. The shopping complex on the other hand will be a 4-storyed building with two basement parking areas.
The amount invested for slum development project will be collected from the commercial development of shopping complex. The estimated project cost is Rs 170 crore. The KURDFC is planning to complete the project in 18 months.
However, the government will have to evacuate entire residents for the project. Advance amount for one-year payment of rent will be given. Similar slum development projects were implemented in Mumbai and Gujarat.