The land rate in the then Konappana Agrahara was Rs 23 per square foot in 1991

Infosys bought land from KEONICS in 1992

In 1997 KEONICS was taken over by ELCIA

Electronic City which is now synonymous with one of Bengaluru’s largest IT hubs with even demands to be treated as a separate municipal zone was once full of farmlands meant for paddy and ragi cultivation.  In 1991 before the liberalisation of the economy, the land rate in the then Konappana Agrahara was Rs 23 per square foot as opposed to Rs 3600 per square foot in the central parts of Bengaluru. Currently it costs Rs 5000-Rs 6000 per square foot. 

Ram Krishna Baliga, Chairman of the Karnataka State Electronics Development Corporation (KEONICS) in 1978 put into place Electronic City on 332 acres of land. Several manufacturing units of electronic items came up in the region in the 1980s but the real change came after 1991. 

Infosys, which was growing rapidly at that stage, bought land from KEONICS in 1992. An Infosys campus was set up in the region in 1993. In 1997 KEONICS was taken over by the Electronic City Industries Association (ELCIA). Subsequently with the IT Boom, housing demand increased. In 2010 the Electronic City Elevated Expressway was inaugurated which is now infamous for traffic jams. Marcellus Investment Managers have identified three sets of winners from this deal including MNCs, landowners and IT workers.