Mumbai-based IL&FS Transportation Networks Limited won the bid for constructing the stadium. The overall cost is estimated as Rs.141 Crores. The construction will begin in December 2012. The developer will design the stadium, build, operate and transfer it to the state government after completing the lease period of 15 years.The operator would construct the stadium without financial aid from the government in the initial years. The authorities will release money in installments to the developer from third year onwards. A total of Rs 400 crore will be released by the end of the leasing period.
The new stadium, which will have a seating capacity of 50,000, will come up after 24 months. The playing arena in the stadium will be constructed in line with FIFA regulations and ICC norms. It will have facilities to accommodate indoor sport facilities like basketball, volleyball, table tennis and handball. Olympic-size swimming pool with aquatic centre too will be constructed. This stadium is also expected to facilitate the 35th National Games to be held in Kerala.