Over the past seven years, the land and real estate prices have increased in tier II cities across Karnataka.?The secondary cities across Karnataka where the real estate developers and buyers are showing interest are Mysore, Mangalore, Hubli-Dharwad, Belgaum, Gulbarga, Shimoga and Davanagere.
Over the past three years the real estate prices in Mysore, Mangalore, Hubli-Dharwad, Belgaum and Gulbarga have gone up, according to the records available in the Department of Stamps and Registration in Bangalore. Bangalore city. People are now rushing for open spaces on the outskirts where the property rates are still affordable.
According to realtors, in tier II cities, a 2 BHK apartment of 1,000 sq ft is not available for anything less than Rs 30 lakh and on the outskirts the same apartment is available for Rs 25 lakh. The rental value have also become costlier by 8-9 times compared to what they were six to seven years ago.
These cities with a population of nearly 10 lakh, have shown an increase despite slow growth in the real estate business. A realtor said that the real estate business is on the upswing and they are expecting things to get better in the coming years.
A senior officer at the Stamps and Registration Department, said that the land prices rise in secondary cities due to the availability of facilities like educational institutions, hospitals, entertainment centres and shopping malls. The state government is also planning to take care of the infrastructural facilities particularly roads and sanitation.
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Source: http://www.commonfloor.com/news/land-price-increases-across-karnataka-42151
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