Tumkur, Promising Land for Realty Growth

New Delhi, November 27, 2018: Once prominently known for its agricultural products—coconut, areca and paddy cultivation, Tumkur is now garnering importance at national and global levels for its industrial growth. The city is attracting heavy investment for the flourishing industrial belt. In fact, Tumkur is one of the cities in South India to be developed as an ‘Industrial Smart’ city. Thanks to the connectivity that has played a fundamental role in turning all companies towards Tumkur. The proximity of Bangalore cannot be ruled out in bringing its importance to Tumkur.

Considering all these factors, Karnataka’s Government is keen on developing an industrial hub in Tumkur district. This was witnessed recently when the Karnataka government marked out Vasanthanarasapura in Tumkur district for being developed into a major industrial hub as part of the Chennai-Bangalore industrial corridor project, which will see an investment of ₹50,000 crore. Reportedly, the Karnataka government will allot land free of cost to the special purpose vehicle (SPV) that will be set up to create, develop, and manage the Tumkur node.

In view of the speed at which Tumkur is developing, the government intends to provide mass transport connectivity by extending the current Bangalore’s  Namma Metro link to Tumkur. Presently, the Namma Metro ends near Nagasandra station (which is near Kennametal factory) and will be extended till Bangalore International Exhibition Centre (BIEC) in phase two. This can be further extended to Tumkur itself in the phase three or four.

The government has identified 9,629 acres in Vasanthanarasapura, a flourishing industrial hub of Tumkur for the development of the node. Adequate compensation has already been paid to the owners of up to 1,722 acres and the land has been acquired. A preliminary notification has been issued for another 7,900 acres. Agri and food processing industry is a highly focused sector; A 103 acre Food Park at Vasanthanarsapura inaugurated by the PM, Narendra Modi is set to ignite the sector with not just infrastructure and food processing equipment, but the technology up-gradations and better techniques of production and knowledge transfer on grading, processing, packing and marketing being given impetus here.

Rice mills, Coir industries, Oil extraction mills are the other major agro based industries in the region. The district has a thrust on textiles with a proposed Textile Park, An Apparel Zone, A Readymade Garments Zone and a Handloom Cluster in the district.“Vasanthanarsapura is gaining importance at a global level and hence has the potential to be the biggest industrial hub in India. An acclaimed Food Park is operational since 2014. TMAC, world’s largest motor manufacturing company is set up here. In the coming time, Japanese Park will be set up here. MNCs including Volvo, Himalayan Drugs and HAL’s helicopter division also will be established. A 700 acre of land is allotted for Machine Tool Park,” says K N Shivashankar, President, Vasanthanarasapura Industrial Association.

Vasanthanarasapura, a Leeway of Real Estate Sector

If Tumkur district is focused for an overall industrial development, it is Vasanthanarasapura that has grabbed a major chunk of opportunity. It is estimated that by 2022, job opportunity for 2 lakh will be created in the entire district of which major share of employment is expected to be in Vasanthanarasapura alone. The opportunities to provide shelter for this enormous populace have become basic inevitability. The demographic details indicate the region is occupied by LIG, MIG and EWS group of people. Some of the leading realtors have identified Vasanthanarasapura as the next real estate boom, especially in affordable housing segment. Recently, Felicity Adobe launched SwarnaGriha-I, an affordable housing project in Tumkur. The project falls under PMAY (Pradhan Mantri Awas Yojana) scheme, costing Rs. 10lakh for each flat with a subsidy of Rs. 2.67 lakh. “When we identified Tumkur has a potential for real estate, we conducted a meticulous research and we realized there is dearth of housing need among employees working in recently started industries. As a social responsibility we built a residential project using latest precast technology,” says Preenand Premachandran, Director and CEO, Felicity Adobe. Sensing the potential and receiving a positive response, Felicity Adobe will come up with SwarnaGriha-II project in couple of months.

New Way of Living for Tumkur Residents

In tier II and tier II cities, people are reluctant to buy a house in an apartment rather they prefer to invest in a piece of land and build a house after saving on money. “Tumkur is a promising land for real estate growth and it has all the opportunities to emerge as a key industrial hub especially Vasanthanarasapura. About 90% of people live in rented house but they have stable jobs with an average income. We sense a huge potential for affordable housing. Workers from existing industries and potential employees need good environment to stay that in turn can improve their productivity. Giving these people homes with all amenities and infrastructure make them more efficient,” points Pranav Sharma, Director and Founder, Felicity Adobe 

Tumkur is now a promising land for real estate growth. In Vasanthanaraspura belt, all the plots of three phases are sold out. With the real estate companies launching projects in this thriving region, apartment culture which is right now absent can flourish in the time to come. Living in apartments can make people here to live better as it gives several amenities like parking, children’s park and secured gated community.

Corporate Comm India(CCI Newswire)