ITIR got boost up in Bangalore

Information Technology Investment Regions (ITIR) got a boost on 16th October when Chief Minister of Karnataka directed Karnataka Industrial Areas Development Board (KIADB) to issue final notification for acquiring 2,072 acres. ITIR is coming nearer to Bangalore International Airport. Below are the salient features of the ITIR.

Bengaluru, Karnataka, October 22, 2014 /India PRwire/ -- Information Technology Investment Regions (ITIR) got a boost on 16th October when Chief Minister of Karnataka directed Karnataka Industrial Areas Development Board (KIADB) to issue final notification for acquiring 2,072 acres. ITIR is coming nearer to Bangalore International Airport. Below are the salient features of the ITIR.

- ITIR - A Government of India and State Government joint initiative to attract investments in

IT / ITES / EHM Sectors.

- An integrated IT Township with world-class facilities, residential / social / educational / health

Infrastructure.

- Projected Employment: Direct -255,000; Indirect- 857,000

- Total Investments by 2030 - US $ 20 Billion

- M/s. Deloitte Touche appointed as Consultants.

Government of Karnataka proposes to attract major investment in the Information Technology/Information Technology Enabled Services/Electronic Hardware Manufacturing space. The State Government proposes to set up Information Technology Investment Regions (ITIRs), which would be endowed with excellent infrastructure and investor-friendly environment. The Government is considering setting up the first ITIR in the vicinity of Bangalore International Airport. The proposed ITIR would be specifically delineated investment region with a minimum area of around 40 Sq.kms. (about 10,000 acres of land),which may include Special Economic Zones, Industrial Parks, Export oriented units, Free trade and Warehousing zones.

The ITIR would be a combination of production units, public utilities, logistics, environmental protection mechanisms, residential areas and administrative services, with excellent infrastructure. The internal infrastructure of the ITIR would be internally built and managed by a Developer or a group of Co-developers. The external linkages will be provided by the Government of India and State Government. Companies engaged in IT/ITeS/Electronic Hardware Manufacturing are invited to set up units in the ITIR. In this context, the State Government would like to know about the land/space requirements of the IT companies in the ITIR.

Its really good time to invest projects around ITIR, below projects which is really having good appreciation in the future invest.

1. Le Lexuz Stoneview

2. Brigade Orchards

3. Aerocity

4. Hiranandani Cottages

Bangalore's IT industry employs six times as much workforce as the government. It has huge potential and this project is expected to generate more than 20 lakh direct jobs. This results in import bill on electronics is more than $400 billion which is higher than oil imports. We need to increase our IT export revenues to `4 lakh crore by 2020. We are trying to achieve this by liberalising our IT-BT policies.

The realty developers, however do not see the need to wait for the things to actually happen on ground. Completely convinced that Devanahalli will hit it big-time later if not sooner, huge villa complex developments have been springing up in this area.This ITIR is independent of another 3800 acres of land that is already in the possession of KIADB before the Devanahalli international airport where the Hardware park is in the final stages of getting ready apart from a number of companies about to start constructing their campuses.

Actually this project has to be completed by 2012 but the delay in land acquisition has caused the cost of acquisition to increase significantly and has been a primary hurdle for the completion of this project.Finally the IT is expanding in all directions of Bangalore.

Notes to Editor

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