City realty driven by IT

City realty driven by IT
The growth and development of Electronic City is driving demand for property in the region, writes Poornima B V


Bangalore has the distinction of being an innovation hub with over 1,900 information and communications technology companies. Over 2.5 lakhs IT professionals and over 103 R&D institutions are based here. The city is also home to a number of science and research establishments and educational institutions. A survey of 52 software firms in Bangalore has revealed that almost 50 percent cited the availability of hi-tech professionals and the presence of research institutes as the most important reason for their decision to set up offices in Bangalore. The IT cluster in Bangalore is the biggest in India and the fourth largest in the world, with nearly a third of these companies located in Bangalore. The United Nations ranked Bangalore as the fourth largest global hub of technological innovation.
In this scenario, it would be apt to remember that the Electronic City in Bangalore has put India on the world map of IT. The Electronic City was planned by the Government of Karnataka to put the State in the orbit of 'World IT Destinations'. The Karnataka State Electronics Development Corporation (KEONICS) together with Karnataka Industrial Areas Development Board (KIADB), set up the Electronic City - India's first ever totally dedicated electronics and software industries enclave at about 23 km away from the heart of Bangalore City on Hosur Road.
The Karnataka Industrial Area Development Board (KIADB) initially provided the infrastructure in the Electronic City (Phase I and Phase II) in its early days of formation. In July 1997, in a unique and novel experiment, the maintenance and upkeep of the Electronic City was handed over by KEONICS to the Electronic City Industries' Association (ELCIA), having representatives from units in the enclave, for effective local governance and management.
Ever since its formation, this software hub has set a benchmark in the industry with its contributions to the world of technology. A number of major and minor software firms have set up office here. Hewlett-Packard, Motorola, Infosys, Siemens, ITI, Wipro and Satyam are some major companies operating from here. Electronic City Phase 1 and Phase 2, set up in over 900 acres of land employ nearly one lakh employees. Apart from this, there is an apparel factory on Hosur Road and all put together, there are at least over two lakh employees working in Electronic City alone. The traffic on Hosur Road can only be imagined, making daily commute a nightmare. That's the reason there is a lot of expectation with regard to the Elevated Expressway that's coming here. According to Col Mohan Chandran, Executive Director, (ELCIA), there are a lot of developments in this area.
Not much land is available anywhere near Attibele or nearby areas at least up to five km. But a lot of residential enclaves are coming up and there are some malls coming up too. These areas are fast becoming self-contained enclaves as nobody would want to travel all the way to Bangalore City just to shop. What clearly drove the growth of these areas was the availability of land at competitive prices coupled with huge demand for upscaling and expansion from IT and ITES firms. The Electronic City is expected to make huge strides in development once the elevated expressway is completed, making the commute from Central Silk Board to Electronic city a smooth one.
Related development
There are many other road projects around here that are happening too. Once the Att i b e l e - B o m m a s a n d r a - Varthur stretch is completed and trucks can be diverted, trrafic snarls are likely to reduce on this stretch. Similarly, the Attibele-Anekal-Jigani stretch needs to be completed too and once it becomes operational, trucks could be diverted. According to Col. Mohan, another important development people here in the Electronic City are looking forward to is the completion of the NICE project from Mysore Road to Magadi Road.
According to a release by Cushman & Wakefield, the Hosur Road corridor and Electronic City have seen a marginal increase in leasing activity due to visible progress of work on the upcoming Elevated Expressway project on Hosur Road. These micro markets have so far witnessed a cumulative demand of approximately five lakh sqft. The leasing activity in these locations is expected to further intensify by end 2007 and early 2008.
Demand for property
A number of residential complexes are coming up here to cater to the growing needs of people in and around Electronic City. Although there's not much land available very close to Electronic City itself, there are developments in the vicinity with apartments, paying guest accommodation and other facilities available here. Apartments and villas with world class facilities, 24-hour security, clubhouse, well-equipped gymnasium, swimming pool and landscaped gardens are available here.
There are residential enclaves in and around this area with facilities such as supermarkets, hospitals, vocational colleges and restaurants in close proximity. There's access to a multiplex too at the end of the Outer Ring Road. These self-contained residential units also have access to shops and malls. Large retail stores and restaurants are also planning to set base, further enhancing the prospects for development and a realty boom in these areas. The walk-to-work concept works very well in these areas, providing equal opportunity for recreation, what with all these developments taking place very close to these strategically located office spaces. Away from the hustle-bustle of the city centre, yet close enough to commute to and from work. Much work has already happened on the infrastructure front in these areas. The infrastructure being planned here in terms of roads will make things better and brighter for this IT hub of Bangalore.