Land acquisition complete for Technocity

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Tvm: Kerala IT today announced that it has completed all the formalities pertaining to the land acquisition for 245.89 acres of land for the development of the next phase of development of Technopark – Technocity project.

The land acquisition was completed by the Revenue department after the cabinet approval of the price for 245.89 acres of land from Pallipuram, Melthonnakkal, Andoorkonam and Veiloor villages in Trivandrum district. The Government has already finalized the rehabilitation package for the evictees of Technocity project area and the same has been initiated.
 
Technocity, the fourth phase of Technopark is planned to be a complete IT city, spread across 451 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. The procedure for land acquisition of the 205.11 acres of land of this 451 acres project was completed in June 2009.

In a release from Kerala IT, Dr. Ajay Kumar IAS, Principal Secretary (IT) said, “In addition to IT, other focus areas will be biotechnology, nanotechnology, high-end manufacturing and R&D. The entire project will be developed through multiple Special Purpose Vehicles (SPV’s) in association with leading developers. The plan is to develop Technocity as an integrated township that will create 50,000 direct employment opportunities and an indirect employment of 200,000.”

Mervin Alexander, CEO, Technopark said, “451 acres of land acquisition is a major milestone for Technopark as this was completed without any major hiccups. Technocity for Kerala IT is a fast track project and we are extremely happy with the quick acquisition of the land. The project will now gain momentum and work on infrastructure development like power, water supply, internal roads, etc will be undertaken immediately.”

“The government has already sanctioned the road widening and strengthening of the approach road to Technocity. Kerala State Electricity Regulatory Commission (KSERC) has already issued license for power. We have already submitted the project report for loan and hope to process the same at the earliest.” He added.

Technopark is expanding rapidly. With its phase I full, the park is currently developiing its Phase III campus in 90 acres area with both SEZ and non-SEZ space. Technopark is putting up a building with a built –up space of about 1 million square feet at a cost of about Rs. 230 crores. The contract has been awarded to Larson & Toubro for completion in about 20 months. The building will be operational by mid 2011. Technopark has also started the process of land allotment in Phase III for IT/ITES companies and IT infrastructure developers.

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