With high growth, Mangalore is an investor’s paradise
The coastal city of Mangalore is one of the upcoming and fastest developing metropolises of Karnataka. While Mangalore embeds itself in the conventional city affairs, what sets it apart from others is the amalgamation of its heritage, history, culture, food and scenic coastal lines.
Known for its architectural marvels, temples, churches and pristine beaches, the city attracts tourists throughout the year. Some of the popular tourist spots include Mangaladevi temple, St. Aloysius church, Pilikula Nisarga Dhama (a biological park and a picnic spot), Panambur beach and Surathkal beach. Its proximity to Agumbe, Coorg, Kaup beach and temple town Udupi also makes for a quick getaway for city folks.
Mangalore is the largest exporter of coffee in India. One of the flourishing industries in the city is the automobile leaf spring business. Petrochemicals, iron-ore, fertilisers and agricultural processing are some other thriving industries.
In addition, three special economic zones (SEZs) are being set up in the city with IT companies such as TCS, Wipro and Lotus estimated to invest up to Rs.30 billion, creating 67,000 jobs over the next three years. Mangalore is also one of the top five emerging cities of India for outsourcing, according to Alsbridge.
The city is witnessing aggressive industrial development, aiding in its economic growth.
The Mangalore airport is witnessing extensive development while the New Mangalore Port Trust (NMPT) is keen to expand its capacity to make itself the most sought-after trade gateway in Karnataka.
The National Highways Authority of India (NHAI) has proposed to widen NH169 between Mangalore and Karkala via Moodbidri. The Mangalore Urban Development Authority (MUDA) also plans to widen 66 roads to ease the traffic inside the city.
Various government bodies are in the process of expanding their operational areas, with projects worth Rs.461.55 crore already approved. Phase II of projects under Asian Development Bank, which aims to improve living conditions in Indian cities is already underway in Mangalore and road development, drinking water facility and rain water management projects at various places are being implemented at an estimated cost of Rs.350 crore.
With NRI investment surging and development projects proliferating in Mangalore, the realty segment is seeing a positive trend.
GandhiPark, Shakthinagar, Bejai, Valencia, Falnir, Derebail and Bendorewell are prominent places where realty interest is booming, with projects of major developers mushrooming in these areas.
Godrej Alpine of Godrej Properties is situated 12 km from the airport, with prices in the range of Rs.5, 244- Rs.5, 300 per sq. ft. ‘Provident Skyworth’ by Purvankara in Derebail is 1.5 km from the Infosys campus. The prices in this area are in the range of Rs.4, 600- Rs.5, 000 per sq. ft. Another sprawling project is Raheja group’s Waterfront in Kulai, which faces the scenic Chitrapura beach and is located on NH66, with prices ranging Rs.3, 425- Rs.3, 500 per sq. ft. T3 Urban Developers, Allegro Builders are other prominent builders.
With many MNCs eyeing Mangalore, the government planning to strengthen the coast lines and airports, along with adequate civic amenities and quality manpower, will surely add to the magnificent growth of this region. With Western Ghat’s serenity enveloping the city and the industries driving the growth agenda, Mangalore is surely in a league of its own.
Independent Financial Associates Network is a web enabled distribution platform of IFAN Finserv Pvt. Ltd. (ifan.co.in)