Fibre To Fashion, 17 March 2015, Kochi: After failure of talks, Kochi Metro Rail Limited (KMRL) had decided to acquire 32 cents of land located at the end of MG Road in Kochi, Kerala which belongs to the textile store, Seematti.
After months of negotiations and failure to reach a deal, KMRL had decided to acquire the land under provisions of the Land Acquisition Act for the metro rail project.
KMRL took this decision after a meeting between its managing director Elias George, and promoter of Seematti, Beena Kannan, failed to arrive at a consensus.
In a statement, KMRL said proposals put forth by Seematti were not agreeable to it and hence the decision to acquire the land under the Act was taken.
KMRL had put forth a proposal of providing free space under the pillars of the metro rail as compensation in lieu of the land that Seematti surrenders, which was however rejected by the textile group.
KMRL is of the opinion that the proposal to offer the parking space is reasonable, since the textile shop will be allocated reasonable space against the land that they surrender.