Upcoming ITIR Project at Devanahalli Anticipated to Push Realty in Bangalore

Upcoming ITIR Project at Devanahalli Anticipated to Push Realty in Bangalore

By siliconindia   |   Monday, November 17, 2014

Bangalore :  Chief Minister Siddaramaiah said “India’s first Information Technology Investment Region on the city’s outskirts would draw $20 billion (rs 1.2 trillion) investment and produce million of jobs. At an ICT event, CM Siddaramaiah declared that “The impending ITIR project at Devanahalli close to the Airport is anticipated to bring $ 20 billion (Rs 1.2 trillion) investment, generate nearly four million of jobs and produce $ 40 billion revenue yearly when industrial”.

With the association of state and central government along with private area, the mega project in the outskirts will be developed in the area whooping 10,500 acres of land in two phases by 2032, surpassing the IT huddle in Silicon Valley in US concerning scale and size.

Inaugurating the Bangalore ITE biz and CeBIT India event at Bangalore International Exhibition Centre (BIEC) at the city's outskirts, the Chief Minister said “I have reviewed the project and intended for the nodal agency (KIADB) to obtain 2,072 acres of land for developing the first phase”. The (KIADB) Karnataka Industrial Areas Development Board has issued preliminary notices to the owners and farmers of the lands to be acquired for the mega project near Devanahalli, about 40 km from the city. “The landowners will be compensated under the new land acquisition law passed by the central government. For compensating land owners, the nodal organization can raise loan from Hudco” Siddaramaiah added in the event.

 The central government has permitted for mega project development, which will also afford the resources to build world-class infrastructure, including road and rail connectivity, power and telecom.Siddaramaiah avowed that, “noting that Bangalore has also emerged as the start-ups capital, next only to the Silicon Valley in US; a significant number of them have begun operating in cloud computing, data analytics and mobility space, portending for the digital economy. He again noted that; “The result of the startups inventiveness of the state govt. in alliance with the Nasccom IT industry representative body has been encouraging and optimistic”.
Referring to the Karnataka i-4 policy which asserted last year by the state government, Siddaramaiah said the new initiative was aimed at giving a shove to the growth of the IT sector in the tier-two and tier-three cities over the state.

The Vision Group on IT  which is headed by Kris Gopalakrishnan - Infosys co-founder, has been providing valuable inputs to the state government in taking up activities for the development of IT in tier-2 and tier-3 cities across the state.The IT growth story of India, which represents 30 percent of country’s IT exports, is led by Karnataka and appreciation goes to dynamic entrepreneurs, a vibrant ecosystem, skilled professionals and industry-friendly policies of the state.

In 2013-14 fiscal, the Karnataka state has contributed IT exports esteemed at rs 1.80 crore. Across the country, there are three million software professionals in the IT sector where in Karnataka there are one million professionals. The IT industry contributes around 20 percent to the state’s gross domestic product.

newly launched residential projects in bangalore

Follow SiliconIndia :