Move on paddy Act triggers realty boom

Kochi: The realty sector in the district which has been in the doldrums is expected to pick up following the government’s proposal to amend the Conservation of Paddy Land and Wetland Act.

The impact will be more visible in the eastern parts of the district where paddy fields and wetlands are in abundance. The proposed amendment will authorise the government to issue notification for filling up of paddy fields for projects that are mooted for public interest.

Realty developers are eyeing vast areas of paddy land in Mulanthuruthy, Amballur, Edakkattuvayal and nearby panchayats, which have been lying barren for years.

“Representatives of big realty groups are approaching land owners offering decent prices for their paddy fields, citing the proposed amendment. However, the enquiries are yet to be converted to business. At present, there is no massive buying or selling of paddy fields,” said George Mani, member of Mulanthuruthy panchayat.

“The real estate groups will purchase large areas of paddy land from owners and sell it to companies interested in investing in projects using the land. Roads and junctions are dotted with billboards displaying ‘paddy land for sale’ advertisements. Many land owners have collectively decided to sell their fields as a single property which will fetch them a better price,” said K. Siddique, a realty broker.

Meanwhile, wetlands and paddy fields near the proposed Electronic Park project at Amballur are in high demand as the relaxation of the Act is expected to revive the project. Amballur panchayat authorities are also in favour of relaxing the norms of the Conservation of Wetland Act since more than 350 acres of land initially identified for the project have been lying fallow for several years. The project, expected to draw investments of Rs 6,000 cr, will also boost the realty business in the area.

At the same time, environmental groups have expressed concern over the proposal to amend the Act as it will result in further shrinkage of paddy fields and wetlands that are already decreasing in size.