Karnataka's New IT Policy: Massive Incentives for Tech Firms in Mysuru
The Government of Karnataka has announced a game-changing policy to decongest Bengaluru. With reimbursements on rent, property tax, and power, setting up a techpark in Mysuru has never been more lucrative.
In a strategic move to distribute technology investments across the state, the Karnataka government has unveiled its draft IT Policy 2025-30. The policy explicitly targets Tier-2 cities like Mysuru, offering a suite of financial incentives designed to lower both capital and operating expenditures for IT and ITES companies.
Key Incentives for Moving to Mysuru
The new policy framework provides substantial relief for businesses establishing operations outside Bengaluru. For companies considering Commercial office space in mysuru, the benefits are direct and impactful:
- Rent Reimbursement: Eligible units can claim 50% reimbursement on rent, up to a maximum of Rs 2 crore.
- Property Tax Waiver: A 30% reimbursement on property tax for a period of three years.
- Power Duty Exemption: A 100% waiver on electricity duty for five years.
- Connectivity Support: Reimbursement of 25% on telecom and internet charges, up to Rs 12 lakh.
Why This Matters for Your Business
These incentives are designed to reduce the operational overhead for small and mid-sized firms significantly. By moving to a techpark in Mysuru like Renaissance Firstface Technology Place, companies can leverage these government subsidies to improve their bottom line while enjoying world-class infrastructure.
Decongesting Bengaluru
While Bengaluru remains a global tech hub, its infrastructure is under immense pressure. The government's strategy to develop clusters in cities like Mysuru aims to create a balanced ecosystem. Mysuru offers a high quality of life, lower traffic congestion, and a cleaner environment, making it an attractive destination for talent retention.
Conclusion
The draft IT Policy 2025-30 is a clear signal that the future of Karnataka's tech growth lies beyond the capital. With financial backing from the state and premium Commercial office space in mysuru available at Renaissance Firstface, the timing is perfect for enterprises to make the smart move.
Source: Moneycontrol