Mangalore Property

Mangalore, the coastal city of Karnataka, is located on the Arabian Sea shore and is just 340km away from Bangalore – the biggest IT hub in the country. The coastal region is highly blessed with wonderful scenic beauty and makes you fall in love with it, in a matter of few moments. Consequently, there has been a constant flow of tourists to Mangalore, leading to development of countless resorts and hotels in the locality. The commercialization has also pushed up the Mangalore property rates by tremendous levels.

Mangalore is following the footsteps of Bangalore and Mysore in exploring the market potential, and the Mangalore real estate sector is growing rapidly – it’s definitely on its way to making its presence felt on the world map in the next few years. Mangalore is one of the fastest growing Indian cities in terms of real estate business.

The property rates have reached the peak in the past few years; thanks to several builders who have shown keen interest in the development of the city.

Reasons for a booming Mangalore Property Market

According to property research agencies, the saturation of major software MNC hubs, like Bangalore, has led to an explosion in the overall growth of other areas of Karnataka. It has basically forced corporate leaders and technology centers to establish their branches in non-IT dominated regions like Mangalore, where property rates were fairly low at that point.

Unlike Mumbai, Delhi and Bangalore, there is a lot of land readily available in Mangalore, and the scope for business expansion is simply beyond the limits of imagination.

Mangalore property prices aren’t as high as that of Bangalore, Pune, Mumbai and Delhi realty market.

With corporate players and investors entering the city, Mangalore real estate market is experiencing splendid boom in both residential and commercial sectors.

Golden opportunities are coming forth to Mangalore, and the entry of Special Economic Zones and BPO industries are estimated to play a vital role it escalating the Mangalore property rates to unimaginable heights.

Since many IT companies are setting up their presence in the nearby areas of Bangalore, the property in coastal area has become the first choice for builders, investors and realtors in commercial sectors. Mangalore real estate is witnessing an upswing in demand of luxurious residential properties; thanks to the contributions of several renowned builders. International Bajpai Airport is being revamped, and the government is now ensuring that the city is now well-connected by water, land, as well as air routes.

Property Price Trends in Mangalore

The prices of commercial properties in coastal area have gone up sharply after the establishment of corporate companies like Wipro and Infosys. There are several shopping malls and more multiplexes that are under development at the moment. The prices of the retail shops range between Rs. 5000-7000 per square feet.

2 BHK apartments in few areas like Falnir, Kadri, Bejai and Gandhi Nagar are available at affordable price tags of below 20 lakhs, so it’s a good time to invest in one of these Mangalore properties, as they may sell like hot-cakes for almost double the value, when the demand increases sharply over the next few years.

Mangalore property rates have shot up by 20-30% in the past one year alone and are expected to increase 2-3 times. The residential apartments near Valencia are priced at Rs. 30 lakhs upwards, while the 3BHK apartments in Kuntikan are priced in the range of Rs 60-70 lakhs.

Neighboring Areas

In Manipal, another hot city of Udupi (just 60km from Mangalore), you’ll get fully furnished flats at around 30 lakhs, and they’re also considered a great investment because the Manipal University has been gaining fame, and has been drawing thousands of students from all parts of the country.

Owing to several upcoming industries, and the existing refinery and petrochemical factories, like MRPL, ONGC and Suzlon, the population of professional migrants is expected to rise further, resulting in a higher demand for accommodation spaces. Besides, a good 20-30% inflation in Mangalore property rates is definitely on the cards.

A Great Place to Retire Too!

Mangalore city offers its citizens scenic and serene beauty along with low population and pollution levels. It features a long Arabian Sea line with a series of small mountains of Western Ghats ranges on other side. Indeed, it is heaven beckoning nature lovers.

It is a city of homely atmosphere, with low noise pollution, beautiful environment, and friendly people. If ever given a chance, you might feel like spending your entire life in Mangalore, and that’s precisely why thousands of senior citizens also consider Mangalore as their retirement spot.