Bangalore, being the IT hub of India has been attracting the migrant population in large numbers of the years. As a result, Bangalore which is now referred to as the Silicon Valley of India has seen a massive real estate boom in the city.
The increased demand for office spaces has led to a corresponding increase in residential realty sales across the city. Bangalore has witnessed unprecedented growth over the last few years and city limits have been extending. One of the areas which has been growing exponentially is North Bangalore. The area has flourished since the development of the International Airport here.
The area is emerging as a major destination and is witnessing large investments pouring in for development. Some of the major developments planned include the following:
1) Information Technology Investment Region (ITIR)
This is one of the largest infrastructure projects across the state and is expected to cost about $22 Billion. It is estimated that this project will provide employment to over 1.2 million people and help a further 2.8 million with indirect employment.
2) Aerospace SEZ
The aerospace industry is one of the fastest growing industries. The State Government has allocated over 900 acres for the Aerospace Park. This includes 250 acres allocated for a Special Economic Zone (SEZ). This has already attracted over 50 companies which have been allocated land here.
3) Devanhalli Business Park
The Devanhalli Business Park is one of the most ambitious projects planned adjacent to the International Airport. It is expected to attract over $2.2 Billion and will be spread across 413 acres.
Inspired by airports like Changi Airport in Singapore and Frankfurt Airport, India’s first Aerotroplis aims to make Bangalore a more business friendly city. By developing all infrastructure and amenities close to the airport, the business traveler can fly in, get his work done and fly out without having to leave the complex.
5) Global Financial District
Planned by the International Financial Corporation of India (IFCI), the Global Financial District is expected to attract financial institutions from all over the world. The district is expected to provide specialized services for banks, insurance companies, stock exchanges and other similar players in the financial sector.
6) Entertainment Park
The Karnataka Government has proposed an entertainment park in Devanhalli. It is expected to be along the lines of Disneyland and proposed to be developed through a Public-Private-Partnership (PPP) model.
7) Expansion of Roads
The NH 44 (formerly NH 7) is expected to be further increased to 8 lanes from the existing 6 lanes to ease the traffic burden.