In order to promote economic growth in the state Karnataka state has approved three SEZs in the capital city of Bangalore.  The decision in this regard was taken recently in the 15th State High Level Clearance Committee meeting. Accordingly, the government will fulfill needs of land and water as per the requirement.

 

Although, it is just an in-principle approval and promoters are yet to get consent from land owners regarding the transfer of land required for the intended projects. Reportedly, NEC Real Estate Pvt Ltd and Cornerstone Shelters Pvt Ltd are the major promoters of the projects.

 

While NEC Real Estate Pvt Ltd will develop a tourism complex, commercial space, financial hub, R&D facilities, service apartment and medical city, Cornerstone Shelters Pvt Ltd will develop IT & bio-tech park. Land acquisition will be done by Karnataka Industrial Areas Development Board (KIADB).