The Hindu

• 15 packages have been prepared to generate annual rent of Rs. 250 crore
• The market value of the 400-acre plot estimated at Rs. 2,000 crore
• Cabinet has approved land-use plan prepared by iDeCK

Mangalore, Feb 16: The Karnataka State Industrial Investment and Development Corporation (KSIIDC) has prepared 15 packages to develop 400 acres of land adjacent to the international airport at Devanahalli in Bangalore, its Chairman N Yogish Bhat, MLA, has said.

The corporation would present the plan to the State Cabinet for its approval and create infrastructure in the region, he noted.

Bhat told presspersons here that the corporation had retained 400 acres on the northern side of the airport site as per the direction of the State Government. The land would be utilised to establish facilities in a public-private partnership mode and the same would be complimentary to the development of airport region. The corporation hoped to earn an annual lease rent of Rs. 250 crore from its venture, he said.

With the airport expected to become operational in April 2008, such a venture should start yielding returns in the next two to three years. The current value of the land was estimated at Rs. 2,000 crore, he said.

The Infrastructure Development Department (IDD) would take decisions on the allocation of land. The Cabinet had approved the land-use plan prepared by Infrastructure Development Corporation (Karnataka) Ltd. (iDeCK), he said.

The corporation was playing an active role in the development of minor airports proposed by the State Government at places such as Hassan, Gulbarga, Shimoga, Bellary, Raichur, Bijapur, Karwar and Bidar under directions from the IDD.

About the Rajajinagar ITBT Park in Bangalore, he said this was a recent project completed by the corporation on the lines of Khanija Bhavan at Rajajinagar Industrial Estate. The project had been implemented at a cost of Rs 40 crore on 1.6 acres owned by Karnataka State Small Industries Development Corporation with a built-up area of 2.4 lac sq ft. The project was expected to generate a rental income of Rs. 6 crore per annum.

The corporation intended to develop projects on the above lines and was considering some proposals. These included developing 14 acres of land owned by the Karnataka Agro Industries Corporation at Hebbal as a modern IT complex, developing around 30 acres of land on the premises of Beggars' Colony on Magadi Road (both in Bangalore) belonging to the Department of Social Welfare into a modern multi-functional complex.