This city in Karnataka is the next big destination for a spate of infrastructure projects. We tap the sudden realty upswing in Mangalore.
A succession of Governments in Karnataka over the years announced ambitious plans to revamp the entire skyline of Mangalore city with many infrastructure and commercial office projects. However, as with most Government announcements, these plans remained on paper and nothing concrete materialised out of them.
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But Mangalore is finally about to get its due. A proactive Government in the State is currently pushing the rise of the city as an attractive investment destination. The Government has greenlit plans for several large infrastructure projects, and these are in turn giving a fillip to a previously sluggish residential realty market.
Mangalore houses about 7 lakh people. Developers have jumped in to build large projects to cater to people’s demands for world-class residential, office and public infrastructure projects. The city’s growth is further fuelled by its more than ideal intra- and inter-city connectivity (by all modes of transport).
First on the anvil is an international-level railway station that will open its tracks for an increased 30% connectivity with other States and more impetus for freight transport. The railway station is being planned and designed based on extensive land surveys, and the project is expected to commence in two years. Interestingly, the State Government wishes to develop Mangalore on par with its bigger cousin, Bangalore, as an IT destination. A large knowledge city and IT park are also being planned.
Taking these developments into consideration, local and outstation real estate developers are scrambling for their share of the realty pie.Meanwhile, experts and planners are currently working on finding solutions to ease costs on labour, construction and land rates. More parcels of land that can be freed for construction are currently being scouted for. The biggest problem, however, is the lack of enough space to carry out the Government’s ambitious highway plan – for several years now, the narrow public roads and State highways have impeded transport. In the light of this factor, the State Government has rolled out several sops, such as incentivising TDR – on an immediate basis, the funds pooled in by these measure will be pumped into the several road widening projects being planned for this year.
As with other cities, the Government is looking to incentivise the setting up of high rise towers for commercial offices and residential purpose. Interestingly, developers are working on projects based on the ‘micro-city’ concept – where townships are self-contained entities, housing all essential services, utilities, recreation and public amenities and even transport hubs.
Already expensive in terms of housing, property prices are currently shooting up in Mangalore. Like in the case of several other cities in the country such as Pune, Ahmedabad and Thane, single bungalow or villa projects are now down to a minimum owing to a paucity of land. Also, ownership of land is still a contentious issue, owing to strict Government regulations governing land plots.