BELAGAVI: Belagavi is the most sought-after city for residential property developers and buyers when compared to other tier-II cities like Hubballi-Dharwad, Davanagere, Kalaburagi and others, according to a survey.
“The sale of residential properties in Belagavi is brisk when compared to other cities in Karnataka. It is evident from the fact that of the 2,245 residential — both completed and under-construction ones — units are available for purchase. As many as 1,118 properties have already been sold or booked,” says the survey conducted by KLS Institute of Management Education and Research (IMER, Belagavi) for Confederation of Real Estate Developers’ Association of India (Credai).
The survey, which was released during the 10th annual general meeting of Credai here recently, was conducted between January to July this year, said prof Purushottam Bung, director of IMER (Belagavi).
“Pleasant weather, emerging cosmopolitan culture and the hope of Belagavi becoming a second capital of the state are making this city a favourite among property buyers,” he added.
Within Belagavi city, localities like Tilakwadi, Bhagyanagar and Angol are the favourites among buyers. These areas have seen the highest number of large housing projects coming up in the recent past.
As many as 11 big housing projects are under construction in each Bhagyanagar and Anagol, while Tilakawadi has six such projects. Among the completed projects too, Tilakwadi tops the list with 6, and it is followed by Rani Channamma Nagar and Mandoli Road areas.
Unlike in the past, the buyers are showing interest in a variety of residential units such as duplex flats, row houses, pent-houses and two-and-a-half bedroom flats. On their part, developers are also providing facilities like CCTV cameras, centralized power distribution system, video door phones, Wi-Fi, library, indoor stadium, spa and gyms to attract the buyers. “Five years ago, these amenities were unheard of in Belagavi,” Purushottam said.
This report clearly disproves the general notion that real estate has reached a saturation point and that there is no demand for housing projects. “The realty sector is not doing as badly as being made out,” said Qais Noorani, president of Credai (Belagavi).
Releasing the survey report, DC N Jayaram and city corporation commissioner Shashidhar Kurer called upon developers to focus on low-cost housing projects for economically weaker sections.
Lecturers Shreekant Naik, Shailaja Hiremath and Sonal Revankar were part of the survey team.
Credits ET Realty