The ITIR is one of the largest infrastructure projects in Karnataka's history. Total cost is expected to be one lakh crore rupees ($22 Billion).
Direct employment to 1.2 million people and indirect employment to 2.8 million.
The proposed ITIR would be specifically delineated investment region with a minimum area of around 40 Sq.kms. (about 10,000 acres of land),which may include Special Economic Zones, Industrial Parks, Export oriented units, Free trade and Warehousing zones. The ITIR would be a combination of production units, public utilities, logistics,environmental protection mechanisms, residential areas and administrative services,with excellent infrastructure
3000 acres of land in the aerospace Special Economic Zone (SEZ) near Devanahalli with the 900 acres which were acquired have already been allotted to 48 companies, including 100 acres to HAL.
Karnataka- Only State in the country to have a separate aerospace policy.
According to officials, the SEZ will comprise both export-oriented industries and industries that deal with maintenance, repair and overhaul-related activities in the local market. A few European companies, including British organisations, have already applied for land in the Devanahalli SEZ through the Karnataka Udyoga Mitra. Therefore, the government is likely to acquire land at the earliest.
One of the biggest projects coming up adjacent to the Bengaluru International Airport (BIA), the Devanahalli Business Park (DBP) is expected to attract an investment of $2.2 billion over the next five to seven years. Karnataka State Industrial Investment & Development Corporation Limited (KSIIDC), at the behest of Government of Karnataka (GoK), is developing DBP on the site of around 413.65 acres owned by KSIIDC along the National Highway-7 (NH-7) and adjoining the northern boundary of Bengaluru International Airport (BIA) near Devanahalli, around 35 kms north of Bangalore city.
The park with facility for aircraft component manufacturing and accessories was being developed near the airport in 1000 acres area. About 250 acres of the land will be earmarked for a special economic zone (SEZ) in the aerospace hub.
The Aero SEZ is being worked out in collaboration with the US Aerospace Supplier Development Mission to India to introduce American companies to Indian joint-venture groups, industry representatives, and Western original equipment manufacturers based here. The SEZ would also introduce the US companies to industry and government officials here to learn about opportunities they can exploit through various aerospace programs.
After marking its space in information technology and biotechnology, Karnataka has placed its bets on aerospace and expects to attract industries that by 2017 will invest $ 5 billion (around Rs. 30,000 crore at current exchange rates) and create 4,000 to 5,000 jobs in the highly skilled area.
Aerotropolis is a word that is created out of two words airport and metropolis. Like SEZ, PCPIR or Chemical Hub, it is another new term that we must familiarize ourselves with in order to understand the neoliberal onslaught on the masses. In short, it is an airport township. At its heart there would be an airport, which would be surrounded by residential units, golf courses, hotels, multi-story residential high-rises, malls, etc. These are to be the new nerve centers of the modern civilisation.
To promote the State as a global investment destination, the government is in talks with banking giants to set up a Global Financial District near Devanahalli, spread over 150acres, which will also house a residential township. The district would provide specialized services for banks, insurance companies, stock exchanges and others players in the financial services sector. Some of the features of this district are,
Karnataka provides phenomenal tax benefits for healthcare investors. With 39 medical colleges and a prestigious university like Rajiv Gandhi University of Health Sciences, there are adequate human resources. Favourable weather is another big factor for most medical specialists to stay on in Bangalore.
Karnataka State Tourism Development Corporation (KSTDC) would develop hub in 300 acres of land with facilities like private hospitals, diagnostic centres, Ayurvedic resorts and centres offering alternative systems of medicine .The projects approved by the authority are:
The Karnataka Government has decided to shift the Bangalore Turf Club (BTC) located in the heart of the city to a new location, Chikkajala in Devanahalli taluk. Bangalore Turf Club with an investment of Rs. 350 crores has been planned to be set up in Devanahalli.
Zuri Hospitality India (Private) Ltd, Indian arm of the global Zuri Group promoted by a consortium of investors from the Middle East, Other hotel projects that are set to come up in this region include Oberoi at Bangalore International Airport, Hyatt Residency and Oberoi Luxury hotel in the Hebbal lake area,and Taj Airport Hotel and Holiday Inn at Devanahalli.