KOCHI: The proposed fourth phase development of Infopark is yet to take off even after 33.5 acres at Irumpanam was transferred to Infopark, with the removal of existing assets from the land and pending coastal zone regulatory clearances holding up the project.
The land, which belonged to Traco Cable Company, was transferred to Infopark for the phase IV expansion. However, factory buildings, office buildings and other assets belonging to Traco Cable continue to remain on the property.
The structures and other assets have to be completely removed and vacant physical possession of the entire property handed over before the land can be leased to the proposed developer. The government is now looking to expedite the procedures required to make the land available for development.
Civil Supplies Minister Anoop Jacob said, “The matter has been discussed with Industries Minister P K Kunhalikutty and received an assurance that steps would be taken to take the project forward,” the minister said.
The proposed development is also awaiting the completion of procedures for obtaining the required relaxation from coastal zone regulations applicable to the land.
The relaxation is necessary to determine the portion of the property that can be developed and to proceed with planning and construction activities.
The government is also considering the issue of exemption from stamp duty and registration fees that would apply when the land is leased to the proposed co-developer. The matter is currently before the tax department. “The project would help strengthen the development of Kochi and neighbouring areas and further consolidate the city’s position as Kerala’s industrial capital,” the minister said.