Launch of IIT, BEML: Real Estate in Palakkad is All Set to Boom

Palakkad, the land of Palmyras and paddy fields was once celebrated as the ‘Granary of Kerala’. The town is surrounded by lofty mountains, streams and thick forests making it a beautiful and scenic location to live. It lies in the foothills of the Western Ghats range bordering the states Kerala and Tamil Nadu. With many major industrial developments happening in and around the city, Palakkad is rapidly transforming to become a hotspot for real estate business. Many reputed builders have launched gated villas in Palakkad in some of the most sought-after localities.

With a large number of new infrastructural developments and associated job opportunities coming up, Palakkad is all set to witness a real estate boom. In the wake of the ‘Make in India’ initiative put forward by the government, many large manufacturing units like BEML, Defence Park, etc have been established in Palakkad district. Kanjikode has become the 2largest industrial hub of Kerala which is located 12km away from Palakkad town. Many big companies like Indian Telephone Industries (ITI), Saint Gobain India Pvt Ltd, Pepsi, Marico, United breweries; etc have set up their production units here. An Integrated Textile Park housing many textile units were also set up by KINFRA in a 300-acre plot in Kanjikode. All these projects will provide employment to thousands of people directly or indirectly.

Let us now discuss some of the recent developments in Palakkad, making it a potential industrial destination.

IIT Palakkad

Palakkad offers excellent educational facilities for students as it houses many renowned schools and colleges. The town has started welcoming students from all parts of India with the launch of the IIT campus by the Central Government. Indian Institute of Technology (IIT), an institution of national repute was established in 2015 at the temporary campus located in the Ahalia Integrated campus in Kozhippara, Palakkad. The Nila campus sprawled across 30 acres of land in Kanjikode started functioning in February 2019. The construction of phase I permanent campus in a 500-acre land is ongoing. Today, the institute has around 600 students and 60 faculty members. Victoria College, Government Medical College Palakkad, NSS College of Engineering, Government Engineering College, etc, are some of the other popular higher education providers in Palakkad. With these institutions offering best-in-class education opportunities, Palakkad has become a popular destination for academics and research studies.

BEML Limited

Another major industrial development in Palakkad was the establishment of the BEML manufacturing unit. BEML Limited, a Public Service Undertaking company is the biggest Defence, Mining & Construction and Rail Coach Manufacturer in India.  The manufacturing unit in Palakkad was inaugurated in May 2010 with a capacity to manufacture 300 rail coaches annually. This 260 crore worth project houses facilities required for the manufacturing of Rail coaches, other components for rail coaches, bogies, Trailer for tank transportation, Tatra trucks, Ground Support vehicles for Guided Missile programme, etc. The company has three major business verticals namely Mining & Construction, Rail & Metro and Defence. BEML also manufactures a wide range of products to meet the needs of mining, construction, power, irrigation, fertiliser, cement, steel and rail sectors. The earthmoving equipment includes bulldozers, dump trucks, hydraulic excavators, wheel loaders, rope shovels, walking draglines, motor graders and scrapers.

Defence Park

Following a proposal made by Kerala Industrial Infrastructure Development Corporation as part of the ‘Make in Kerala’ initiative, the Union Government has chosen Ottapalam in Palakkad district to set up India’s first Defence Park. This major project which is estimated to cost around 231 crores is expected to bring a huge economic boost for the state. The park spread across 60 acres of land would manufacture a range of equipment such as parachutes, night vision equipment, flying suits, diving suits, and so on. The products manufactured in Defence Park will be exported to other parts of the world. Leading companies serving the defence and aerospace industries such as HAL and BEL are expected to set up their component manufacturing units in the park. 

Mega Food Park

KINFRA has established a Mega Food Park in Palakkad in accordance with the Mega Food Park Scheme (MFPS) of the Union ministry of food processing industries. This food park was set up with an aim to produce value-added products by sourcing various raw materials directly from the local farmers in the Palakkad region. The park is spread across 79.42 acres of land and the total project cost of Rs. 120 crore. The facilities include Cold storage, Ripening Chamber, Raw material warehouse, Finished Product Warehouse, Packing House, Spice processing facility, QC lab, etc. The park is expected to generate approximately 1500 direct employment opportunities and 5000 indirect job openings. 

With the launch of these big industrial projects, Palakkad is undergoing a major facelift and will soon be one of the top investment destinations for homebuyers and real estate companies alike. The rapid growth in job opportunities will directly cause a high demand in the housing sector. Invest in Palakkad today and you can be sure to receive great returns in future.