The Kozhikode Corporation has sought another detailed project report (DPR) from the company that has submitted a proposal to construct and maintain multi-level parking plazas at Kidson Corner and EMS Stadium.
Novel Bridges and Infrastructure Development India (NBID), a start-up, was shortlisted for the project after the second tender proceedings in which three companies had expressed interest. The DPR that NBID had submitted was evaluated by the Centre for Management and Development (CMD), the transaction advisory service provider for the project. However, the companys demand for 35 years concession period and annuity of 85 lakh was not acceptable to the corporation.
After several rounds of negotiations, it was decided that the concession period (holding period for the company) would be 30 years and that the annual lease would be 1 crore.
The parking plaza at Kidson Corner is of 7,579 square metres and the estimated cost is 45.43 crore while the one at EMS Stadium is 35,000 square metres with an estimated cost of 116.6 crore.
The down floor of the commercial complexes will be handed over to the corporation free of cost while the corporation will give concession in terms of property tax and licence fee.
However, the corporation council could not reach a decision to approve the proposal and has directed NBID to submit another DPR and submit it with the CMDs approval
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