Housing boom along coastal Karnataka

With many projects coming up on the outskirts of Mangalore, developers are highlighting proximity to beaches, rivers and airport to market them.



The coastal corridor of Mangalore and Udupi-Manipal seem to be emerging as favourite destinations for real estate developers. More than 30 major multi-storeyed residential projects were announced in Mangalore and Udupi-Manipal regions during March-May.. While some developers plan to go for the township model, some small players are planning standalone apartment blocks. Housing layout format is also proposed in some neighbouring urban centres.

Mr P.M.A. Razak, Secretary of the Mangalore branch of Credai (Confederation of Real Estate Developers' Associations of India), told Business Line that the residential market has picked up in the region, and the developed properties have already been sold.

He said NRI interest and proposed industrial projects are the main drivers for growth in the region. He said that NRI segment contributes nearly 60 per cent to the total bookings in the area. There is anticipation of requirements from the proposed industrial projects and IT (information technology) units in the region.



Two-year timeline



Going by the assurances given by the developers , it is expected that these projects are likely to be completed in 18-24 months.

The big ticket entry was Raheja Universsal Ltd's ‘Raheja Waterfront' project in the city. Launched on May 28, in association with Mangalore-based Asha City Builders and Developers, the luxury residential complex will come up on a 45-acre of land near the Chitrapur beach in Mangalore.

At the launch of the project, Mr Prakash Shetty, Managing Partner of Asha City Builders and Developers, had said that this project would provide nearly 50 lakh sq ft of built-up residential area on completion. May saw the maximum number of project launches. Four projects - two each in Mangalore and Manipal - were launched on on May 23.

The trend during the recent months showed more projects being planned in other major urban centres in these districts and on the outskirts of Mangalore city.

Mr Vijaya Vishnu Mayya T., Chairman of the Mangalore Centre of Association of Consulting Civil Engineers, said that the current trend in residential space indicates horizontal development along the coastal corridor.

Many other urban centres are also witnessing developments. This was visible when some developers announced their projects in areas such as Kavoor, Kuttar and Farangipet on the outskirts of Mangalore city.

Other towns along the coastal corridor such as Moodbidri, Padubidri and Karkala also witnessed some new launches. In most of these centres, developers preferred to go or residential-cum-commercial project models.

Highway impact

The ongoing national highway widening from Kundapur in Udupi district to Talapady in Dakshina Kannada district has attracted developers to focus on this stretch.

A 15-floor project with 108 flats was announced at Padubidri near the highway during the period. The town lies between the 60-km stretch of Mangalore and Udupi.

The developers are taking the advantage of the topography of the region for marketing their properties. Since many projects are coming on the outskirts of Mangalore city, developers are highlighting their proximity to beaches, rivers and airport to market them.

While a developer opted for celebrity endorsement to market the project, another developer announced luxury cars to the two lucky winners in his project.

Read the rest of this article by Signing up for Portfolio.It's completely free!

What You'll Get





Related

This article is closed for comments.
Please Email the Editor