Thursday, September 10, 2015

Airport turns a game changer for Mattannur

Kannur: The Kannur International Airport project under construction will change the socio-economic character of Mattannur town and its suburbs, going by the big new houses, malls and commercial complexes sprouting all over – sending realty business on a roll.

A total Rs.568 crore has already been disbursed as compensation for land already acquired for the airport project near Mattannur, in three phases. By the time the fourth phase of acquisition gets over, this will cross Rs.700 crore. With the apparent prospects clear, major nationalised and new generation banks have already started their branches here, besides a couple of cooperative banks – a far cry from earlier days when Mattannur had only two branches of nationalised banks and a cooperative bank.

As many as 178 families have been rehabilitated so far. New and bigger houses have come up in areas assigned for those evicted from the project area. Many beneficiaries of the compensation package have invested the windfall in real estate or locked it up in banks. Some have bought up shares of the Kannur International Airport Ltd.
10/09/15 Mohamed Nazeer/The Hindu
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