A Look Into How Bengaluru’s Bustling Industrial Life In The EPIP and Special Economic Zones Are Driving Housing Demand
The demand for residential housing in East Bengaluru is going up steadily because of the massive workforce employed by this belt. These employees prefer to stay close to their workplace, thereby driving demand for properties in the area. In fact, Whitefield’s success story has been primarily scripted by the information technology revolution that totally transformed the once sleepy landscape. Asia’s first tech park sprung up here in 1994. The area soon became a success benchmark for entrepreneurs, as owning a villa here was a sign of “success” here.
In order to earmark the Export Promotion Industrial Park (EPIP) zone, the Karnataka Industrial Area Development Board (KIADB) acquired large tracts of land. Numerous companies across various verticals invested in land in the special zone to set up their large-format built-to-suit offices. These companies included various IT companies, IT-enabled Services, engineering and healthcare companies, to name a few. It was during this time when the entrepreneurial wave in the IT-ITeS sector resulted in first generation wealth creation.
The lure of East Bengaluru is too hard to resist. Both single commercial buildings and tech parks are available in areas around the Old Madras Road and Outer Ring Road (ORR). Mixed development is also being observed here. The key initiatives by the State Government that literally made Bengaluru the Silicon Valley of India are the EPIP Zone, Electronics City and Whitefield. Moreover, these areas have also been responsible for the real estate boom in Bengaluru, as thousands and thousands of IT professionals settle in this area to work in some of the best companies in the world.
There is demand for various kinds of properties such as high-end homes, mid-segment homes, villas and plots to name a few. People generally prefer well-appointed gated enclaves. While ITPB has singularly driven the demand for residential property options in its vicinity, tech parks and business parks in the EPIP zone too have drawn a high demand. Whitefield and the EPIP zone have witnessed exponential growth over the years. Gigantic glass and chrome office buildings touch the sky in these areas and greenery is reserved by the developers.
Some of the tech parks here house the best social infrastructure. Naturally, areas in the vicinity have transformed into high-end gated communities of residential activity. IT employees who have traveled the world, and working in these tech parks, are now buying villas to match their lifestyle. The government also encourages both large and small companies to set shop here. They are also given a variety of benefits for doing so. Whitefield today, has blossomed into one of the most-advanced industrial areas in India.
The EPIP zone is spread across an extensive 570 acres. Most of the action has always been centered around the tech parks and special economic zones (SEZs). Other areas that are equally vibrant include Kundalahalli Village in Krishnarajapuram, Nagavara, Varthur, Doddakanahalli, Kadubeesanahalli, Sadarmangala, Bellandur, Mahadevapura and Kaggadasapura.