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LOREM IPSUM DOLOR SITAMET Lorem Ipsum
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series September, 2010
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
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Hebbal
Silk Board Jn.
KR Puram
Marathahalli
18.6 million sqft of operational Grade A office space
75% of Bangalores total operational IT/ITeS SEZ space
of Bangalores total operational IT space 25%
5% of office space vacant as of H1 2010
95% of the office space occupied by IT/ITeS companies
3.3 million sqft Grade A office space under construction 28 million sqft planned Grade A office space
ORR 2010 & Beyond
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
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Executive Summary
The Outer Ring Road stretch from Hebbal to Silk Board Junction, popularly referred to as ORR, has developed in the last 10 years as an Information Technology (IT) growth corridor and accounts for almost 25% of Bangalores total IT space. Currently, global IT clients such as IBM, Accenture, Cisco, Philips, Intel, Honeywell and others operate in this micro market.
ORR scores over other IT growth corridors of Bangalore in terms of proximity to Central Business District (CBD), availability of large land parcels, proximity to citys talent pool and favourable development regulations. Ongoing infrastructure works aimed to transform the ORR into a signal free corridor and the upcoming hotel and retail projects will further enhance connectivity and support infrastructure in this micro market.
ORRs IT growth corridor story commenced in early 2000s with land acquisition and allotment efforts by Karnataka Industrial Areas Development Board (KIADB) to promote IT developments. Further, single window clearance system adopted by Karnataka Udyog Mitra (KUM) supported the KIADBs initiative. Prior to commencement of Bagmane World Technology Center & Ferns Icon in 2008, developmental activity was largely concentrated between Marthahalli Sarjapur stretch primarily due to favourable zoning regulations and availability of large land parcels. Currently, the Marthahalli Sarjapur and Hebbal KR Puram stretches account respectively for 57% & 36% of the total Grade A office space operational along the ORR. In future, KR Puram - Marthahalli stretch is likely to witness almost 17% of the total IT space being developed in this micro market.
ORR predominantly has large multi-tenanted IT parks with almost 95% of the total Grade A office space being occupied by IT and ITeS companies and the proportionate share between IT and ITeS segments is 57% and 42% respectively. As on date ORR has over 18 million sqft of operational IT space and approximately another 3.3 million sqft under construction. The planned supply along this micro-market is estimated to be 28 million sqft. ORR constitutes for 75% of the Special Economic Zone developmental activity in the city and this trend is expected to continue as this micro market has over 300 acres of land available for development under SEZ category.
Current levels of vacancy of Grade A office space along ORR is just over 1 million sqft and likely to drop in H2 2010. Even during the global meltdown phase (Q4 2008 2009) average rentals for Grade A office space in ORR relatively witnessed a lesser drop compared to other peripheral markets Whitefield and Electronics City signifying the balance between supply and demand levels.
While ORR continues to remain an attractive IT growth corridor rental levels in short term are expected to rise owing to very low existing vacancy levels and limited projects under construction. However in medium to long term the prices will stabilize owing to planned supply.
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
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Emergence of ORR as a growth corridor for IT developments Transformation of Bangalore from a Garden City to Silicon Valley of India started in 1980s. Since the
beginning, IT hubs were predominantly concentrated in southern and eastern regions of the city namely
Secondary Business Districts (SBDs) of Airport Road, Bannerghatta Road, Koramangala & Indiranagar and
Government promoted Peripheral Business Districts (PBDs) of EPIP, Whitefield & Electronics City, Hosur
Road. This resulted in emergence of areas around SBD - Koramanagala / Indiranagar / BTM Layout / Sarjapur
Road in southern and eastern pockets of Bangalore as preferred residential locations by IT population.
ORRs IT growth corridor story commenced in early 2000s with land acquisition and allotment efforts by Karnataka Industrial Areas Development Board (KIADB) to promote IT developments. To facilitate prompt developments, KIADB acquired large land parcels along ORR and ensured conversion of the same for industrial hi-tech use. Further, single window clearance system adopted by Karnataka Udyog Mitra (KUM) supported KIADBs initiative. With the completion of Outer Ring Road (ORR) in 2002, a new growth corridor opened up for IT development in Bangalore.
The announcement of Special Economic Zone (SEZ) policy in 2005, led to the export oriented IT/ITeS sector to focus their growth in upcoming SEZ parks due to expiry of the incentive structure under the Software Technology Parks of India (STPI) scheme. Readily available large land parcels along ORR and Government initiative of the revised Bangalore Master Plan 2007-15 provided impetus to IT development through favorable zoning regulations.
With the commencement of Bangalore International Airport (BIA) in 2008 in Devanahalli, the ORR stretch: Hebbal to Silk Board Jn. gained importance as it serves as the main artery between BIAL and major IT hubs of Bangalore i.e. Whitefield & Electronics City.
CBD
Whitefield
Old Airport
KR Puram
Yeshwantpur
Kengeri
Electronics City
NH 7
NH 209SH 17
NH 4NH 7
NH 4
MagadiRoad
ITPL
Marathahalli
CV Raman Nagar
Indiranagar
Old Airport Road
BTM Layout
Bannerghatta
Sarjapur Road
Key IT Hubs in 2000
Major State and National Highways
Residential Locations preferred by IT
working population
Silk Board Jn.
Koramangla
NTo BIAHebbal
ORR (Hebbal to Silk Board Junction)
Figure 1: Bangalore-Early IT Hubs
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
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The figure below summarizes the key events (policy level, IT infrastructure development promoted by Government and completion of BIA) which promoted ORR to become a IT growth corridor of Bangalore
Commissioning
of BIA
Commencement of
construction works
for ORR
2010
2005
2000
1995
1990
1978
1991
1994
1998
Policy Level
Initiatives
IT
InfrastructureIT Developments along ORR
Formulation of
STPI Scheme
Annoucement
of SEZ Act
2007
Formation of
Electronics City
1999
2008
Formation of EPIP
Zone in Whitefield
Announcement of SEZ Act in 2005, favorable zonal regulations triggered growth along ORR
Presence of IT working population dominant residential zones in eastern and southern regions of
Bangalore due to development of IT hubs- Electronics City and Whitefield supported the growth of
IT developments along ORR
Post commissioning of BIA in 2008, the ORR stretch- Hebbal to Silk
Board Junction has gained importance as it acts as the main connection
between BIA and major IT hubs
Completion of ORR
Key
Connectivity
Intiatives
Commission of
ITPB
(JV between KIADB
& Ascendas)
2002
Release of
Bangalore
Master Plan
Prestige Tech Park
Salarpuria Hallmark
2007
Salarpuria Softzone
Vrindavan Tech Village
Cessna Business Park
2006
Salarpuria Touchstone
Adarsh Tech Park (P-I)
Ferns Icon
2005
Global Technology Park
Pritech Tech Park
Bagmane World Technology Center
1999
1996
2008
2009
WIPRO
Intel Technologies
Manyata Embassy Business Park
RMZ Ecospace
RMZ Ecozen
Salarpuria Supreme
Announcement
of BIA
Figure 2: ORR-Emergence as IT Growth Corridor
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
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Advantage ORR
The following characteristics of ORR stretch
between Hebbal and Silk Board Jn. makes it one of
the most attractive IT growth corridors of
Bangalore:
Availability of large land parcels
Designated as Mutation Corridor**
Zoning of land to Industrial Use (Hi-Tech) thereby increasing the permissible FSI up to 3.25
Proximity to established IT talent pool & established residential hubs
Proximity to CBD (M.G. Road) compared to other peripheral locations of Bangalore
Ongoing construction of hotels, malls, large Grade A residential developments
Other initiatives by Government,
- Entire ORR Stretch to be a signal free road by end 2011, as Bangalore Development Authority is constructing 8 flyovers and 2 underpasses at various intersections.
- Widening of Old Madras Road, Hennur Road & Banaswadi Road under progress.
This ORR stretch of 31 kms exhibits different characteristics and has varied potential and activity for IT developments. Here, we have categorized this stretch into 4 parts based on intersection with highway/major road:
Stretch 1: Hebbal - KR Puram
Stretch 2: KR Puram Marathahalli
Stretch 3: Marathalli Sarjapur Road
Stretch 4: Sarjapur Road Silk Board Jn.
** Mutation Corridor: The subject stretch of ORR as been designated as Mutation Corridor under Revised Bangalore Master Plan,
2007. As per this provision, plots with frontage equal to or more than 12m are eligible for conversion of land-use to commercial
and the permissible FSI being in the range of 2.75 to 3.25 (depending on the plot size, frontage and abutting road width). In addition
to the frontage, the entry and exit to the plot should be provided along the mutation corridor.
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
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The following table summarizes the potential of these stretches for IT developments:
Table 1: ORR-Potential for IT Developments
Stretch 1: Hebbal to KR PuramStretch 2: KR Puram to
Marathalli
Stretch 3: Marathalli to
Sarjapur
Stretch 4: Sarjapur to Silk
Board
9.5 13.5 15 11
32 42 47 52
Limited Available Available Limited
Residential;
Industrial (Hi-Tech Zone)Residential
Industrial (General); Industrial
(Hi-Tech Zone)
Sarjapur to Iblur: Iblur Army
Camp
Iblur to Sarjapur: Iblur Army
Camp
Sarjapur to Silk Board:
Residential
1.75 - 3.25 (Residential)
2.0 - 3.25 (Industrial - Hi Tech
Zone)
1.75 - 3.25 (Residential)2.0 - 3.25 (Industrial - Hi Tech
Zone)1.75 - 3.25 (Residential)
~15% ~25% ~40% ~25%
Dollar's Colony, RT Nagar,
Frazer Town, Banaswadi, Kasturi
Nagar, Mahadevpura, Kalyan
Nagar, Nagwara, Hebbal, HBR
Layout, Hennur Road,
Thannisandra Road, Bellary
Road, Whitefield Road
Kasturi Nagar, Banaswadi, KR
Puram, Mahadevpura, Yemalur,
CV Raman Nagar, Indiranagar,
Marathalli, AECS Layout,
Bellandur, Karthik Nagar,
Doddenakkundi, Whitefiled
Road, Varthur Road
Koramangala, HSR Layout, BTM
Layout, Madiwala Bellandur,
Marathalli, Yemalur, Brookefield,
Sarjapur Road, Haralur Road,
Devarabeesanahlli,
Kadubeesanahalli, Hosa Road,
Varthur Road, Hosur Road
Koramangala, BTM Layout,
HSR Layout, Madiwala,
Bellandur, Jaya Nagar,
Banashankri, Bannerghatta
Road, Sarjapur Road, Haralur
Road, Devarabeesanahalli,
Kadubeesanahalli, Hosa Road,
Hosur Road
Royal Suites (Serviced
Apartments)
Hotel Seven (4 Star) and Lotus
Park (Business Hotel)
Ivy (Business Hotel)
Orange Hotel (Business Hotel)None
Hotel Westin (246 rooms) None
Novotel IBIS (559 rooms)
Park Plaza (237 rooms)
Palm Retreat (200 rooms)
Shangri-La (450 rooms)
Salarpuria (250 rooms)
Marriott
None Soul Space Arena Soul Space Spirit None
Moderate Moderate High Low
Bangalore International Airport
(BIA)
CBD (km)
Resident IT Population within the catchment
Major residential areas (within
30 mins)
Existing/ Growing/ Upcoming
Attribute
Existing Hotels
Overall Potential for IT
development
Business and Social infrastructure
Upcoming Retail Malls
Upcoming Hotels (Till 2012)
Main Land-use
Availability of land for IT
development
Approximately % of total
Bangalore IT Population
residing within 30 mins travel
time from ORR stretch
Permissible FSI
Zoning and Reulatory Attributes
Land Availability
Distance Chart
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
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Hebbal
Bellary Road
Banaswadi
Kasturi Nagar
Ramamurthy Nagar
HBR Layout
Frazer Town
CV Raman Nagar
Kaggadaspura
Mahadevpura
Kartik Nagar
AECS Layout
OMBR Layout
Nagwara
CBD
Hennur
Hormavu
Indiranagar
DRDO
BEL
KR Puram
Hebbal
Sanjay Nagar
RT Nagar
BEML
To Hosakote
To BIA
Hotel Westin
Soul Space
Arena
4
1
2
HPTo Whitef ield
3
BTM Layout
HSR Layout
Hosur Road
Koramangala
Marathahalli
BEML Layout
Haralur Road
Sarjapur Road
Yemalur
Bellandur
SarjapurSilk Board Jn.
Marathahalli
To Whitef ield
Old Airport
To SarjapurTo Electronics City
NAL
Soul Space
Spirit
Marriott
Palm Retreat
Serviced
Apartments
Salarpuria Merill Lynch
Novotel IBIS
Shangri-La
Park Plaza
5
7
169
10
1112
WIPRO
15
17
6
8
14
13
18
INTEL
NAL
HAL
ISRO
N
Figure 3: ORR-IT Growth Corridor
Legend
STPI Parks Existing Malls / Hyper-markets
SEZ Parks Upcoming Malls
SEZ / STPI Parks Existing Hotels/ Serviced Apartments
Under-construction STPI Parks Upcoming Hotels/ Serviced Apartments
Under-construction SEZ Parks PSUs R & D Organizations
BTS facilities Upcoming Under-passes
Residential Locations Upcoming Flyovers
PotentialGrowth Regions
Legend
STPI Parks Existing Malls / Hyper-markets
SEZ Parks Upcoming Malls
SEZ / STPI Parks Existing Hotels/ Serviced Apartments
Under-construction STPI Parks Upcoming Hotels/ Serviced Apartments
Under-construction SEZ Parks PSUs R & D Organizations
BTS facilities Upcoming Under-passes
Residential Locations Upcoming Flyovers
PotentialGrowth Regions
List of Existing, Upcoming and Proposed IT Park
Legend
STPI Parks Existing Malls / Hyper-markets
SEZ Parks Upcoming Malls
SEZ / STPI Parks Existing Hotels/ Serviced Apartments
Under-construction STPI Parks Upcoming Hotels/ Serviced Apartments
Under-construction SEZ Parks PSUs R & D Organizations
BTS facilities Upcoming Under-passes
Residential Locations Upcoming Flyovers
PotentialGrowth RegionsLegend
STPI Parks Existing Malls / Hyper-markets
SEZ Parks Upcoming Malls
SEZ / STPI Parks Existing Hotels/ Serviced Apartments
Under-construction STPI Parks Upcoming Hotels/ Serviced Apartments
Under-construction SEZ Parks PSUs R & D Organizations
BTS facilities Upcoming Under-passes
Residential Locations Upcoming Flyovers
PotentialGrowth Regions
1 Manyata Tech Park 7 Prestige Tech Park 13 Global Technology Park
2Bagmance World Technology
Centre8 RMZ Ecozen 14 Pritech Park
3 Fortune City 9 Salarpuria Hallmark 15 Vrindavan Tech Village
4 Ferns Icon 10 Salarpuria Touchstone 16 Adarsh Tech Park
5 Salarpuria Supreme 11 Salarpuria Softzone 17 Cessna Business Park
6 Prestige Exora Business Park 12 RMZ Ecospace 18 Umiya Business Bay
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
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IT developments along ORR
ORR stretch accounts almost 25% of the Bangalores total IT space.
- The Hebbal to K.R. Puram stretch is dominated by office space supply from Manyata Embassy Business Park.
- Gopalan Enterprises Fortune City IT/ITeS SEZ and Bagmane World Technology Centre - Phase II will be key driver for office space supply between K.R. Puram to Marathahalli stretch. Further, availability of land for future development assures more activity in short to medium term along this stretch.
- IT parks located between Marathahalli - Sarjapur Road account for more than 55% of the total operational office space along ORR. Large land parcels locked with existing developments ascertain trend to continue in future too.
- Sarjapur - Silk Board Jn. stretch witnessed no IT space activity mainly on account of limited land availability and existing zoning regulations.
Currently, the Marthahalli Sarjapur Road & Hebbal KR Puram stretches account for 57% & 36% of the total Grade A office space operational along the ORR.
In future, KR Puram - Marthahalli stretch is likely to witness more IT space activity and almost 17% of the total IT space along ORR would be along this stretch.
Name of the Park Category
Operational Area
as of H1 2010
(in million sqft)
Key Tenants
Manyata Embassy
Business ParkSTPI & SEZ 6.80 IBM, ANZ, Philips
Bagmane World
Technology CentreSEZ 1.00 EMC
2
Ferns Icon STPI 0.38Lenovo,
STMicroelectronics
RMZ Ecospace STPI 2.00Accenture, AOL,
Capgemini
Pritech Ecospace SEZ 1.80Quest, Firstsource,
Symphony Services
Vrindavan Tech
VillageSEZ 1.48
Cisco, OPI,
T-systems
Prestige Tech Park STPI 1.00Oracle, Nokia,
Yodlee
Salarpuria Softzone STPI 0.90SAP, Genpact, Akamai
Technologies
Adarsh Tech Park SEZ 0.77Honeywell, Subex,
KPIT Cummins
Salarpuria Hallmark STPI 0.42 Teleca, Quest, Nokia
Salarpuria
TouchstoneSTPI 0.42
MTS, Mentor
Graphics, ARM
Global Technology
ParkSTPI 0.27 LSI Logic
Salarpuria Supreme STPI 0.21Blue Coat, Motorola,
Ocwen
RMZ Ecozen STPI 0.11 Aricent
Hebbal to K.R. Puram
K.R. Puram to Marathahalli
Marathahalli to Sarjapur
Name of the Park CategoryExpected
Completion Date
Area
(in million sqft)
Prestige Exora
Building 1STPI Q1 2011 0.67
Adarsh Tech Park SEZ Q4 2010 0.50
Umiya Business Bay STPI Q1 2011 0.45
Vrindavan Tech Village
Phase II (2A)SEZ Q4 2010 0.32
Table 3: ORR-Upcoming IT Parks
Table 2: ORR-Operational IT Parks
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
Page | 10
Since 2004, over 18 million of office space has been constructed on ORR. In H1 2010, ORR witnessed absorption of almost 1.5 million sqft and currently has a vacancy rate of 5% for office space (1 million sqft). This is expected to further drop in H2 2010 to as low as 3%.
Recent trend of IT companies moving to SEZs may be due to revised Direct Tax Code (DTC) published in Q2, 2010. As per revised draft of DTC, units coming up in SEZs after the implementation of the Code from April 1, 2011, would not be entitled for Tax holiday.
Lower vacancy rates and very little construction activity (3.3 million sqft) has made developers including Primal Projects (Pritech Phase 2), Bagmane (World Technology Center Phase 2), revisit the construction plans and commence construction of their respective projects in H2 2010.
Untill 2007, developments on the ORR were predominantly Software Technology Parks such as RMZ Ecospace, Manyata Embassy Business Park etc. Post 2008 the development trend on this stretch has been towards SEZ projects such as Vrindavan Tech Village, Pritech Park, Cessna Business Park, and Manyata Embassy Business Park (SEZ).
Around 55% of the operational space falls under SEZ category and accounts for more than 75% of operational SEZ space in Bangalore; considering 80% of the ORRs future supply is in SEZ category the micro market will continue to dominate in this category of office space.
Stretch Operational U/C Planned Total
Hebbal - K.R.Puram 36% 11% 15% 23%
K.R.Puram - Marathahalli 7% 30% 22% 17%
Marathahalli - Sarjapur 57% 59% 63% 61%
18.6
3.3
27.8
17.6
0.43.2
0.0
5.0
10.0
15.0
20.0
25.0
30.0
Operational U/C (2010 - 2012)
Planned (2012 and beyond)
sqft
(in
mil
lio
ns)
Supply Absorption
Vestian Estimate
0
1
2
3
4
5
6
7
8
sqft
(in
mil
lio
ns)
Supply (STPI) Supply (SEZ)
0%
2%
4%
6%
8%
10%
Absorption (STPI) Absorption (SEZ) Vacancy in %
2006 2007 2008 2009 2010
Vestian Estimate
Table 4: ORR-IT Space Distribution
Figure 4: ORR-Grade A Office Space Supply
Figure 5: ORR-Supply & Absorption Trend
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
Page | 11
Planned supply is largely concentrated in the existing parks itself:
- Under STPI category, existing Global Technology Park and Manyata Embassy Business Park has land for future developments. New entrants include Prestige Exora Business Park and Umiya Business Bay.
- Under SEZ category, developers of existing parks have more than 300 acres of land for future development. Leading projects include Pritech Park, Vrindavan Tech Village, Adarsh Tech Park and others.
During global meltdown phase, Q4 2008 2009, average rentals in ORR witnessed drop of only 20% compared to 30 - 40% drop in other PBDs of Bangalore. This signifies the balance in demand and supply of real estate space along ORR.
ORR predominantly houses multi-tenanted IT developments with an exception of Intel Campus which is an owned facility.
Considered the hub of large IT developments with 5 out of 20 existing IT parks having more than one million sqft operational spaces. This number is expected to increase to 8 by 2012.
0
20
40
60
80
100
2006 2007 2008 2009 H1 2010
INR
/sq
ft/
mo
nth
CBD Suburban ORR Peripheral
OccupierArea Occupied
(in million sqft)
IBM & IBM Daksh
Cisco Systems
Honeywell
Philips
EMC2
Nokia
Outsource Partner International
T-Systems
AOL
Accenture
Capgemini
Nokia-Siemens
ANZ
LSI Logic
> 0.5
> 0.2
> 1.0
Company BuildingArea
(in sqft)
Nokia Technologies Vrindavan Tech Village 1,26,000
Brocade Vrindavan Tech Village 90,000
Akamai Technologies Salarpuria Softzone 70,000
Symphony Services Pritech Park 60,000
Teleca Salarpuria Hallmark 43,000
Cynivwea RMZ Ecospace 42,000
Ocwen Financials Salarpuria Supreme 28,000
Figure 6: Bangalore-Rental Value Trend
Table 5: ORR-Key Occupiers
Table 6: ORR-Key Lease Transactions (H1 2010)
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
Page | 12
IT/ITeS companies occupy more than 95% of the total operational space of which, 80% are Multi-
National Companies (MNCs).
IT companies located in this micro market operate in software development, R&D and engineering
services space. ITeS companies provide knowledge and back-end services in IT & Telecom, BFSI, and
Retail and Healthcare verticals.
0%
10%
20%
30%
40%
50%
Software Product
Development
Engineering and R&D
Support Services and
Training
57%
42%
1%
IT ITeS Others
0%
10%
20%
30%
40%
50%
IT and Telecom BFSI Healthcare Retail/ Manufacturing/
Media & Entertainment
Others
Figure 7: ORR-Occupier Profile
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
Page | 13
Future of ORR for IT developments ORR is expected to continue to remain an attractive IT/ITeS growth corridor of Bangalore and improve further with planned completion of numerous flyovers/ underpasses between Hebbal and Silk-Board Jn. by end of 2011 and upcoming business & social infrastructure.
Rentals of office space are expected to rise to some extent in short term mainly due to low vacancy rates and fewer under construction projects; however, only nominal rise in rentals is expected due to existing high vacancy rates in PBDs such as Whitefield, Electronics City and others.
The current most active ORR stretch Sarjapur Road Marthahalli would be extended till KR Puram, as Marthahalli KR Puram stretch is expected to witness high IT space activity in coming years.
While ORR over the years has emerged as the most preferred office space destination, this micro market foresees a few challenges including:
- Uncertainty on future of tax holiday for SEZ units post implementation of DTC in April 1, 2011 may have adverse effect on ORR, atleast in short term, as most of the office space supply along ORR is scheduled under SEZ category.
- Growth of ORR may slowdown due to the shift in focus towards Bangalore North for upcoming developments.
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Bangalore: Outer Ring Road IT/ITeS Growth Corridor Series
Page | 14
ACRONYMS
ORR Outer Ring Road
Jn. Junction
MNCs Multinational Companies
IT Information Technology
ITeS Information Technology Enabled Services
CBD Central Business District
SBD Suburban Business District
PBD Peripheral Business District
ITPB International Tech Park, Bangalore
KIADB Karnataka Industrial Areas Development Board
JV Joint Venture
EPIP Export Promotion Industrial Park
SEZ Special Economic Zone
STPI Software Technology Parks of India
DTC Direct Tax Code
FSI Floor Space Index
PSU Public Sector Undertakings
BIA Bangalore International Airport
Q1 Quarter 1 (January March)
Q2 Quarter 2 (April June)
H1 First Half (January June)
BTS Built to Suit
BFSI Banking Financial Services and Insurance
R&D Research and Development
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