KOCHI: With Infopark and Greater Cochin Development Authority (GCDA) signing a memorandum of understanding (MoU) for the third-phase development of the technology park, the ambitious project expected to turn Kochi into the state’s IT hub has moved a step closer to realisation. The MoU for Infopark Phase III was signed in the presence of Chief Minister Pinarayi Vijayan in Thiruvananthapuram on Monday.
Procedures related to the identification of landowners on the 300-acre site earmarked in Kizhakkambalam and Kunnathunadu panchayats in Ernakulam district are now expected to begin now.
“The aim is to finish land pooling formalities within a month,” GCDA chairperson Chandran Pillai told TNIE.
“Right now, the authority has identified 1,500 acres in these two taluks for the project. The next step in the process involves the identification of the most suitable land parcel that satisfies all the criteria for an IT park. It should be noted that the land parcel that has been surveyed comprises solid land and wetland,” he said.
Once the survey is completed, the landowners will be identified and discussions held with regard to the land pooling formalities, Pillai pointed out.
Meanwhile, Industries Minister P Rajeeve posted on Instagram that once 75% of landowners agree to the GCDA offer, the project will proceed quickly as the project is being undertaken through land pooling.
“After the draft project document is prepared, public opinion will be sought and necessary changes made before the final project document is prepared.
Subsequent to development activities in the pooled areas, a certain percentage of land will be returned to the landowners. The Infopark Phase III project, which is being designed in an Integrated IT Township model, will involve an investment of Rs 25,000 crore and will provide direct employment to two lakh people and indirect employment to four lakh people,” Rajeeve said.
Earlier, to fast-track the expansion process, Infopark changed its status from that of a charitable society to a company. Being registered as a company gives the IT park the flexibility needed for future ventures. Besides, a corporate structure helps with the IT park’s plans to go public in the future. Sources hinted that Infopark Phase III might grow beyond the projected 300 acres.
“It may take up around 500 acres,” a source said.
As for the deadline for the completion of the Phase III project, the source said the effort now is to ensure that at least half of the work gets completed by 2030.
Expansion to drive land prices up
The Infopark Phase III project is heralding good times for the landowners living or owning property close to the project site. According to real estate experts, the land value in Kizhakkambalam and Kunnathunadu near Infopark now comes to around Rs 8 lakh per cent for hilly or uneven land while plain land, especially near roads connecting various phases of Infopark, costs between Rs 12 lakh and Rs 14 lakh.
“This value will go up quite a bit, maybe by 50%, once the Phase III project becomes a reality. The best example for this is the Kadamakudy islands. Before the tourism projects were announced, the land value even near the main thoroughfare commanded only around Rs 6,000 per cent. But look at the price now. The land near the roads commands a price anywhere near Rs 15 lakh per cent while property in the interior regions sells at Rs 10 lakh per cent,” said Anil V, a real estate broker in the city.