Rising land prices stalls the ITIR project
On getting a green signal from the Central Government, Karnataka has expedited the setting up of ITIR ( Information Technology Investment Region) project in Bangalore near Bangalore International Airport (BIA), Devanahalli. However, on account of the slow pace of the land acquisition process and elevated land costs, the project is yet to take off.
The ITIR project is specifically designed to summon global investments, valuing Rs 2 lakh crore and generate million job opportunities for the coming 10 years. Companies taking part in the ITIR project are knowledge-based industries, which include hardware and software firms (namely TCS, Infosys, Wipro, Cognizant etc.)
ITIR- An insight
Viewed as one of the biggest infrastructure projects in Karnataka, the total expense of the initiative is calculated at one lakh crore. The move will include a Centre-State partnership in alliance with private partners and will employ millions in the country. Basic infrastructure required for the project such as rail, road and telecommunication links will be furnished by the Centre.
The extent of land involved in the project stands at 2,074 acres. ITIR will be a self-sustaining integrated investment region housing ITes, hardware parks, IT companies coupled with a high-speed railway network, mini airport, educational institutions and residential townships.
Why the ITIR is delayed?
The Karnataka Industrial Area Development Board, which is accountable for land acquiring has been putting off with the acquisition reports. As per market reports, though farmers of the involved land will be paid according to market rates, acquiring land in villages in the Devanahalli taluk for the project is likely to arouse further complications.
In 2010, when the KIADB board received the final approval from the cabinet for the project, the price of land stood between Rs 60- Rs 75 lakh per acre. However, with time, prices have hit the roof with Rs 2 crore per acre. In addition to it, private landowners who have acquired land in the neighborhood and are charging more for their plots have further deteriorated the process.
