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Kerala's government has halted land pooling rule amendments for Infopark Phase III, prompting GCDA to proceed with land acquisition. This 300-acre expansion in Kunnathunad, utilizing land pooling where owners receive 60% of their land back, aims to meet Kochi's rising IT space demand. With Phases I and II fully occupied, over 120 companies await space. The project, expecting INR 12,000 crore investment and 100,000 jobs, will solidify Kerala's IT and commercial real estate presence. Its success could influence national urban development and land pooling policies.
The Kerala state government has decided against making amendments to the land pooling rules for Infopark Phase III, leading the Greater Cochin Development Authority (GCDA) to proceed with the acquisition process without waiting for regulatory changes. This expansion is expected to further strengthen the IT and commercial real estate investment in India, particularly in Kochi's growing technology hub. Advertisement
Earlier, GCDA had requested the government to update the land pooling rules to address some complexities. But in a recent meeting, the principal secretary told the agency that amendments were not going to be brought soon and acquisition cannot be delayed.
Infopark Phase III, covering an area of more than 300 acres in Kunnathunad, is being built under land pooling, a technique where landowners are given back 60% of their original land upon completion of the project. The rest of the land is utilized for infrastructure and commercial projects, resulting in a three-to-fourfold rise in land value. GCDA had urged these regulations be included in the Kerala Town and Country Planning Act, 2016, to offer more legal clarity.
The IT department space demand in Kochi has been increasing, with Phase I and II of Infopark completely occupied. Over 120 companies are already waiting to get office space, which indicates growing demand for commercial property investment. The current count of companies at Infopark is more than 582, employing over 70,000 experts. The government expects to bring in INR 12,000 crore of investment and create more than 100,000 IT employment opportunities through the Infopark Phase III expansion, strengthening Kerala's position in India's IT and commercial real estate landscape.
The success of Infopark Phase III could open the way for more formal land pooling schemes, impacting municipal law and urban development policy. As cities throughout India, including Mumbai, Delhi, and Pune, consider massive infrastructure expansion, the outcome of this project might set new standards in real estate development.
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