Dubai firm asks Kerala govt to abide by agreement

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SME Times News Bureau | 26 Mar, 2010
Smart City Dubai, which is to build an IT park in Kochi, Thursday said it had not asked for anything outside the framework agreement signed with the Kerala government.

The Dubai-based builder was responding to Chief Minister V.S. Achuthanandan's statement earlier this month blaming the firm for the delay in the proposed Rs.1,500-crore Smart City Kochi project.

In 2007, Smart City Dubai had signed the agreement to build the IT project. Since then, nothing has moved despite several rounds of discussions as both sides have differed over granting 12 percent freehold rights to the builder, among other issues.

"Freehold is a contractual obligation, not a favour done to us. Moreover, the freehold is asked for Smart City Kochi, an Indian company registered under the Indian companies act. We are not asking for anything which is not in the framework agreement," said Smart City Dubai in a press release.

The statement came ahead of a board of directors meeting of Smart City Kochi scheduled for March 29.