Bangalore’s infrastructure: All set to make a change
In a joint move made by the IT industry and government, special funds have been sought for the infrastructure growth of Bangalore under the 14th Finance Commission. With the growth of infrastructure, Bangalore eyes the development of a number of sectors that can tag the city into a “smart city”.
Laced with certain inadequacies, the government felt the dire need for investment in the IT hub of the nation, to give it a major face-lift. Stepping ahead with state of the art infrastructure, the Garden city is gearing for an upswing to set a new standard for world-class infrastructure.
Infrastructure that needs help
Improved infrastructure would act as a boon for the industrial bodies such as the FKCCI- Federation of Karnataka Chambers of Commerce and Industry (that represents the manufacturing sector) and the KASSIA (Karnataka Small Scale Industries Association). Improved all weather-road, sufficient water supply, logistics, steady power supply and warehouse that is lacking at present, is a must for industries to thrive in the city.
The proposal put forward for special funds to develop the city’s infrastructure, include:
- Branching off surplus cash of PSUs to small scale industries
- Infrastructure growth
- Introduction of GST (Goods and Services Tax)
- Stimulating the economic development
According to government officials, Bangalore that contributes a significant portion to country’s export earnings, is entitled substansive assistance from the government for infrastructure growth.
How will it affect real estate?
Few of the key infrastructure projects in the city that has been anticipated to make a major change, include Bangalore-Mysore Infrastructure Corridor (BMIC), Elevated Expressway and Bangalore International Exhibition Center. Metro Rail Phase 1 and 2 and Peripheral Ring road are some of the proposed infrastructure initiatives that will boost the industrial and real estate sector of the city extensively and change the physical characteristics of Bangalore. As a result, a number of large integrated projects are likely to develop in the city and unlock the real estate potential of Bangalore significantly.
Together with infrastructure, the entertainment and service sector in the city is growing by leaps and bounds. This has led to a greater thrust towards establishing world-class properties in the city. According to experts, infrastructure plays a vital role in the growth of real estate in a city. It opens up the opportunities for entrepreneurs and provides the dais for rapid development. Sanctioning of special funds for developing the infrastructure in the city will act as an economic driver in Bangalore and push it towards prosperity.
