Tata Consultancy Services(TCS) will get 15 more acres in addition to the 82 acres it received in Technocity area earlier for setting up the company's largest learning and development campus in the country.
According to a government order dated September 29, the company would be given the land in the proposed Technocity area for Rs 15.51 crore at the rate of Rs 1.3 crore per acre. The land would be given on lease for 90 years and the company will be liable to pay an annual lease amount of Rs 25,000 per acre to the government.
The order stipulates that construction work in the additional land should commence within 12 months of the allocation of land. However, the 82 acres that was allotted to the company during the previous LDF government term was handed over to TCS only recently. Technopark authorities say the delay was primarily due to the legal hurdles associated with land acquisition process. The initial down payment fixed by the government for the land was Rs 75.25 crores and the annual lease amount per acre was the same as in the new agreement.
The new piece of land being allotted to TCS is adjacent to the land they were given earlier. Though the two blocks are separated by an internal road, the company has confirmed that they will be constructing either an underpass or an overbridge to make effective use of the land, the government order says.
Sources close to TCS say that the company has finalized the master plan for their learning and development campus, which proposes to employ over 10,000 professionals. The volume of investment was projected as Rs 100 crore when TCS announced the project in 2010. As per the initial plans, the company was to complete civil works of the campus in 36 months after the allotment.
Following the request by the company, the state government had in 2010 exempted TCS from paying additional financial liabilities arising out of judicial interventions in land acquisition and compensation packages.
http://articles.timesofindia.indiatimes.com/2012-10-12/thiruvananthapuram/34411494_1_technocity-land-acquisition-tcs
The order stipulates that construction work in the additional land should commence within 12 months of the allocation of land. However, the 82 acres that was allotted to the company during the previous LDF government term was handed over to TCS only recently. Technopark authorities say the delay was primarily due to the legal hurdles associated with land acquisition process. The initial down payment fixed by the government for the land was Rs 75.25 crores and the annual lease amount per acre was the same as in the new agreement.
The new piece of land being allotted to TCS is adjacent to the land they were given earlier. Though the two blocks are separated by an internal road, the company has confirmed that they will be constructing either an underpass or an overbridge to make effective use of the land, the government order says.
Sources close to TCS say that the company has finalized the master plan for their learning and development campus, which proposes to employ over 10,000 professionals. The volume of investment was projected as Rs 100 crore when TCS announced the project in 2010. As per the initial plans, the company was to complete civil works of the campus in 36 months after the allotment.
Following the request by the company, the state government had in 2010 exempted TCS from paying additional financial liabilities arising out of judicial interventions in land acquisition and compensation packages.
http://articles.timesofindia.indiatimes.com/2012-10-12/thiruvananthapuram/34411494_1_technocity-land-acquisition-tcs