PALLIPURAM: Technocity, set to become Kerala’s largest IT city, was launched today by Chief Minister VS Achuthanandan, at Pallipuram, the outskirts of Trivandrum. The IT city, a dream project of the state, is being developed as an integrated township in 433 acres of land and will include residential, commercial and futuristic structures. It will also encompass public service and educational institutions.
 
The IT city will directly provide 1 lakh jobs as well as create 4 lakh indirect employment opportunities. “Non-technical work will be given to residents from around the area,” said CM in his inaugural speech, "Kudumbasree workers and other unskilled laborers will get jobs around the IT City. This is a milestone project in the history of Trivandrum. The IT industry in the city has outgrown the 40 lakh sq. ft. of area available in Technopark. The software export from here has grown to 2,500 crore per year. That is the necessity which led to the Technocity project. Apart from IT, Technocity will also focus on other areas such as Biotechnology, Nanotechnology, high-end manufacturing and R&D projects."
 
Technocity will be developed by Kerala State IT Infrastructure Ltd. independent of the resources of Trivandrum city. It will be built in such a way so as not to put a strain on Trivandrum city resources. The land acquisition had been completed earlier this year at a cost of Rs. 340 crores, and was funded by a consortium of banks headed by the Central Bank of India.
 
IT Secretary Dr. Ajay Kumar IAS said, “The IT industry is expected to grow three times from 20 billion to 60 billion dollars. With Technocity coming up, we will be able to provide the professionals a work environment that is at par with the best locations in the world.” The creating of the intergrated facilities would entail a capital investment of Rs. 5,000 to Rs. 8,000 crores, spread over 5 to 8 years. This will be done as a Private Public Partnership model. There would be multiple partnerships in association with developers of varying financial capabilities for various sectors of the land. The first phase of the development is set to be completed in 3 years so that the City will start functioning by 2012.

“We have applied for funding from the Japan International Cooperation Agency through the Department of Economic Affairs, for Rs. 170 crore towards the infrastructure development of Technocity,” said Technopark CEO, Mervin Alexander, “The IT City is designed to address the socio-economic commitments employment creation, earning of foreign exchange, increased tax collection etc.”