Kochi Metro Rail Limited (KMRL), will soon start leasing out its land at prime spots in the city including Aluva, Edappally and Vadakkekotta for developing commercial complexes as a means to generate non-ticketing income.
They have been facing huge loss due to the fall in the number of metro riders owing to the pandemic. Around 110 cents of land available in Vadakkekotta, 98.88 cents in Aluva, and 30 cents in Edappally is available for immediate leasing. More retail and office spaces at major metro stations in Kochi will also be leased out.
“This is a common method for non-ticketing income generation across all the metro projects. We manage real estate and infrastructure development to meet the expenses. For example, the JNL Metro station has office spaces that we have rented out. In Aluva, we constructed a building,” a source said on condition of anonymity. KMRL has a separate department titled ‘alternate revenue’, which deals with non-ticketing income. Sources claim that they are renting out buildings at rates lower than the market value.