Ullal could emerge as the first satellite town of Mangalore, if location of the proposed projects of some of the builders gathered at the two-day real estate exhibition are any indication. The exhibition got under way on Saturday at T.M.A. Pai Convention Centre here.
About 25 projects including a mega villa project and a resort is planned in areas between Pumpwell and Ullal, according to two young directors of Inland Group Wahaj Yusuf and Meraj Yusuf. Agreeing Ullal and Dearalakatte are emerging destinations for property investments, Sanjith Naik of Mahabaleshwara Promoters and Builders Executive Director Sanjith Naik says this could be said of other peripheral areas as well.
After Shakthinagar witnessed boom in property prices, the new destination could be the areas on either side of national highway from Pumpwell to Ullal and beyond, where people from Kerala too are willing to buy flats, according to Mr. Meraj Yusuf. His bet is that Ullal will be a satellite town of Mangalore in three years. With the buildings here offering sea view and its location being close to the education hub – Deralakatte – he says 25 to 30 projects are ongoing, including a mega villa and mega resorts from a well known gold house.
While Mr. Naik says Surathkal and Airport Road too are hot future destinations, Mr. Wahaj Yusuf thinks that not many people are willing to go to North because it is more known as industrial area. Both the directors of Inland Group believe that the real estate development within the city has reached saturation.
Glut
Presenting a counterview is Subhash Nayak, Managing Partner of Eskay Real Estate. “There are plenty of unsold flats in the city with supply overwhelming the demand.”
‘No saturation’
He does not accept that the real estate has hit saturation point in the heart of city.
Real estate market may remain gloomy for the next couple of years, he says.
According to him, development of satellite town at Ullal is a distant possibility.
