Mangalore real estate continues to boom
The real estate sector in Mangalore and surrounding areas are booming with the builders announcing more projects, causing a rapid urbanization.
In the past few weeks, three projects were launched near Gandhi Park. According to a real estate expert, the growth of the real estate in Mangalore is because of the entry of reputed developers such as Godrej, Raheja Group, and Purvankara Group. Many malls have come up and more are under construction in this city.
According to a real estate consultant, middle class and lower-middle class families have to search for houses on the outskirts of the city as Derebail and Shakthinaga.
Affordable apartments are available in areas such as Ashoknagar where typical 2BHK flat costs between Rs. 30 lakh and Rs. 35 lakh. Some 3 BHK flats cost Rs. 70 lakh and more.
Gandhinagar is the most wanted locality because it has park, stadium and a swimming pool nearby. It is one of the finest localities with 40-50 ft wide roads. Areas such as Falnir, Bejai, Valencia, and Bendorewell are also inviting for investors with prices ranging from Rs. 4,000 to Rs. 5,000 per sq ft. The demand-supply ratio is 1:2 which is expected to be 1:4 in the near future.
It is the NRIs and high network individuals (HNIs) who drives the real estate market. Previously, Mangalore did not have much of economic activity. Mangalore real estate market is unique. The NRIs, who purchase properties here need not panic as they can wait till the prices go up again before selling. Price correction is very much necessary to have a healthy investment environment.
In 2008, the highest recorded price was Rs. 3,000 per sq ft, but it never came down in Mangalore unlike in other cities. The economic crisis did not hit Mangalore much. Now market has accepted prices from Rs. 3750 to Rs. 4000 per sq ft as normal.
An apartment within the city may cost you around Rs 30 lakh, but you will have to pay maintenance cost lifelong. Those who feel that the prices are high can buy plots on the outskirts and built houses. Builders are partnering with land owners for joint development where both benefit, as acquiring land turns out to be costly.
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