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Mangalore: The new real estate boom town
March 06, 2008
It is a city that you will fall in love with. Friendly people, homely atmosphere and beautiful sea. Given a choice, you might want to stay here forever.
We are talking about Mangalore, coastal city of Karnataka, about 300 km from Bengaluru.
The city is changing rapidly and it is just a matter of time before Mangalore makes its mark on the world map.
Today, it is rated as the second-fastest growing Indian city in terms of real estate boom, according to the global real estate consultant Knight Frank.
Real estate prices have hit an unimaginable high in the past six months, thanks to various developers showing interest in the place. The advent of information technology units has contributed to the city's rapid development.
Investors targeted Mangalore rather late. First they explored Bengaluru and then moved on to Mysore.
Now with both cities having almost reached a saturation point, the next stop has to be Mangalore. The upgradation of the Bajpai Airport to an international one is one of the reasons for investors to show a keen interest in this city.
The revamp ensured that the city is now well connected by land, water and air. Moreover, unlike Bengaluru and Mysore, plenty of land is available, especially in the outskirts of Mangalore, drawing IT giants as well as other investors.
According to the Knight Frank report, Mangalore is among the eight tier-III and tier-IV cities in India that are emerging as big growth centres.
IT major Infosys has already set up base in the city. Several other IT majors, who have been cribbing about the lack of infrastructure in Bengaluru, are also expected to shift operations to the city soon. This would mean that BPOs (business process outsourcing units) too would come up in Mangalore leading to further growth.
Apart from IT and BPOs, Special Economic Zones would also play a major role in the development of Mangalore. Infosys is setting up a 300-acre facility at the IT SEZ in Konaje. Satyam and Wipro will also be setting up base at a 200-acre campus in Ganjimutt where an export promotion park is coming up. Read on more about a new rising Mangalore. . .
Text: Vicky Nanjappa
Image: The entrance to new Mangalore port.
Photograph courtesy: Premnath Kudva
Also read: India's 10 fastest growing cities