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Real Estate >> News
Government In Support Of Higher Realty in Bangalore
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siliconindia
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Wednesday, September 11, 2013
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Bangalore, the IT capital of India has been revamping its mix of immovable assets and their concentration in different regions of the city, over the past few years. Rapid urbanization and the thriving service sector have been significantly boosting the construction of residential units and commercial (office space) zones in the urban pockets of the city. Parallel to the socio-economic development, the administrative jurisprudence and the subsequent rulings have also been tremendously accommodative for the enlarged scope of realty operations in the city.
In pursuance to the administrative rulings and their positive stance for construction, the state government has recently approached the Hindustan Aeronautics Limited (HAL) in order to facilitate development of higher residential towers with the 5 km radius of the airport. Demanding to increase the radar height at the airport which is situated in the center of the city, the government envisions enabling the developers in erecting higher condominiums in and around this region.
Once the request for considering raising the height of the radar is honored, the builders are estimated to be able to construct a bonus of 25 more floors in a single turret. The developers have been hopeful for a confirmatory response from the defense organization, as the present limit and the height of the radar is perceived to be a little unreasonable. Especially with the other metro regions giving a go ahead for taller projects in the vicinity of their airports, the HAL airport authority in Bangalore is expected to come out with a positive standpoint that would enable further expansion of realty in the city.
It is expected; as and when the waiver is attained, a lot more responsible dwellings will be developed in the Silicon Valley of India. With an increased number of residential units to be accommodated on a particular size of land, more open area can be spared accessible as compared to lesser number of homes erected on the similar size of land. The ruling has brought cheer to the leading developers as there has been a noticeable demand for homes in this stretch that has exponentially grown in the last few years.
The area in the vicinity of the HAL establishment accommodates a prominent business district and rapidly upcoming retail and other recreational venues. A clearance to the proposal of building high-rises in the area will significantly elevate the stature of residential real estate in this area.
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