A recent report by a real estate consulting firm stated that over 200 affordable housing projects have been planned under the Smart City Mission in Karnataka. Out of this, around 130 smart city projects planned in Belagavi, Mangaluru , and Tumkur, with a cost of less than Rs 100 crores per project.
The report named- ‘powerhouse Karnataka – the harbinger of India’s economic revolution’ has been released by CBRE South Asia Pvt. Ltd. and is based on the theme of ‘Ease of Doing Business Policy’. The report revealed that Karnataka is ahead of Maharashtra and Tamil Nadu in terms of ease of doing business.
According to the report, Karnataka has various upcoming/planned infrastructure initiatives to boost industrial production under the ‘Make in India’ campaign; key among them are the Chennai-Bengaluru Industrial Corridor (CBIC), Bengaluru-Mumbai Economic Corridor (BMEC) and Kochi-Bengaluru Industrial Corridor (KBIC).
Apart from this, the State Government is also putting major focus to boost the real estate market by implementing the planned initiatives like housing under the EWS scheme, affordable housing scheme and much more. So, the development of more such projects will definitely add feather to the cap of various cities of Karnataka.
Elaborating more on this, Abhinav Joshi, Head of Research, CBRE India said, “Karnataka has always been a front-runner in India’s economic progress and its real estate sectors have played a key role in this. Due to the forward-looking policies implemented by the state, sectors such as real estate have also attracted significant investments over the past couple of years,”
Moreover, Karnataka is also among the first few Indian states to implement power sector reforms like renewable energy schemes in both the public and private domains. With a capacity of more than 7,400 MW, it is one of the leading states contributing to India’s renewable energy supply.