As per the new conditions, there should be an investment of Rs 10 crore for each acre of exempted land above the ceiling limit and 20 job opportunities should be created.
Addressing a press conference after a cabinet meeting which took the decision, Chief Minister Oommen Chandy said strict conditions for waiving the ceiling limit, was to avoid keeping the land idle after getting exemption.
"The aim is to have investment, but at the same time, to ensure that the land is not kept barren. Industries, IT, health and education sectors will get exemption with conditions," Chandy said.
At present government has powers to provide exemption. Successive governments had given exemption if they were satisfied with the project for which it was sought.
"That is why strict conditions have been brought in", Chandy said.
However, government would take a generous approach in the case of Public Sector Undertakings and other projects of the Centre, the Chief Minister said.