THIRUVANANTHAPURAM: In response to criticism directed at Kerala’s IT parks for underutilising their available land and built-up spaces, the state government has initiated a process to seek Expression of Interest (EOI) from accredited international property consultants (IPCs) to promote and occupy these vacant areas.
The government has set a deadline for IPC applications, which extends until September 15. This marks the first instance in the state where IT park authorities are partnering with private entities to optimise the use of these empty spaces.
Official government data reveals that approximately 20 million square feet of built-up space and 1,000 acres of land lie vacant across three IT parks: Technopark in Thiruvananthapuram, Infopark in Kochi, and Cyberpark in Kozhikode, along with other satellite IT parks.
Sources close to Technopark have indicated that these IPCs will market and allocate the vacant spaces to multinational IT companies or startups, ensuring their effective utilisation. The state government has devised a fee structure for IPCs, equivalent to a two-month lease rate for companies occupying built-up areas and 1% of the specified lease premium for those taking land leases.
IPC qualification criteria include a national and international presence and a successful track record of client transactions involving spaces exceeding 1 million square feet in the IT/ITES sector within the last five years. The initial application deadline, initially set for September 7, has been extended to September 15.
A high-ranking IT official has noted that Infopark has a surplus of vacant built-up spaces, while Technopark has more vacant land. At present, Infopark has numerous private co-developers eager to sell their spaces, and Technopark Phases III and IV have over 100 acres of vacant land. This initiative aims to fill these spaces with company occupants.
Sanjeev Nair, CEO of Technopark, stated, “The empanelment aims to attract investments from International IT/ITES organisations, both in India and abroad, bolstering the promotional efforts of Kerala IT Parks. Empanelled agencies will receive transaction/success fees for bringing in new clients.IPCs will receive rent equivalent to two months’ worth (excluding tax) for IT built-up space, and a 1% transaction fee (excluding tax) for land leases. This approach has the potential to create numerous job opportunities within the state and position Kerala as a global IT hub.”
According to the recent Deloitte Nasscom report on ‘Emerging Technology Hubs in India,’ Thiruvananthapuram and Kochi are recognised as part of the ‘next wave of technology hubs.’
Embassy Taurus Techzone’s ‘Niagara’ set to launch in December”
In related news, the first IT building, named “Niagara,” within the Embassy Taurus TechZone at Technopark Phase III, is expected to be commissioned in December. An official launch event is in the planning stages, and the entire building has already been allocated to tenants.
Currently, interior work and fit-outs for the tenants are underway, and the building will be officially commissioned once it is fully occupied. Allianz and Acsia have already secured space in this 1.5 million-square-foot office building, with more companies expressing interest.
The Taurus Downtown Trivandrum project by Boston-based Taurus Investment Holdings is expected to significantly impact the state’s IT industry by housing several renowned multinational tech firms. Additionally, the non-SEZ project, Taurus Yosemite, has secured leases for 50% of its space even before construction has commenced.
A twin building, “Victoria,” with the same square footage and number of floors as Niagara, is slated to be constructed near the Niagara building. This SEZ building is expected to commence construction in December, following the official launch of Niagara.
Unutilised land and built-up spaces in various IT parks in Kerala
Technopark
128 acres of land
Space - 35,000 square feet built-up space
Technopark Phase- IV - 118 acres of land and 15,000 square feet of built-up space
Phase 3 - 10 acres
Technopark Kollam - 20,000 square feet of available built-up space
Infopark
1,25,000 square feet in Infopark Thrissur (Koratty)
1,40,000 square feet in Infopark Cherthala
20,000 square feet built up area in Infopark Kochi
Cyberpark
23 acres of land