Bangalore on a growth spree: NIMZ at Tumkur sets ball rolling
In a bid to revive the Indian economy, the Modi government in its Union Budget 2014 has cleared the air about Smart City project for Tumkur, of which NIMZ (National Investment and Manufacturing Zone) will host a significant part. In tune with this, a 14000 acre zone near Vasantha Narasapura village has been cleared by the government, which will incorporate the Smart City, a Japanese Village and port connectivity. Add to its credentials, the project is expected to be 42 times the size of Electronic City, India’s largest electronic industrial parks which is spread over 332 acres.
Reducing pressure on Bangalore
The Smart City project for Tumkur, which is coming up on the backyard of Bangalore is a crucial part of the NIMZ project. Tagged as an integrated industrial township, the project will address education, housing, entertainment and medical requirements of those earning their bread and butter at NIMZ, making it a self-sustained center. This, in turn, will scale down the pressure on the below par infrastructure, prevalent in Bangalore.
Proximity to Bangalore and easy access to the top localities of the city has done the trick for Tumkur, making it a natural extension point for the industries which are left with no choice other than looking for alternative locations, on account of the huge influx of BPO and IT entities. This, as a result, has planked down immense pressure on the land prices in the city. Furthermore, the NIMZ zone will open its arms for an investment of Rs 50,000 crore that is likely to generate 2.5 lakh jobs, direct and indirect.
Tumkur Real estate
By providing the necessary attention on Tumkur and offering the required financial aid, the government has offered a helping hand to the real estate market of the area. With property prices in the city going through the roof, Tumkur has emerged as the best possible location for commercial real estate to hit a new high. Furthermore, commercialization of Tumkur will fuel the growth of residential units in the nearby localities, significantly.
NIMZ, which will be positioned 90 kms far from Bangalore on either side of NH-4, already has 47 companies in its kitty, most of which belong to the manufacturing sector. This will bring to pass employment opportunities in the region, and open the doors to prosperity. In this regard, the government formed an angel fund for the manufacturing sector that will have an initial corpus of Rs 15 crore.
