Kochi, Sep 18 - The first phase of the Rs.600-crore Koratty information technology park in Kerala, being set up as part of the state government's plan to open IT parks in all districts, will be opened Oct 10.

The project, coming up on 42 acres in Koratty in Thrissur district, is one of the fastest developed IT parks in the state, Siddhartha Bhattacharya, chief executive of Infopark Kochi, which is developing the project, told IANS.

'The 42-acre plot that was given to set up the park earlier housed the Madura Coats factory. In just seven months of taking over the land, we refurbished the 14 villas that existed over there. There is also an old club house, which has been modernised,' said Bhattacharya.

Eight villas and the club house are ready now and 10 companies which would employ 400 professionals are all set to function from here, he added.

The remaining six villas would be ready in the next few months.

'The rates here are so cheap that we offer plug and play facility at Rs.30 per square feet. Those who want semi-furnished facilities, the rate per square feet is just Rs.15,' Bhattacharya said.

The prevailing rates at the Infopark and the Thiruvananthapuram-based Technopark are around Rs.