Understanding Mangalore's Real Estate Market Through Local Experts

Mangalore, the bustling port city located in the southwestern coast of India, has been witnessing a steady growth in its real estate market in recent times. The city, known for its rich cultural heritage and scenic beauty, has caught the attention of property investors and homebuyers from across the country.

To understand the nuances of Mangalore's real estate market, we spoke to local experts who have been closely monitoring the sector and have valuable insights to share.

According to Mr. Alok Shetty, a real estate consultant in Mangalore, the city's real estate market has been on an upward trajectory in the last few years. Mangalore's strategic location, infrastructure development, and growing job opportunities have been the driving force behind the real estate boom in the city, he said.

He further added that the demand for residential properties in Mangalore has been increasing steadily, with the average property prices ranging from INR 4,000 to 8,000 per square feet, depending on the location and amenities provided. Areas like Kadri, Kankanady, and Bejai have witnessed a surge in demand for properties in recent times, he said.

Ms. Rashmi Pai, a real estate lawyer, highlighted the importance of due diligence while investing in Mangalore's real estate market. It is imperative to conduct a thorough background check before buying a property in Mangalore. As the city has a mix of both old and new properties, one has to be cautious while investing, especially in older structures as they may have legal issues, she cautioned.

She also emphasized the importance of getting the property documents verified by a lawyer and ensuring that the seller has clear ownership rights over the property.

Mr. Santhosh Kamath, a real estate developer in Mangalore, spoke about the changing preferences of buyers in the city. Today's buyers are looking for quality construction, eco-friendly features, and amenities that enhance their living experience. Developers who can provide such properties are likely to do well in the market, he observed.

He further added that the pandemic has brought about a shift in the way people look at homes. The pandemic has made people realize the importance of having a comfortable and spacious home that can accommodate work and leisure activities. This has led to an increased demand for larger homes and villas in Mangalore, he said.

In conclusion, Mangalore's real estate market offers a promising opportunity for investors and homebuyers alike. However, as with any investment, due diligence and a thorough understanding of the local market are key to making informed decisions. With the insights shared by these local experts, one can gain a better understanding of the opportunities and challenges in the city's real estate market.