Six years after mega IT project Technopark was first mooted, the final agreement was signed on Wednesday between a joint venture and the Kerala government for development of 2.8 million square feet of premium Grade A office space at its campus here under the SEZ category while another 500,000 square feet space will be under the non-SEZ category.
The land has been leased from Technopark, for a period of 90 years and out of the 12.12 acres earmarked for office space, 10 acres is under the Special Economic Zone (SEZ) and 2.12 acres is non-SEZ.
A 175-room business hotel project will come up in another 7.64 acres of land.
The agreement was signed between officials of Embassy Property Development Pvt Ltd, Taurus Investment Holdings, and JV entities Winterfell Realty Private Ltd and Dorne Realty Private Ltd in the presence of Kerala Chief Minister Pinarayi Vijayan.
Embassy, the leading commercial office space provider in the country, will bring in its proven expertise of project development, leasing and property management to this landmark project, while Bengaluru-based onternational construction management firm, Synergy Property Development will manage the development of the project.
Vijayan said Embassy Taurus World Technology Centre that is being set up in Technopark will impact Kerala's IT scene like never before.
"The project will facilitate creation of 35,000 direct jobs which will help the state to leapfrog to the status of top tier II destination in India," he said.
Embassy CMD Jitu Virwani said their foray into the state of Kerala is in line with their vision to be a part of the significant growth of SEZs in the country.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)