The Kerala Transport Development Finance Corporation (KTDFC) will sign a Memorandum of Understanding (MoU) with a Mukkom-based company in August to operate the KSRTC terminal complex on the Mavoor road in Kozhikode.
The terminal, which remained unused after it was inaugurated with great fanfare seven years ago, will now be handed over to ALIF Builders for commercial purposes on August 26. The company has secured the contract for 30 years.
As per the agreement reached between ALIF Builders and the KTDFC, the company would invest ₹17 crore as a non-refundable security deposit and pay a monthly rent of ₹43 lakh for the commercial space. It has also sought waiving ₹4.5 crore on stamp duty, sources said.
The KTDFC, a non-banking financial company of the State government, has been looking to lease the commercial complex for a while now. It had gone for re-tendering in the wake of an order of the High Court of Kerala two years ago.
The twin-tower project was constructed at a cost of ₹65 crore and was inaugurated on June 1, 2015. The first tower has 10 floors and the second 11 floors, including space for parking. The terminal has a built-up area of 38,069 square metres and consists of a KSRTC bus station, parking for 40 buses and space for shops, restaurants, offices and IT spaces.
Several issues like a delay in securing a No-Objection Certificate from the Department of Fire and Rescue Services and building number from the Kozhikode Corporation cause continual trouble for the KTDFC in getting a bidder from 2016.
The leasing of the complex was made possible now following the intervention of Ministers P.A. Mohammed Riyas and Antony Raju, and Kozhikode North legislator Thottathil Raveendran.
