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KOCHI: The Greater Cochin Development Authority (GCDA) has invited expressions of interest for construction of residential apartments for a build share transfer (BST) basis for two projects in Kochi.

The plots will be in Kadavanthara and Gandhi Nagar and the GCDA has set a time frame of 18 months for completing the project. This is a first experiment of BST method by a Government agency in the State and the GCDA's share in the project would be the plots owned by it, officials said.

The builders would construct apartments on the land and hand over it to GCDA. The project site at Kadavanthra has a total area of 50 cents and in Gandhi Nagar, it owns another 40 cents of land.

It is estimated GCDA will get Rs 3 lakh for each cent as per the current market value for land. The project is an attempt to come out from the debts GCDA incurred due to the construction of international stadium at Kaloor.

More Stories on : Real Estate & Construction | Kerala

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