This transformation is not limited to major cities but is also evident in smaller ones. Increasing income and job opportunities have fuelled urbanisation, making real estate more accessible in cities.
“In the first phase, the city will be developed on a parcel of about 1,000 acres, and experts have suggested gradual development by taking up 200-300 acres at a time. The entire investment for KHIR-City will be by private players, with the government investing in the form of land equity. Stakeholders have suggested that the proposed city should have excellent connectivity, such as roads, metro, and suburban rail, and should be reachable within an hour from Bengaluru city.
In the proposed city, 15 per cent of the allotted land should be designated for educational institutes, such as research universities; 15 per cent for setting up healthcare facilities; 20 per cent for R&D centres and corporate offices of various industries; 10 per cent for startup spaces; 20 per cent for residential complexes; 15 per cent for commercial and retail spaces; and 5 per cent for government offices and utilities.
It has been suggested that 35 per cent of the 1,000 acres should be reserved for green cover, and 5 per cent each should be used for roads and civic amenities.
The remaining 55 per cent of the allotted land should be used for KHIR City,” Patil said, adding that a Special Purpose Vehicle (SPV) should be set up to ensure coordination between the government and the master developer of the proposed city.
The planned Metro network to Kempegowda International Airport will further facilitate the city’s growth. As more people move to cities and the population increases, there have been significant changes in the way buildings and homes are constructed. Recently, there has been a surge in the establishment of large companies, employment centres, and a higher demand for residential and commercial spaces.
