Booming Realty in Mangalore

Mangalore is the chief port city in India and according to sources it is the fastest growing non-metro in the south India. Being the coastal city of Karnataka, it has strategic and geographical importance. Due to over population in Bangalore, where development is hampered due to space crunch, many IT companies are setting up their offices in the nearby areas. Of these, property in Mangalore has become the 1st choice for investors in commercial spaces.

Real estate in Mangalore is witnessing an upswing with demand surpassing supply. The city is experiencing boom in both residential and commercial property. This III-tier Karnataka city offers its settlers serene and scenic beauty along with low pollution and population levels. The city has long coastal line with chain of small mountains of Western Ghats on the other side becoming a heaven for nature lovers.

The prices of commercial property in Mangalore has gone up sharply after the arrival of IT giants like Infosys and Wipro where they have bought large pieces of lands making impact on nearby areas. Retail market is also warming-up as many developers are planning construction of multiplexes and shopping malls. The present prices for retail shops vary between Rs4000- Rs7000 per sq ft. Similarly the demand for residential property is increasing and there is a requirement for apartments and villas. Few areas that are undergoing real estate development include Bejai, Kadri, Gandhi Nagar and Falnir. 2 BHK and 3 BHK apartments are available in affordable prices which are much cheaper than Bangalore residential property prices. Professionals of software companies are making investment in the residential property in Mangalore owing to its close proximity from Bangalore.

The government needs to take crucial steps for speedy development of Mangalore city. An Asian Development Authority (ADA) has given considerable funds of Rs350 crore to enhance the drainage system and water supply in the city. Three IT parks are under construction which is located at Ganjimutt, near Mangalore University and Thumbe. Regular enquires of real estate sector by reputed companies are being made which is a positive sign for the bright future of Mangalore real estate market. ONGC is also investing Rs 35,000 crore in the city for its petrochemical plant and refinery project which will increase the demand for residential realty in Mangalore.

Traditionally, Mangalore comprises of red sand stone houses having influences of Portuguese architecture mixed with Kannada culture. In posh colonies people have lot of space in their residential property and prefer to live near the sea shores, but with development small families prefer to live in apartments. About 70% of residential property in Mangalore is occupied by personal houses and villas.

Though the city lacks in infrastructure as a whole that comprises of one lane runway airport with no five star hotels, there are other developments that are making Mangalore an attractive city. Mangalore attracts many tourists because of its religious importance and peaceful environment which can grow in future only if the city offers proper infrastructure. The private real estate developers are making huge investments in Mangalore, but much needs to be done by the government to improve its infrastructure. The city is an important sea port and many foreigners make a visit as most of the country's coffee export and import business commence here. This will help boost Mangalore property market on the whole i.e. both housing and retail spaces.

The most remarkable fact about the realty market of Mangalore region is its cheap prices and affordability. The property prices have seen massive growth today, but in comparison with other metropolitan cities, Mangalore offers reasonable property rates.