Dubbed the Silicon Valley of India with over 3,500 IT companies and startups, Bengaluru has seen millions of workers flock to it and a real estate construction boom over the past two decades.
That has come at a cost as haphazard construction around lakes and over storm drains has limited the city's ability to absorb and drain water, leading to unprecedented flooding last year that disrupted the IT industry.
The city's built-up area ratio has soared to 93% in 2020 from 37% in 2002, putting "severe pressure" on the natural drainage system that drains water into the city's interconnected lakes, according to a Knight Frank report.
The report predicts the population will soar to 18 million by 2031 from an estimated 12.3 million by 2022. The area within city limits has more than tripled in 2011 to 741 square kilometers from 1995 levels.
Due to climate change, short-duration, high-intensity rainfall has also occurred, adding to the risk of flooding in the city amid limited infrastructure to prevent such a situation from occurring, the report added.
Shantanu Mazumder, Managing Director, Bengaluru, Knight Frank India, said that these floods happen every year and that can affect real estate investments. At a recent event organized by Knight Frank, Mazumder said that from the buyer’s perspective, they will definitely hesitate when they see a flood problem in the area they are planning to invest in.
Citing the example of Mumbai, the report calls on local authorities to develop a master plan to reduce flooding in flood-prone areas and ensure free flow of rainwater.
Source
Comment (0)