KOCHI: The Greater Cochin Development Authority (GCDA) unveiled its budget for the fiscal year 2024-25 on Monday, heralding a renewed commitment to transform Kochi into a carbon-neutral city while prioritizing sustainable development across various sectors including transportation, urban design, and solar initiatives.
Following the budget presentation, GCDA Chairman Chandran Pillai underscored the organization’s dedication to sustainable growth, community welfare, and robust infrastructure development. Pillai highlighted plans for the demolition of the existing Ambedkar Stadium to pave the way for a new facility under a public-private partnership (PPP) model. Moreover, Pillai announced the impending construction of the Kochi international cricket stadium in Chengamanad panchayat, with detailed planning underway.
The GCDA’s budget forecasts expenditures totaling Rs 148.55 crore, with anticipated revenues of Rs 164.60 crore, resulting in a surplus of Rs 16.05 crore. The governing council of the GCDA later ratified the proposed budget during the day.
Among the initiatives outlined in the budget are the renovation of Ambedkar Stadium Sports City Phase 1, rejuvenation of the Kaloor market, enhancement of public toilet facilities, and urban revitalization and beautification programs. Additionally, plans include the establishment of a theater complex in Kakkanad, a rental housing project, a floating boat jetty at Marine Drive, and initiatives for the rejuvenation of the Periyar River.
Under the rental housing scheme, which has been allocated Rs 7 crore, GCDA aims to provide affordable housing complexes, co-working spaces, and office accommodations. The proposal envisions the construction of 90 units, comprising 1BHK and 2BHK configurations, across six GCDA-owned plots strategically located in Kadavanthra, Panampilly Nagar, Kathrikadavu, and Kakkanad.
Emphasizing the imperative of carbon neutrality and sustainable urban development, Pillai remarked, “In light of climate change and global warming, the GCDA’s budget for 2022-23 was formulated in alignment with 17 sustainable development goals. It was determined that Kochi’s development should progress in the east-north direction, with various proposals including the construction of an international cricket stadium and sports city in Chengamanad panchayat.” Pillai stressed the importance of integrating carbon neutrality targets with urban planning strategies to foster holistic urban transformation, promoting public health, enhanced mobility, and equitable resource distribution.
In financial terms, the budget details expenditures of Rs 148.55 crore, revenues of Rs 164.60 crore, and a surplus of Rs 16.05 crore.