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Business News/ News / India/  Bengaluru may need 28 billion to fix drainage, avoid flooding

Bengaluru, dubbed India's Silicon Valley may need a whopping 28 billion ($362.7 million) to fix its drainage networks and prevent flooding.

In recent times, with the influx of IT companies and startups, the city has seen an influx of millions of workers and a boom in real estate construction since 2000.

However, the rapid real estate development around lakes and over stormwater drains in the city has come at a cost. The city's capacity to absorb rain water has declined significantly, resulting in unprecedented floods last year that disrupted the IT industry.

The report by global property consultancy Knight Frank said the city's share of built-up area ballooned to 93% in 2020 from 37% in 2002.

Besides, the report projected a jump in population to 18 million by 2031 from an estimated 12.3 million in 2022. The area within city limits more than tripled in 2011 to 741 square kilometres from 1995 levels.

"This flood issue is happening every year. Forget about every year, every time it rains," said Shantanu Mazumder, executive director for Bengaluru at Knight Frank India.

And that can affect investments in the real estate market.

"From the buyers' point of view, there is definitely a red flag when they see that there has been a past flooding issue, it's a part of their buying due diligence," Mazumder said at a recent event organized by the consultancy.

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Updated: 31 May 2023, 02:33 PM IST
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