Bangalore-Mumbai Industrial Corridor boost for realty growth
The city’s IT industry and salubrious climate along with its cosmopolitan outlook and realty growth prospects can be comparable to that of Pune. Most of the IT workforce and MNCs prefer Pune after Bangalore. This is not only due to the access that the NH 4 provides, but also attributable to the weather and cultural implications that put the two cities almost on par. Giving a thrust to bridge the gap between these two cities is the proposed Bangalore-Mumbai Industrial Corridor (BMIC). Recently, the industry and experts from western Maharashtra were consulted to give their inputs for the blueprint for this proposed corridor.
“The BMIC is currently at a nascent stage with planning, formalisation, fund allocation and execution yet to commence. The proposed corridor is anticipated to connect the city in the north-west along Tumkur Road which will leverage residential, commercial and industrial developments,” explains Vijay Ganesh, Director – Land and Industrial, Cushman and Wakefield.
“Currently, the location has a few manufacturing units operational. Also, the Metro Rail work in progress and the proposed Peripheral Ring Road (PRR) are likely to enhance the attractiveness of the location in the coming years. Industries considering this corridor in future may evaluate land in locations such as Vasantha Narasapura Industrial Area where Karnataka Industrial Area Development Board (KIADB) has set up a park and is allocating land parcels. Further, industries may also look at land options in the National Investment and Manufacturing Zone, which is proposed to be set up at Tumkur,” he adds.
In western Maharashtra, the three districts of Satara, Sangli and Kolhapur, fall along the BMIC route and economic activity in the region is expected to become active. The blueprint once drafted will have to be approved by the State and Centre. Mumbai, Pune and Bangalore are wellconnected with air, rail and road connectivity. The NH 4 connects these three metros and strategically passes through the three districts of western Maharashtra as well as the districts of Belgaum, Dharwad and Chitradurga in Karnataka.
The Minister of State for Home, Maharashtra, who will be spearheading the initiative, said the proposed corridor will make a huge impact in the region. The corridor will shorten the distance and time between Mumbai-Pune-Bangalore routes in the coming days, according to industrialists in Maharashtra.
“This corridor is expected to connect India’s IT capital with its financial capital and also improve the commerce in the States of Karnataka and Maharashtra. It is anticipated to accommodate steel, cement, auto components, readymade garments, food processing and textile industries. This calls for umpteen employment opportunities within the next 5-10 years, especially since the UK is to extend financial assistance to the proposed corridor,” opines Shrinivas Rao, CEO, Asia Pacific, Vestian Global Workplace Solutions.
“Bangalore-Mumbai Industrial Corridor connects Bangalore with other prominent cities of Karnataka – Hukeri (Belgaum), Navanagara (Bagalkot), Belur (Dharwad), Bharamasagara (Chitradurga), Shimoga, Savanur (Hubli), Haveri, Kushtagi (Gadag), and Yelburga (Gadag), from where raw materials required for the industries are essentially procured. This mega industrial corridor also includes upcoming Tier II cities in Maharashtra such as Satara and Kolhapur and will connect Bangalore to major industrial and logistics hubs like Pune and Mumbai respectively. The availability of large land parcels, proactive government initiatives and existing industrial developments are sure to fuel investments in this corridor,” adds Shrinivas.
Closer to the city, this corridor will aid realty growth like never before. “The industrial connectivity to different States and setting up of special industrial zones in addition to support infrastructural developments will aid investments along the corridor. Some of the projects like the Peripheral Ring Road and Metro Rail are likely to increase the prominence of adjacent locations which will lead to real estate development,” says Vijay Ganesh.
Source: Times Property, The Times of India, Bangalore