Emerging Tier-II cities in Karnataka
Addressing the rapid urbanization, the Karnataka state government announced the subsequent opening up of Indian real estate markets in various Tier-II cities. In a move to cut down the onus on Bangalore, the Karnataka government has encouraged the growth of Tier-II cities, via various measures such as removal of VAT on aviation turbine fuel, development of industrial corridors, public-private partnership initiatives, single window, promotion of industrial clusters and ease of land acquisition.
As per proponents of the realty sector of the state, Tier-II cities in India, at present, are witnessing a rampant change, and potential urban sprawls in Karnataka should cash on it. The communication lay emphasis on seven tier-II cities in Karnataka, sorted out on the basis of population. Mysore, Shimoga, Hubli, Dharwad, Raichur, Belgaum, Gulbarga and Bellary are the rapidly rolling urban areas of Karnataka that promises to change the real estate landscape of the state, significantly.
Mysore
The vibrant and zippy city of South Karnataka that boasts of various heritage sites, has been thrown open to rapid urbanization. The irreversible process of urbanization in Mysore has been fine tuning the realty landscape of the city. With various government projects in line, a slew of investors has stepped-in to invest in the city, especially the IT firms. With visible infrastructure growth(Mysore ring road growing from 4 lanes to 8 lanes), the city has fixed itself on a fast lane now.
Shimoga
Strategically located on the central region of Karnataka, the city lies on the banks of Tunga River. The city bore witness to urban category from 13% to 33% in the last 9 years, which fuelled the demand for residential units. Road widening projects and construction of an airport has further stepped up the value of properties in the city. With population of 324000 and counting, the city is fit for corporations and further industrialization.
Hubli-Dharwad
The twin cities of Karnataka-Hubli and Dharwad, are tagged as the second biggest urbanized joints of Karnataka. Governed by the Hubli – Dharwad Municipal, both the cites cite a significant rise in built-up area in the last decade. Hubli bore witness to an increase of 1000 times while Dharwad registered 600 times grown in urban regions. Presence of adequate land in Hubli-Dharwad has led the IT firms and investors to promote a new work culture and generate employment along with residential housing demand.
Raichur
Located between Tungabhadra and Krishna rivers, Raichur flags of excellent connectivity via road and rail to major cities of the country such as Mumbai, Bangalore, Hyderabad etc. The proposed airport construction, the extension of Yermarus, is a further addition to its credentials. The Raichur railway station, which is served by the Solapur-Guntakal line, is an unit of the Mumbai-Chennai line. Furthermore, it is connected by railway to all prime cities of India like Mumbai, Hyderabad, Bangalore, Trivandrum, Delhi, Bhopal, Bellary, Kanyakumari, Kacheguda, Pune, Chennai and Agra.
Gulbarga
Basically labelled as an agriculture dominated region, the locality has witnessed a sharp increase in built-up area to 21%, in the last few years. The locality is at a distance of 200 km from Hyderabad and 623 km from Bangalore north. Recently named as Kalburgi, the city shows signs of great real estate potential in the days to come.
Bellary
Situated in north-western part of Karnataka, the city encompasses an area of 82 sq km. Rich with natural sources that is required to be tapped for overall growth of the district, the city is eyed as one of the fastest growing urban dwelling of Karnataka after Bangalore. As per property consultants, the real estate prices in the city have hit high as more and more companies are channeling their way into Bellary.
