JOIN USGovernment revives Devanahalli business park project
Official sources told Deccan Herald that despite recession the economic environment showing signs of revival it has been decided to give a fresh shot at the project. Further, with modalities for the GIM virtually in place and the Bengaluru International Airport (BIAL) up and running, it was felt time was ripe to take another shot at the Rs 9,500 crore project proposed on 413.65 acre plot near BIAL. The government, they said, is likely to invite Expression of Interest (EoI) afresh to develop the DBP to be taken upon on public-private partnership model.
Two-year timeline
The DBP will come up along the National Highway-7 and adjoining the northern boundary of BIAL, near Devanahalli, around 35 kms north of Bangalore city, and envisaged to be completed in phases in around two years time.
The project, for which Jones Lang LaSalle Meghraj Property Consultants Pvt Limited, Bangalore (JLLM), carried out detailed market study, subsequently saw the land use plan prepared by Mahindra Consulting Engineers Limited (MACE), sources said.
The GIM provides a perfect platform for revival of the project as prospective investors from both within and abroad are expected to participate in the mega meet.
As per the suggested land use plan, the DBP will boast of two IT & ITeS parks/SEZs on 50 acre plot, a central business district on 35 acre plot, besides other facilities such as three multi-speciality hospitals, finance district, retail & entertainment, office complex, aviation academy and other utilities. A 10-year tax and duty exemptions on operations of both the SEZ developer and SEZ occupants has been envisaged. These will come up on 309.07 acre of the 413.65 acre site, while the rest to be retained by the State government will house facilities such as cargo warehousing, convention centre, Directorate General of Civial Aviation, tourism and customs department besides other governmental agencies.
The DBP to be taken upon on a Build-Operate-Transfer basis will be developed by the successful promoters for whom the land will be provided on an initial lease period of 30 years with automatic renewal for another 30 years, sources added.
Further, the selected successful private sector developers for development of the DBP will also have to establish roads and utility infrastructure of world class standards for the DBP as a whole at their own cost, sources said.