Land prices shoot up in secondary cities of Karnataka
Real Estate

Land prices shoot up in secondary cities of Karnataka

In Karnataka, land and real estate prices have increased ten-fold over the past seven years in tier II cities. The demand is clearly noticeable as the developers and buyers are showing interest now in secondary cities.

The preferred cities are Mysore, Mangalore, Hubli-Dharwad, Belgaum, Gulbarga, Shimoga and Davanagere. Records in the State Department of Stamps and Registration in Bangalore suggest that real estate prices have gone through the roof in Mysore, Mangalore, Hubli-Dharwad, Belgaum and Gulbarga over the past three years.

People there are now scouting for open spaces on the outskirts where rates are still affordable. Realtors say that in tier II cities, a two-bedroom apartment of 1,000 sq.ft. is not available for anything less than Rs 30 lakh. On the outskirts, the same apartment is available for Rs 25 lakh. Likewise, house rents too have become costlier by 8-9 times compared to what they were six to seven years ago.

Interestingly, these cities with a population of nearly 10 lakh, have shown an increase despite the factors that range from political developments, recession, rising bank rates to shortage of construction materials that greatly affect the prospects of real estate business.

Sources at the Stamps and Registration Department, attributed the land price rise in secondary cities to availability of facilities like educational institutions, hospitals, entertainment centres and shopping malls. The government has also taken initiatives to provide infrastructural facilities particularly roads and sanitation.

But members of Mangalore Real Estate Association said that the unprecedented price rise has other reasons. The increase of the base by the government has increased the market value. The hike in guidance value varies from 100 per cent to 200 per cent compared to 2005.

In Karnataka, land and real estate prices have increased ten-fold over the past seven years in tier II cities. The demand is clearly noticeable as the developers and buyers are showing interest now in secondary cities. The preferred cities are Mysore, Mangalore, Hubli-Dharwad, Belgaum, Gulbarga, Shimoga and Davanagere. Records in the State Department of Stamps and Registration in Bangalore suggest that real estate prices have gone through the roof in Mysore, Mangalore, Hubli-Dharwad, Belgaum and Gulbarga over the past three years. People there are now scouting for open spaces on the outskirts where rates are still affordable. Realtors say that in tier II cities, a two-bedroom apartment of 1,000 sq.ft. is not available for anything less than Rs 30 lakh. On the outskirts, the same apartment is available for Rs 25 lakh. Likewise, house rents too have become costlier by 8-9 times compared to what they were six to seven years ago. Interestingly, these cities with a population of nearly 10 lakh, have shown an increase despite the factors that range from political developments, recession, rising bank rates to shortage of construction materials that greatly affect the prospects of real estate business. Sources at the Stamps and Registration Department, attributed the land price rise in secondary cities to availability of facilities like educational institutions, hospitals, entertainment centres and shopping malls. The government has also taken initiatives to provide infrastructural facilities particularly roads and sanitation. But members of Mangalore Real Estate Association said that the unprecedented price rise has other reasons. The increase of the base by the government has increased the market value. The hike in guidance value varies from 100 per cent to 200 per cent compared to 2005.

Next Story
Infrastructure Transport

Secunderabad Station Redevelopment Moves Ahead Swiftly

Redevelopment of Secunderabad railway station is progressing rapidly, with the new Railway Protection Force (RPF) building already completed. Construction is actively underway on several key components, including the air concourse, multi-level car parking (MLCP), foot over bridges (FOBs), elevators, the north-side main building, and an electric sub-station on the south side.The RPF building, along with a temporary booking office, is among the early completed elements of the project. Work is advancing steadily on the basement construction on the southern side, foundation work, and the new foot ..

Next Story
Infrastructure Urban

Tamil Nadu Allocates Rs 3.38 Bn for Flood Relief in Three Districts

The Tamil Nadu government has allocated Rs 3.38 billion for flood mitigation projects across Chennai, Tiruvallur, and Kancheepuram for the financial year 2025–26. The initiative, part of an integrated flood management strategy, aims to address persistent waterlogging in urban and semi-urban areas.In the southern parts of Chennai, work has begun in the suburbs with an estimated budget of Rs 27o million. A substantial portion of the total allocation—Rs 2.60 billion—has been designated for Chennai. This includes a specific flood relief project for the Ambattur Industrial Estate, which frequ..

Next Story
Infrastructure Urban

Patna Plans Green Zones to Tackle Rising Pollution Levels

Authorities have emphasised the urgent need for developing more green zones in Patna, which is increasingly becoming a heat-stressed urban area dominated by concrete structures. Expanding green spaces, such as the Tarumitra bio-reserve, is seen as a way to improve the environment and reduce temperatures.Plans under consideration include planting medicinal plants, implementing rainwater harvesting systems, constructing eco-friendly homes, and promoting solar energy usage. If implemented effectively, these measures are anticipated to help reduce both air and water pollution.In a collaborative ef..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?