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Mangalore Property Market is heating up with the news of the ONGC Project being cleared by the PMO and a string of IT Companies entering the city due to their frustration with the bottlenecks in Bangalore.
With real estate in Bangalore already at its maximum accommodating point, the tide is turning in favour of its sister city, Mangalore. The expansion of the IT sector spells fresh demand for real estate, with the want trickling down to the secondary cities after real estate in major cities have been developed to the fullest.
A deluge of Indian and international corporates are thinking of setting up their operations in Mangalore, benefiting from the proximity to Bangalore. The real estate development is at its zenith at places like Gandhi Nagar, Falnir and Kodialbail.
Property rates have also soared, as a result of the demand exceeding the supply. This is proved by the fact that apartment prices have shot up by 25 percent in the past one year alone.
Mangalore is showing signs of cashing in on this opportunity. The scenic, coastal city is seeing a major overhaul of its infrastructure currently, to lure the flush of property seekers. A 350-crore, ADB-funded, water supply and drainage project is also underway, to make this property demand justified.