The residential space in Mangalore is expected to see an addition of more than a million sq.ft in the next two to three years through major projects. If the number of small players in the market is taken into consideration, the built-up area will be much more.
The city, once known for its unique houses with ‘Mangalore Tile' roofs, is now experiencing rapid vertical growth with many new high-rise projects by the local developers and a few from outside. The residential space development is taking place both in the city and in suburban areas.
Mr K. Narasimha Prabhu, former President of Kanara Chamber of Commerce and Industry, told Business Line that the real-estate sector appears to be booming in Mangalore, as many projects have been launched in the recent months.
Mr Prabhu, who is also the Chief Executive Officer and Managing Director of Manipal-Ace Event Management Company, said that the realty expo organised by his company attracted about 15 developers and equal number of banks and other housing finance companies. If the residential space development plans of these developers are taken into consideration, the number will cross 1,000 apartments with more than one million sq.ft of built-up area.
Bangalore-based Bearys Group, which entered the Mangalore market in the 1990s with its ‘His Grace' apartment project, is now setting up two more projects in Mangalore. Work on ‘Bearys Valencia' — a 36-unit luxury apartment project — began in early 2009. While launching this project, Mr Syed Mohammed Beary, Chairman and Managing Director of the group, had said that Bearys Valencia is the first green building project of Mangalore.
In June this year, Bearys Group launched Bearys Turning Point (a condominium lifestyle project) at Deralakatte near Mangalore. Of the five lakh sq.ft of built-up area planned in the project, three lakh sq.ft will be for residential space. This project, which will have nearly 260 residential units, is likely to be completed in two-and-a-half years.
Local, national players
One of the national players to enter the Mangalore real-estate market will be Godrej Properties Ltd. The annual report of the company for 2009-10 mentions that the company's residential apartment project in Mangalore — Godrej Avalon — will have 6.1 lakh sq.ft of saleable area. To be set up at Yeyyadi on airport road, the project will have more than 260 apartments.
Mr P.M.A. Razaak, Chairman and Managing Director, Plama Developers Ltd, which has a presence in Bangalore and Kerala, said that it has plans for residential projects at Bejai and Kulashekar in Mangalore city and at two apartment projects in Deralakatte area.
Another local player, Mohtisham Complexes Pvt Ltd, in association with the Shankar Vittal Motor Company Ltd, Mangalore, is developing a residential project — Ivory Towers — at Attavar area in the city. ‘Ivory Towers' is a 250-apartment multi-storied residential apartment. Mohtisham, in association with Property Real Estate and Developers, Mangalore, is developing a 20-storey ‘Siliconia' project at suburban Kuttar area near the city. This project is likely to offer nearly 400 residential units.
The Mangalore-based Allegro Ventures India Pvt Ltd has begun work on its ‘Aristaa Enclave' project, which includes 84 apartments. It is to be set up at Pandeshwar area in the city and the promoters are planning to complete it within 36 months.
Most of the aforementioned projects have been taken up in the past one to one-and-a-half years, and they are expected to be completed in the next two-three years.
The prices of most of these projects are Rs 2,500 a sq.ft and above. With this, the area is expected to witness a turnover of at least Rs 300 crore in the residential space in the next two-three years. This excludes small projects by various other developers in the city.Related Stories:
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