DOHA: Malabar Group, one of India’s leading gold and diamond jewellery trader, is set to launch ‘Malabar Integrated Township’ – a mixed-use community project to be developed at the cost of $293m (QR1.07bn) in Thrissur district of the southern Indian state of Kerala.
The project, being developed by the Group’s property arm, Malabar Developers, will create more than 50,000 jobs, said a statement yesterday.
The integrated township, a city within a city where one can live, work and play will create a community comprising of information technology hub, a commercial business cluster, a large convention facility, a residential community, a shopping mall and entertainment centre.
It will also host a five-star hotel along with a business hotel and an iconic residential tower that will raise the profile of Kerala in urban landscape. IT professionals will be able to live and work within the same community that will offer them a perfect work-life balance. Conveniently located on the National Highway 47, the project is situated closely from 90-minutes driving distance of three international airports – Kochi, Coimbatore and Kozhikode.
The property will be built on a five million square feet area. About 40 percent of the area will be for residential projects while 30 percent of the area will be for the IT business park. The massive project will take Malabar Developers, which has been delivering real estate projects since 1995, to a new level and help expand the group’s capabilities to support and help realise the Indian government’s vision to take the economy to the next level. Malabar Developers has on-going projects of over 3 million sqft and another 10 million sqft earmarked for construction which includes around 5,000 residential units within 8 cities across all categories of residences.
“Malabar Integrated Township is going to change that. It will help not only retain and nurture the local IT talents, but also help attract those scattered across other IT hubs in the world,” said M P Ahammed, Chairman of Malabar Group.
“Malabar Integrated Township will also attract investment in outsourcing business — which due to a competitive environment worldwide — will look at more cost effective destination. When it comes to cost advantage, no one could beat the cost competitiveness of Kerala.
“Our project has carefully been planned to offer a greater value to the global IT industry while looking at the economy of Kerala and India. The project, once delivered successfully, will become a model for the development of mixed-used integrated master-planned communities by the private sector developers.”
The project will offer office blocks on lease as well as sale for investors and IT companies. Malabar Developers plans to deliver the infrastructure and the full project.The Peninsula
