Kochi Corporation approves 30 projects worth over ₹1,500 crore
The civic body aims to secure funding through the Centre's Urban Challenge Fund for various infrastructure and welfare initiatives.
The Kochi Corporation Council on Tuesday approved a concept note for 30 projects valued at more than ₹1,500 crore. These projects are part of the Kochi@2050 vision and are intended to seek funding from the Union government's Urban Challenge Fund (UCF), according to The Hindu.
The proposal will be sent to the State government first. Detailed Project Reports (DPRs) will only be created for projects that receive state clearance before being submitted to the Centre.
Under the UCF scheme, which runs from 2026 to 2031, the Union government will provide a 25 per cent grant. At least 50 per cent of the costs must be raised through public-private partnerships (PPPs), bank loans, or bonds.
Major proposals include the Kacheripady Kochi civic tower at ₹175 crore, the Kaloor integrated mobility hub at ₹150-₹200 crore, and the Vypeen integrated mobility hub at ₹75-₹100 crore. Other projects involve city-wide bus stand modernisation, a ₹70 crore rehabilitation campus at Palluruthy, and an ₹80 crore cultural district at Kokers.
Mayor V.K. Minimol stated that Kochi could be the first municipal body to submit these notes. She noted that revenue-generating projects were prioritised per UCF guidelines and that municipal and green bonds would be primary funding sources.
LDF parliamentary party leader V.A. Sreejith argued that the corporation should not focus solely on revenue-generating projects, stating that sustainable development must include the welfare of all citizens.