The first phase of infrastructure development for the proposed Palakkad Smart City is set to cost an estimated ₹1,100 crore. Part of the Kochi-Bengaluru Industrial Corridor project, the investment will focus on infrastructure in the Puthussery Central and Kannambra areas. Industries Minister P. Rajeeve highlighted the importance of this development for the Industrial Corridor project, with the goal to complete the work in four years.