Of the 20 acres of land given to Downtown Technopark, 19 cents of land was still classified as agricultural land. This caused the delay in starting the project.
Downtown Technopark by the US-based Taurus Group is one of the most ambitious projects ever to happen in Technopark. Even though it was announced 5 years back, the project was in limbo, until now.
As per the reports, Downtown Technopark project got caught in technical hurdles and red tape. Fortunately, the project got clearance from the government and will soon start the construction. The project got stuck due to technical problems cited in the Kerala Conservation of Paddy Land and Wetland Act of 2008.
The government has decided to give exemption to the Downtown project and 5 other projects in Kerala from the Paddy Land and Wetland Act of 2008. This means other developers who took land in Technopark will also be able to go ahead with their projects.
The project area which has not been using for agricultural activities for the past 25 years was yet to be properly classified. As per the government records, of the 20 acres of land given to Downtown Technopark, 19 cents of the land was still classified as agricultural land. This caused the delay in starting the project.
It is also reported that Taurus will enter into an agreement with Technopark early March. Meanwhile, the government will issue a notification in this matter soon.
Downtown Technopark will come up in an area of 20 acres. It is touted as the second biggest foreign investment for IT sector since Smart City Kochi.
The Rs.1200 Crore project will be the most technically advanced building in the state with geothermal cooling for air conditioners in its buildings. Downtown Technopark features over 1,800,000 Square Feet of world-class, Class A, office space in three towers and a 700,000 Square Feet regional-scale shopping centre with multiple anchor tenants. The project also includes a 175 key hotel to be operated by Hilton.
The office component will include both SEZ and non-SEZ space and will also include a state-of-the-art business incubation facility which will be developed in association with leading global universities and corporate partners.