The visionary and the first chairman & managing director of Karnataka State Electronics Development Corporation (KEONICS), R. K. Baliga wanted to put Bengaluru on the global map. The dream was to make Bengaluru, the Silicon Valley of India. He developed the concept of electronic city in 1978. KEONICS established the electronic city on 332 acres of land, which has subsequently extended to over 800 acres and 3 phases.
Electronic city acted as the first breeding place for the IT Industry, being home to some of the major IT giants including Infosys, HP, Wipro, Siemens, 3M, BHEL, HCL, TCS, Flextronics, etc. Being well-connected with the traditional IT workforce gave the initial boost to its growth till the time Hosur road became a nightmare to travel, which was also the beginning of the downfall of this micro-market. During late 90s, Bengaluru has witnessed the emergence of a new micro-market-Whitefield, with the development of ITPL (Ascendas IT Park now) in 1996. This new micro-market caught the imagination of Bengaluru’s developer community, thus some of the IT Parks developed by RMZ, Brigade, SJR Divyashree, and Prestige came into existence.
Subsequently, the development of ORR in 2002, which became the Macca of Bengaluru IT/commercial space and India, with a stock of over 60 million sq ft. The government has tried addressing the traffic issue of Hosur road, with the development of an elevated corridor and widening of the existing road/Madiwala flyover, but still the micro-market has the lowest rental tag and highest vacancy rate. This has also impacted the rate of growth of social infrastructure in-and-around the electronic city as compared to other micro-markets like Whitefield or ORR.
Interestingly, many things have changed, with Metro-Rail reaching to the electronic city. It has been surrounded by world class educational facilities, renowned hospitals including Brookfield High, Sorsfort International School, Springleaf Hospital, Neo Mall, etc. Some of the famous daily need stores are Nilgiris and Village hypermarket, in tandem with a flavour of prominent food chains such as Dominos, KFC, Barbeque Nation, etc.
Rejuvenated with these boosters, large commercial development restarted in the electronic city. Grade A developers including the likes of Sattava, Bagmane, Prestige are taking serious interest for large scale development in the city. With the present commitment, this micromarket will witness over 3 million sq ft of commercial space by the end of 2021.