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Bangalore on a Realty Upsurge

Author: Suraj Kumar Singh Author Ranking Blue | Posted: 21-04-2006 | Comments: 0 | Views: 362 | Rating:  (51) Article Popularity - Blue (?) Got a Question? Ask.
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International Corporate Playing Ground

Bangalore, popularly known as the knowledge capital of India has become a hottest real estate destination for investors across the world. Real Estate Bangalore has attracted Indian bigwigs like Infosys and Wipro to global majors like IBM and Dell and hordes of other international corporate giants towards real estate and the quest of space is for hundred and hundreds of acres.

Special Economic Zone
The sudden demand of huge space in Bangalore is a result of keen interest shown by Infosys Technologies and other revered companies such as Wipro Technologies in development of commercial property in India. Infosys plans to set up a 50-acre special economic zone in (SEZ) in Mysore, and has been allotted another 311 acres of land in Mangalore for similar purpose in the next fiscal.

IT Parks & Township
The development of SEZs, IT parks and integrated IT townships is the next wave in the technology sector after the software boom. It's going to be a big high for the realty sector as it has been estimated by the experts that the IT and BPO industries will be employing an additional workforce of approximately 1 million workers within a couple of years. These future infrastructure demands can be met through integrated IT townships and SEZs to sustain the country's global leadership position in the IT sector.

Foreign & Domestic Investments
The benefits of developing SEZs are diverse as these areas are specifically designated for encouraging growth of exports, having full flexibility of operations that are permitted to import duty free capital goods and raw material. The movement of goods to and fro between ports and SEZ are unrestricted for attracting foreign and domestic investments. As setting up of SEZs is the flavor of the season among most Indian IT firms therefore India real estate developers are also marching ahead by setting up similar office space for having a sound grip in the real estate investment.

Bangalore After 5 Years
So, far Infosys has built 2.1 million sq ft of office space at its 10 development centers this financial year and it plans to rise up the space to 4.1 million sq ft office space by next fiscal. This step is taken to meet the future requirement of the company as the company is going to employ more people in the near future.World-class IT parks are the latest buzz in the real estate segment and Bangalore is no exception in this regard. The world class International Technology Park, Electronics City and Export Promotion Industrial Park of the city have attracted global corporations of high stature such as Dell, Microsoft, HSBC, Cisco and several Indian firms like Infosys and Wipro, to open facilities in Bangalore.

Real Estate Market Boom At Bangalore
The real estate market of India is presently growing at 30% per annum but it is expected to grow from the current $15 billion to $100 billion in the next 10 years. With the involvement of companies like TCS, Infosys, Wipro and Satyam which invest in capital expenditure (capex) while acquiring property for operations, the real estate market of Bangalore and India is going to witness a meteoric rise.

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About the Author:

Suraj Kumar Singh is an associate editor to the website indianground.com Indianground is dedicated to providing all necessary information on real estate India and India properties, with the latest news and updates to keep you informed on the latest happenings in Real Estate industry. Your feedback and comments will be highly appreciated at kumarsingh.suraj@gmail.com.

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