Brand Bangalore received a massive boost early this week with a host of realtors and developers from around the world descending upon the city. Spirits soared high as one participant after another exuded optimism and rated Bangalore as the favoured destination for investment.
While the salubrious climate and the cosmopolitan culture of the city received encomiums, the large talent pool and enhanced connectivity within India and abroad were listed as the major attractions.
But drumbeats and glad tidings came laced with cautionary notes urging more transparency in the real estate sector with advice for infusion of skilled workforce on the ground level.
The global fraternity of developers and realtors was here on the invitation of Bangalore Realtors Association-India (BRAI) to a conclave to discuss issues under the theme “Bangalore — an investment destination: a global perspective”. It was co-sponsored by the Bruhat Bangalore Mahanagara Palike (BBMP).
Consensus There seemed to be consensus that Bangalore is the focal point of attraction for global investors, given its investment-friendly industrial climate and growth potential. The aesthetics, amenities, quality of work and recent improvements in infrastructure certainly boost the confidence level of international investors.
Positive vibes With positive vibes from the BBMP’s initiative “Namma Bengaluru - My contribution”, the atmosphere seems just right for a major leap from the global fraternity. Says Farook Mahmood, President, FIABCI-India, and chairman and managing Director Silverline Realty, and the man who actually made this global meet happen in Kolkata and Bangalore, the conclave has stressed the need for adoption of best practices by Indian realtors and bringing in standardisation in services by developers.
Farook says the overall mood indicates a distinct favour for investments in free lease commercial space in Bangalore in particular and Karnataka in general and one could hopefully await for major ventures in the near future.
Prestige Group’s Irfan Razack did not mince words in assuring the visitors that politics had no role in clearance of projects in Karnataka, regardless of the party in power.
He said one could find progress smooth if works were within the framework of law.
According to Razack, the success of new initiatives such as Kempegowda International Airport, Metro and expressway to the airport have enhanced the city’s attractiveness for investment.
However, he pointed out that certain aspects such as connectivity to Whitefield and Electronics City need to be fixed in order to remove transportation bottlenecks.
The government’s willingness to ease the process was evident from the commitment coming from Minister for Information and Infrastructure, R. Roshan Baig.
He said there were schemes to construct flyovers to ITPL and Electronics City; and connect the city with Chennai and Mysore by High Speed Rail, thereby allowing people to live in smaller towns and travel to work in Bangalore.
Acceptability BBMP Commissioner Lakshminarayana feels that recent initiatives such as construction of flyovers, underpasses, and level crossings and improvement of footpaths under Tender-sure would go a long way in enhancing Bangalore’s acceptability.
High rating Additional Chief Secretary Sathyamurthy said Bangalore is rated highest among the cities for factors such as peace, harmony, beauty and order and its people represented a happy mélange of cultures and economic strata and fulfilled criteria for PEST (Political stability, Economic prosperity, Social Harmony and Technological advancement) analysis of the World Bank. Sathyamurthy feels that the city offers prospects for selling accommodations ranging from Rs. 4.5 crore to Rs. 15 lakh and all kinds of investors can find a niche for themselves.
Sustainability Arun Subramaniam, vice-president, SAP, emphasises more rigorous enforcement of rainwater harvesting norms and preservation of lakes and parks in the City.
He advises introduction of terrace gardens and community composting in order to make Bangalore a green and clean city.
Foreign delegates in the conclave included Peter Bolton King, Global Residential Director (RICS); Kirkor Ajderhanyan, France; Jeff Foo, Singapore; Wu Zheng and Pi Xin, China; Linar Yakupov, Tatarstan; Marvic Acosta and Joel Agauda, the Philippines; Kathy Tsao, Yogendra P. Singh, Norman D. Flynn and Barbara Schmerzler, U.S.
