Tumkur: A Smart City in the Making
He is just 22 and he has already touched the lives of the impoverished sector of society by making a difference in their living. Pranav Sharma, the Founde& Director of Felicity Adobe and Director at Valante Lifespace is truly a visionary.
The major growth of real estate in India was driven by metropolitan cities like Delhi, NCR, Mumbai and Bangalore.But seeing the recent trends added with the factors like land scarcity, unaffordable land prices, high construction and labor related cost has made the market shift to the smaller cities.
Conducive government policies and a thrust on physical infrastructures like airports, flyovers, metro corridors, and expressways are fuelling rapid growth in smaller towns. For instance, Smart City project plans to build 100 smart cities and Tumkur is on the list for the project. A major factor that determines the economic growth in any city is the rate of urbanization, job opportunity, public infrastructure development for people. Tumkur city is one city which has seen high investment and growth due to advent of the industries coming up rapidly in this region.Government of India (GOI) has recognized Tumkur as an industrial smart city and also an National Investment and manufacturing zone (NIZM).
With the acquisition of 11,000 acres of land in Vasantnarsapura region by the government, Tumkur is the focal point for the GOI for development of the Mumbai- Chennai Corridor; 26 manufacturing companies have begun operations in the region providing employment to around 6000 workers from the area with a total investment of Rs 900 crore till date.
Now the key is for the government to work closely with the developers and other stakeholders to make sure the lower income group make the most of the city life.PradhanMantri Awas Yojana (PMAY) is a scheme aimed at providing quality infrastructure at affordable prices to the people, with infrastructure status granted by the central government for affordable housing.
Tumkur is proving to be a hotspot destination for developers and investors in the markets as the demand in the region is way more than the current supply.Observing past records for increase in the land prices across few locations, an investment in the flourishing town can easily fetch a return of more than 25% in the next 2 years. With the way Bangalore is facing challenges in terms of over-population, and increasing cost for living, Tumkur will prove the ideal satellite city to decongest Bangalore over the next 5 years.
What Does Tumkur Have Going for It?
Tumkur is primarily being developed as an industrial region and there are several efforts on to enable this. Besides the development that is taking place at Vasantnarsapura region, there are around 47 companies that will have their manufacturing units set up, in varying time frames at the proposed NIMZ. Since this is just 8km from Tumkur, towards Sira on NH4, the scope for the progress of Tumkur is heightened immediately. The NIMS will have several industrial clusters that will house industries related to auto components, machine tool clustersas well as aerospace components. Such industrial development will naturally push demand in retail, commercial, residential as well as hospitality sectors making Tumkur, a well-planned satellite city in the long run.
With the GoI also providing an impetus to investment with financial assistance, the scope for development of real estate in the region is bound to increase.
Connectivity is a very important issue and Tumkur acts as a central hub for several other cities besides Bangalore. This also works very well for branch offices of organizations that are looking for alternative spaces for their expansion. In fact, this desire to make the most of a tier 2 city yet remain easily accessible has been made better by the Tumkur Road, which is seeing a great deal of development in itself. The commercialization of this area, along with the development of residential realty makes it a much desired location currently for all kinds of realty expansion.
Currently, Rice mills, the coir industries, oil extraction mills are the major agro-based industries in the region. The district has a thrust on textiles with a proposed Textile Park, An Apparel Zone, A Readymade Garments Zone and a Handloom Cluster in the district
The manufacturing units that come up here will serve as an absolute economy booster for the region. It will open up a world employment opportunities that will boost the local economy. With the state government also pitching in fund the manufacturing sector with a double digit corpus, the scope for the region is only poised to increase significantly. This is a fund that will give wings to several entrepreneurial industrial projects that are waiting to take off and make a deep impact across sectors.
What adds to the benefits of being located at Tumkur is the easy accessibility to Bangalore. This may be done with the Outer Ring Road as well as the NICE corridor – ensuring there is seamless and ideal connectivity. In addition to these routes are Magadi road and NH7 both of which make getting to Tumkur much easier.
Tumkur is poised for some immense development which will ease the burden on Bangalore and will give the Karnataka economy a massive boost as well.