The IT factor

The IT factor
This sector is set to drive the city's development in the north and east too
The Times of India

This icon reflects 'Indian IT'' in the international marketplace, it's the cradle of the country's tech advancements, the starting point of Bangalore's IT corridor, and it has been responsible for creating immense economic value for the entire east of Bangalore. "It's the realty form of Indian IT", as one developer puts it. The landmark in question is ITPL (International Tech Park Limited), the country's first ever IT cluster that came up to cater to the firstgen expansion requirements of tech enterprises in the city.

Today, ITPL houses 132 IT\ITES firms that employ around 40,000 professionals. To an extent, this IT cornerstone has been instrumental in redrafting the dynamics of real estate industry in the city, thereby bringing it some amount of identity. "The defining moment of Bangalore East could be the launch of ITPL as it worked as a catalyst in more ways than one to spur the development of the real estate in the area", says an international property consultant.

In addition to the realty boost, the IT concentration at ITPL has spawned a huge retail support ancillary segment comprising retail, healthcare, hospitality, education, entertainment, and other services. Anurag Munshi, Associate Director (Research and Strategic Consulting), Jones Lang LaSalle says, "ITPL has been symbolic of the sustained growth in economic activity in the city. It has set off a series of office and campus projects in the Whitefield area, estimated between 6-8 million sqft in the form of campuses, residential projects and commercial development, over the last five years". This in turn, has also resulted in the growth of ancillary services in the area since there is a sustainable demand from corporates and occupiers.

In fact, during the pre-ITPL era, many MNCs used to think that Bangalore and India could never attract global enterprises as it lacked quality work space and related infrastructure. "ITPL has put an end to this outlook. In fact, it has brought in a significant amount of trust among domestic and overseas business houses to invest in Bangalore", says Anant Koppar, President, Bangalore Chamber of Industry and Commerce (BCIC).

The east has, so far, been witnessing a steady and systematic growth, and this has to be replicated in the north of the city as well. "IT and ITES are already accomplished businesses in the city. The north should increasingly attract sunrise segments like bio-technology, pharmaceutical and hospitality", adds Koppar. Again, according to Munshi, intra-city connectivity has been one of the most important factors that have impacted the growth of Bangalore in the recent past. "The network of ring roads and arterial roads provide future expansion possibilities in the North and Eastern quadrants of the city. Secondly, in most of the cities in India, there is a tendency to grow towards the important transport hubs such as the airport. And this is what we are witnessing now in Bangalore", he says.

In short, the industry hopes ITPL will continue to drive the growth of the mainstay business, IT, while it expects the north will deliver more, in terms of quality and quantity.