Karnataka

Karnataka has made rapid strides in the real estate market in recent years. The state has a flourishing economy which is resulting in large gains in property market. It is witnessing a trend of rising prices as the real estate developers are aiming its locations with promise to allot quality spaces at reasonable rates. Cities like Bengaluru, Mangalore, Mysore, Bijapur, Badami and Belur represent a strong prospect for real estate investment in the state that will further mark its growth in very near future and will see multipliers to their values. Also, tourist destinations like Belgaum, Hampi, etc are showing signs of leveraging on real estate developments, followed by large appreciations in value. Upcoming residential developments The residential market in Karnataka is booming. Inquiries are pouring in and prices are on an upswing, says Wilma, Marketing Executive, Sankalp Group. Bengaluru, Mysore and Mangalore are witnessing the maximum number of developments, with apartments being the most popular segment. Catering to the residential requirements of these cities are developers like Adarsh Developers, ABM Builders, Akme Projects Ltd, Alliance Housing, etc, who are developing several projects in the state. Some of these include: El Dorado Park: This is the first-of-its-kind integrated township by Alliance Housing on 275 acre in Bengaluru. It comprises 1,100 fully air-conditioned premium villas and 200-row houses, a 150-room 5-star hotel, 18-hole golf course, shopping mall, a 4-screen multiplex and club zone. Akme Encore: Spread over 8 acre of land, Akme Encore by Akme Projects Ltd comprises 243 two and three bedroom apartments and penthouses. The project at Brookefields in Bengaluru is likely to complete by 2010-end. Prince Town: This project by the Kumar Properties Developers in Bengaluru comprises of 5 towers of G+22 floors having 700 apartments. Upcoming commercial developments “Bengaluru is the main commercial property market in Karnataka,” says Jatin Patel, President, Bhartiya Group. “The demand for office space in Bengaluru in the next five years will be approximately 34 million sq ft. The demand for retail sector is also expected to be the highest in Bengaluru with approximately 7 million sq ft.” On the other hand, the revamping of airport, the doubling of railway tracks between the cities and the completion of Bengaluru-Mysore expressway are likely to fuel the property prices in Mysore, which is also likely to witness some major developments in the coming years. Overall, the state of Karnataka will be a spectator to several striking commercial developments such as: Bijapur Food Park: The state government plans to set up a food park in Bijapur through the state-owned Food Karnataka Ltd. The project is estimated to cost Rs 23.84 crore and start operations in 30 months. The Ocean Pearl: This project in Mangalore comprises of a 3 star hotel having G+7 floors with 84 rooms with all amenities provided. Bharatiya City: This township in Bengaluru will be a mix of residential, commercial, retail and hospitality segments.