Even as the Smart City project is fast progressing, another mega venture has been kick started by realty major Sobha Developers Ltd [Get Quote] in the state.

The Bangalore-based company signed a memorandum of understanding with the Kerala government on Monday to set up Sobha Hi-tech City in Kochi.

• Smart City @ Kochi: 100,000 jobs likely

This will be the company's first public private partnership initiative and also its largest project till date, said a company spokesperson.

The project, to come up on 400 acres at Maradu, is expected to create an integrated city with a focus on research and development, knowledge dissemination, IT, and pure and applied sciences. It is estimated to cost close to Rs 5,000 crore (Rs 50 billion) and will be ready in eight years.

Sobha Hi-tech City will comprise a 7-million sft knowledge park, commercial space, hospitality and leisure projects, entertainment and amusement facilities, a marina of international standards, and residential complexes. It is expected to generate around 75,000 direct employment opportunities.

The MoU was signed by PNC Menon, chairman, Sobha Developers, in the presence of Elamaram Kareem, minister for industries, KP Rajendran, minister for revenue, T Balakrishnan, principal secretary, ministry of industries, and PH Kurian, secretary, Industries Department and managing director, Kerala State Industrial Development.