The Kerala government aims to bring in comprehensive new legislation on land and property in Kerala. The set of new regulations aims to deal with issues such as the indiscriminate filling of paddy fields by construction companies, a reduction in stamp duty, filling up of water bodies, also by construction companies, fixing land prices to stabilize the market and levying a building tax on apartments. The new measures, when introduced, will have an impact on the fast growing market of Real Estate in Tripunithura in the state as well as a positive impact on the environment. The State Government plans to discuss in the State Cabinet a comprehensive legislation for the protection of paddy fields, prevention of indiscriminate sand-mining from rivers and filling up of water bodies. Builders on the other hand would like to see a more nuanced policy that allows for development of land in urban/semi-urban areas where agriculture is not viable. The Kerala Government is also considering review of guideline land prices that are used as a basis for calculation of registration charges while at the same time reducing stamp duty possibly to as low as 5%. With land prices having increased substantially, the fair-value of land need to be corrected as the government is currently losing crore of rupees in taxes due to undervalued land. The Government also plans to raise Rs. 25 crore in Revenue through assessment of building tax on properties throughout the state that are not currently paying the compulsory tax.

The Government plans to set up IT parks in all the districts of the State with a view to making a quantum leap in the IT sector. An agreement to implement the Smart City project in Kochi had been signed. The Government has also planned to develop the Techno Park in Tiruvananthapuram on similar lines and to establish a ‘Techno city’ there in 500 acres of land. Steps have also been taken to set up IT parks in Alappuzha and Kozhikode and preliminary measures initiated to develop IT parks in other districts.