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Bangalore: Land Prices to rise in tier II cities

Property prices in tier II cities around Karnataka have augmented by ten-times over the past few years. This is due to increased interest of developers and end users in properties in secondary cities. The cities gaining preference include Mysore, Gulbarga, Belgaum, Mangalore,Davanagere and Shimoga.

 

Price of a 2 BHK apartment of 1,000 square feet is somewhere around Rs. 31 lac while the same apartment on outskirts is available for Rs. 24 lac. The rents have also increased rapidly by around 9 to10 times.

 

According to Mr. V Govidnaraju, a senior official at Stamps and Registration Department, the increasing land prices in tier II cities around Karnataka are contributed by the availability of good education, healthcare and recreational facilities including shopping malls.

 

Favista View: Besides Mumbai and National Capital Region (NCR) various Multinational Companies (MNCs) have established their offices in Bangalore. As there is a high demand of residential and commercial spaces is increasing, Bangalore and its nearby areas have witnessed significant hike in property prices.

 

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