The Karnataka cabinet today decided to cut the rental for companies located at IT park in Hubli against the backdrop of the state government focussing on making tier-II cities attractive to technology firms.
The decision comes a day ahead of the inauguration of its ambitious Invest Karnataka Global Investors Meet, which will see major industrialists like Anil Ambani and Ratan Tata in attendance.
According to official sources, the cabinet took this decision after considering the growing demand by IT captains who had set up their units at the IT park in Hubli.
The monthly rental tariff has been reduced by 50 per cent, from the existing Rs 20 per sq feet to Rs 10sq feet, sources said.
The IT Park in Hubli has not seen full occupancysince its inception in 2002.
There are over sixty companiesoperating from the facility, which has struggled to attract others due to lack ofinfrastructure.
