Bangalore to Welcome Mega Townships Soon

September 6, 2007	(2 votes, average: 2.5 out of 5)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

Bangalore is to see a large investment worth Rs 25,000 crore for the development of 11 integrated townships for IT, BT, and ITes sectors.

Stepping up efforts to take IT and Karnataka real estate on high, the state government has given a nod to 11 local, national, and international developers to set up mega townships in the city.

The state high level committee has recently approved 59 construction projects worth over Rs 60,000 crore. The committee has also agreed to IT related real estate projects, each involving an investment of around Rs 2,000-3,000 crore. The projects will come up at Sarajpur Road, Whitefield, Magadi, and Bidadi.

Bangalore has become the apple of eye of all project promoters, who are being bullish on to construct self contained integrated townships. The high level committee has sanctioned the projects. A complete list of these companies with project details will be sent to the government for final approval from cabinet.

Of these companies, some have already joined hands with the US and Singapore based companies to develop Townships.

Till date, Bangalore has just seen the construction of massive IT campuses. Undoubtedly, it put the property market of the state on the way of growth.  However, lack of infrastructure facilities in Bangalore led a number of the IT companies to take route to cities such as Hyderabad and Chennai for setting up their operation centers.

According to the Karnataka Land Act, the companies can acquire only dry lands. But, all dry land in Bangalore has been exhausted because of the industrial use. This is why companies may acquire wetlands and ask for land conversion.  Also, it would be an easier way to negotiate with landowners, say KIADB officials.

News Published Under:   Bangalore |

Comments