The real estate market of Mangalore has been attracting a lot of investments from builders and end users. The following post takes a quick look at the Mangalore property market.
Located 350 kilometres away from Bangalore, Mangalore is a prominent port city of Karnataka. While the major economy booster of the city is agricultural activities, the historical city once ruled by Tipu Sultan, is a major contributor in the Gross Domestic Product (GDP) of Karnataka.
Initially, known for its port, today Mangalore has become a major hub of Information Technology (IT) and also real estate activities. And when we talk about real estate, we must understand that the city has been experiencing a realty boom in the recent past. Let’s explore the Mangalore property market.
Growth of IT Sector In Mangalore
Traditionally, Mangalore developed as a coastal town full of fishing activities. Spice trade is still very common in the region. Gradually, with IT foraying in Mangalore went on to become a hub of activities. Today, Mangalore is rated as one of the fastest growing Tier II cities in India. IT has gone on to become one the most flourishing business in the city with more than 55 companies operating from the city. According to a recent statistical report, the city has nearly 15000 workers employed in the IT/ITeS sector.
Mangalore Property Market
Such a tremendous growth in the employment sector has boosted the growth the real property market of the city. Launching of IT companies has ensured that new office buildings are built up for the same purpose. SEZ has been actively promoted in the city. By 2010, there were eight SEZ operating in Mangalore.
Consequently, the residential real estate in Mangalore also experienced a boom. Developers began to recognize the potentials of the property market and began investing there. Central and suburban Mangalore are some of the major areas residential real estate has been performing greatly. Interestingly, the Central Business Districts (CBDs) of Gandhi Nagar, Hampankatta, Lalbagh and Valencia are the best bets in terms of property market. Intense development has been recorded in these areas with premium realty projects getting a boost over others. The property prices in these regions have remained quite stable in the recent past; on an average the property prices in this region ranges somewhere between INR 2500 to INR 3500 per square feet.
Of late, the Suburban Mangalore property market has become a good option for investment. The area has developed eastwards mainly due to the constraints in the south and northern parts of the city. Promising townships like Maryhill are coming up along the Airport Road which is expected to have a positive impact on the real estate of Mangalore. A host of other townships are also in the pipelines that are expected to come up in Neermurga, Kulur and Kannaur. Peripheral regions of suburban Mangalore are already home to all kinds of social infrastructures.
Certain micro-markets within Mangalore are expected to witness a steady growth in employment generation. This would ideally lead to demands in office spaces. Moreover, young professionals are expected to flock to the city and this will increase the demands for residential spaces in the city; thus helping the residential realty to foster in the coming years. Of late, non-residents Indian have been investing within the Mangalore real estate market. Villas followed by apartments are some of the favourite with NRIs in the residential realty segment.
From commercial to residential, and now the organized retail – the Mangalore property has loads to offer. Those who are planning to invest in the real estate market of Mangalore, now is the right time as it will yield great results going forward.
Author Bio: Sampurna Majumder is a professional writer and a passionate blogger. Currently she is writing content for several websites including 99acres.com that cover latest trends related to real estate market in India. The above post explores the property market of Mangalore.