Rashmi

A huge Rs 25,000-crore investment in the form of 11 integrated townships for IT, BT and ITES sectors is on its way in Bangalore.

In a major boost to IT and the real estate sector, the Karnataka government has given the green signal to 11 local, national and international developers to set up mega townships in the city.

The state high-level committee, headed by the chief minister, which recently sanctioned 59 big projects worth over Rs 60,000 crore, has okayed IT-related, real estate proposals, which will be spread over 100 and 200 acres each, with every company estimated to spend somewhere between Rs 2,000 and Rs 3,000 crore. The projects will come up at Sarjapur Road, Whitefield, Magadi and Bidadi.

All project promoters are keen only on Bangalore, as they want to put up massive self-contained integrated townships. The high-level committee has, in principle, agreed to the projects and a list of these companies with project details will be sent to the government for cabinet approval. The size of the projects will give a major fillip to the IT sector, which is crying for more space. The initiative will put a check on IT companies looking outside Karnataka to set up campuses.

Some firms have formed a consortia after tying up with US and Singapore-based companies to put up integrated townships. Till now, Bangalore saw only IT campuses and parks, which led to a phenomenal growth of the realty sector. However, inadequate infrastructure has forced IT companies to consider Hyderabad and Chennai as second choices for setting up shop.

According to KIADB sources, the Karnataka Land Act allows companies to acquire only dry lands. All dry lands at present are exhausted due to industrial use. The companies can acquire wetlands and ask for land conversion. This way, it is easier as they can negotiate with landowners. The proposals have come in the light of the BDA’s provision for integrated townships in its recently unveiled masterplan.

Source: timesofindia.indiatimes.com