Mangalore Real Estate: The Rise of Micro-Markets in Urban Areas

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    Mangalore Real Estate: The Rise of Micro-Markets in Urban Areas

    The Information mentioned here was last updated on:

    25/2/2024

    Mangalore, once considered a sleepy coastal town in Karnataka, has undergone a massive transformation over the last few decades. With the growth of various industries, the influx of multinational companies, and the increasing number of people migrating to the city, the real estate sector has seen a significant boost.

    However, with the ever-increasing demand for housing, the city has witnessed an interesting trend in recent times - the rise of micro-markets in urban areas.

    Micro-markets are defined as smaller pockets within a larger metro area, gaining popularity as more people are looking for housing options beyond the city center. These micro-markets are attracting investors who are keen to tap into emerging property hotspots that offer affordable living spaces.

    One such micro-market in Mangalore is the Thokkottu area, situated on the outskirts of the city and surrounded by lush greenery. With the construction of the Mangalore-Udupi National Highway, the Thokkottu area has emerged as a residential hub, providing easy access to both, the city center and the neighboring town of Udupi. The area has witnessed a surge in the construction of residential apartments, villas, and row houses, catering to the growing demand of aspiring middle-class families.

    Another such micro-market that has caught the attention of developers is the Padil area. Located just 7 kilometers from the city center and well-connected to the airport and the bus terminus, Padil is an emerging commercial and residential hub. With an increasing number of multinational companies setting up their offices in the area, the demand for housing has skyrocketed, driving up real estate prices. Developers are now scouting for available land in the area to construct upscale Apartments and Villas.

    Speaking about the trend, real estate consultant, Ramakrishna Bhat, said, “We have noticed a significant change in the buying pattern of investors. While earlier, the focus was on the city center, the trend is now shifting towards micro-markets. These areas are being developed as self-sustaining communities, with easy access to work, education, and healthcare facilities.”

    The rise of micro-markets in urban areas has provided affordable housing options to people, who could not afford to buy properties in the city center. Besides, these areas are being developed as eco-friendly and sustainable communities, providing better quality of life to the residents.

    However, the trend also poses a few challenges, such as ensuring adequate infrastructure, including roads, water supply, and sewage systems. The state government and local authorities need to take a proactive approach to ensure that these areas are well developed and provide all necessary facilities to residents.

    The rise of micro-markets in Mangalore reflects a nationwide trend in the Indian real estate sector. With the demand for affordable housing increasing, developers are now looking beyond the city center to tap into emerging property hotspots. Micro-markets are providing investors with untapped opportunities and a lucrative return on investment, while also addressing the housing needs of the middle class.

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