Construction of the much delayed Rs 2,000 crore SmartCity project at the nearby Kakkanad commenced on Saturday and the first phase is expected to be completed in two years.

Within 24 months the project's first phase would be ready and is expected to provide about 7,000 jobs, Kerala Chief Minister Oommen Chandy said after performing the "ground breaking ceremony" of the 6,000 sq ft pavillion building, which will be completed within 14 weeks.

SmartCity is a conglomerate promoted by Dubai Holding member, TECOM Investments, to develop and manage Knowledge industry Townships Worldwide. It is based on Dubai's models of Internet City, Media City and Knowledge Village to promote the growth of 'knowledge-based' companies.

The first stage of the construction of various other buildings will be taken after this and completed in 20 months, Chandy said, adding that the entire work of the project is expected to be completed in five years. Chandy is the chief patron of the project.

SmartCity is not merely an IT project, but a major initiative that could create substantial employment (estimated to be about 90,000) and nurture Kerala's economy to the next level of growth.

It should send an important message that Kerala is an investor friendly destination, he said.

Chandy said marketing and roadshows of the project would begin immediately. The project is targetting world class firms to set up units here.

Group CEO of Tecom Investments, Abdullatif Al Mulla expressed confidence that the project will attract Foreign Direct Investments. This was a very 'vital' project and will bring in more talent, he said.

Mulla said Rs 2,000 crore had been set apart for the project and finance would not be a constraint.

Industries minister and SmartCity Kochi Chairman P K Kunhalikutty said the government and the promoters are keen that international investors set up units here.

The roadshows will start from December. Most probably it will start from Bangalore and would be held in all major cities, he said.