Due to the holdup in property allocation, Karnataka State’s Realty business and development has decelerated

Posted by

The requirement for developed land is peaking in both urban and rural Bangalore, and other places such as Belagavi, Mysore, Dharwad, Bidar and Shimoga.

Relentless space crisis endangers Karnataka’s reputation as a profitable end. For example: About 18,289 requests for territory in different parts of Karnataka for establishing small businesses are awaiting allocation by KIADB (Karnataka Industrial Areas Development Board), as per reliable sources in the State Industries Department.

The requirement for developed property has been uppermost in Bangalore Urban and Rural, trailed by Belagavi, Mysore, Dharwad, Bidar and Shimoga. So much has been the requirement for developed estate in Bangalore that about 2,537 requests for commercial ventures have been awaiting KIADB’s sanction for a long while now, trailed by Belagavi (1,887) and Mysore (1,727). Browse 30X50 sites for sale in sarjapura for latest Indian Real Estate information.

KIADB CEO, however, articulated shock over the statistics and averred that the same is different from the official numbers.

In spite of Karnataka’s reputation as home to a large inventory of real estate, business analysts profess that developed real estate not only commands premium, but also that shortage of developed real estate for allocation to prospective investors could adversely affect the sustained growth and industrialization of Karnataka. Visit luxury plots for sale in sarjapura for latest Karnataka Realty updates.

A former President of FKCCI (Federation of Karnataka Chambers of Commerce and Industry) observed that shortage of inventory of developed real estate is not the actual problem and that it is the outlay being levied on buyers of developed land that is causing insurmountable hindrance to industrial growth. He emphasized that the state government has been doing precious little to develop industrial real estate for allocation of commercial plots of two-to-five acreage. For more details about Bengaluru Real Estate click on Villa Plots for sale in sarjapur

KIADB representatives averred that they are required to develop infrastructure, including roads, and then only can they allocate land to investors at equivalent prices.

Investors, wishing to set up base in Belagavi conveyed that they had requested for land allocation in 2013 with no avail and are now thinking of taking back their applications, as there is no clarity regarding allocation. They continued that lack of real estate inventory will be a chief disincentive for investors and industries planning to enter Belagavi, which figures on the Mumbai-Bangalore arterial road, as this will prove to be an insurmountable hindrance in the ultimate analysis. For complete information and latest news about Karnataka Real Estate, visit sites for sale in east bangalore

Some of the unhappy investors lamented that despite the acquisition of large parcels of land by KIADB, these were in turn allocated to numerous business houses to set up their units. A few SMEs have set up units, rest of the land parcels are being utilized for aims other than that of industries. In fact even make shift shanty houses have cropped on some parcels, scrap material godowns have come up on others.

Minister of Industries of Karnataka R V Deshpande responded saying he is unaware as to the real reasons why so many applications are awaiting allocation and that he would have to ascertain the relevant background information before offering his views. Visit DTCP Approved plots in sarjapur for latest Karnataka Realty updates.

Leave a Reply

Your email address will not be published.