Mangalore's realty boom continues to grow

04 Mar 2013 CW Staff

The real estate boom in Mangalore and surrounding areas continues with builders announcing more projects, causing a more rapid urbanisation. Three projects have been launched near Gandhi Park in the past few weeks. Observers attribute the significant growth in the sector in Mangalore to the entry of reputable real estate developers such as Godrej, Raheja group, and Purvankara group.

Many malls have come up and more are under construction. Observers say that middle and lower-middleclass families have to scout for houses on the outskirts of the city such as Derebail and Shakthinagar. Some affordable apartments are available in areas such as Ashokangar, a typical 2BHK flat costs between Rs 30 lakh and Rs 35 lakh. Some 3BHK flats cost Rs 70 lakh upward.

Gandhinagar is the most sought after locality – it has a park, stadium, and a swimming pool nearby. It is one of the finest localities with 40-50 ft wide roads. Areas such as Bejai, Valencia, Falnir, and Bendorewell are also inviting for investors with prices ranging from Rs. 4,000 to Rs. 5,000 per sq.ft, according to Subhash Nayak, managing partner, Eskay Real Estate Company

Krishnaraj Salian of Partha Investments says there is a competition among builders to offer luxurious apartments. By 2014 “we will have 10,000-12,000 flats – far higher than the demand.” The demand-supply ratio will be 1:4 whereas now it is 1:2 in his estimation.

In Mangalore, the salaried class is not driving the market unlike in other mega cities. It is the NRIs and high network individuals (HNIs) who do so. Mangalore did not have much of economic activity. Barring employment by Infosys and MRPL and MSEZ, there is little else.

Infrastructure Urban

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