Cabinet approves Technocity land acquisition price

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Tvm: The State Government has approved the land acquisition price for the Technocity project in Thiruvananthapuram.

The cabinet approved the price for the 245.89 acres of land from Pallipuram, Melthonnakkal, Andoorkonam and Veiloor Villages in Trivandrum district on December 29, 2009. The recommendations were given by the State Level Empowered Committee (SLEC) headed by Chief Secretary. The Technocity project has gained momentum after this approval.

Mervin Alexander, CEO, Technopark said, “We are extremely happy with the cabinet approving the fair price recommended by SLEC. Now we are sure this dream project will move in fast track. The plan is to develop it as an integrated township that will create 50,000 direct employment opportunities and an indirect employment of 200,000”. Technopark is looking at purchasing the land by availing loan from Consortium Banks namely Central Bank of India, Indian Overseas Bank, Bank of India and State Bank of Travancore.

The Government has already finalized the rehabilitation package for the evictees of Technocity project area and takeover of the land will be completed through the Revenue department. Technopark will make instant payment for land owners coming for sale though sale deed.

Technocity, the fourth phase of Technopark is planned to be a complete IT city, spread across 500 acres, which includes not just space for IT/ITES firms but also residential, commercial, hospitality, medical and educational facilities. The project is planned as a self-dependent satellite city that would not strain the resources and infrastructure of the Trivandrum city.

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