Kerala Chief Minister V.S. Achuthanandan on June 4, 2010 will launch the Rs 5,000 crore Technocity project, proposed as the the biggest IT city of Kerala. The project, to come up on a 450-acre plot near the Technopark campus, has been conceived as an integrated township encompassing IT/ITES infrastructure, residential apartments, shopping malls, hospitals, hotels and educational facilities.

The project will be executed on the public-private participation (PPP) model. The state government's contribution is the cost of the land it has acquired by paying Rs.340 crore. The first phase of the project would be open in July 2012 and the entire project in seven years.

Technopark has applied to the Japan International Cooperation Agency for a Rs 170 crore loan for developing the infrastructure of the Technocity. The roadmap for developing the project would soon be ready as several developers have shown interest.

The blueprint is ready and it clearly sets out that only 30 percent of the total space would be kept for building apartments and other facilities, while 70 percent would be kept for IT, biotechnology, nanotechnology, high-end manufacturers and also R&D companies.