Don't sell off Vytilla hub: P Rajeev

Kochi: The district committee of the CPM has opposed the  government move to implement the second phase of the Vytilla  mobility hub with private investment.
CPM district committee secretary P. Rajeev, in a press release, alleged that the state government had been trying to sell off the project to the private sector without considering the possibilities of  getting a bank loan.

“Though a consortium of banks had earlier agreed to give a loan of Rs 264 crore, based on the collateral of 25 acres of land owned by the Vyttila Mobility Hub Society, for the second phase development, the proposal has not been considered,” he said.

Of the 25 acres, 19 acres will be handed over to a private firm where construction on six lakh square feet area will be allowed.

Five lakh square feet can be used for a commercial purpose. As per the proposal, the private firm is required to give only 6 per cent of the profit share to the Society.