Cheap land rates in twin cities attracts buyers

HUBLI: The twin cities are turning out to be an investment hub for outsiders. With land prices going beyond imagination in Mumbai, Bangalore, Pune, Hyderabad and Goa, people from metro cities are turning towards Hubli-Dharwad to invest their money in the residential plots here.
Property developers say that the trend which started some five years ago has progressed in such a way that more than 50% of the investors in residential plots of twin city are outsiders.What's luring them is cheap land prices and good returns. Compared to metros, prices here are 1/10th of the land rates. Realtors claim that the investors get almost 100% returns after three to four years.
While a 40x60 site beyond 8km from the city is available for Rs 12 to Rs 15 lakh, a site of the same measurement beyond 4km and within 8km of the city is Rs 16 to Rs 18 lakh and that of within 3km is Rs 25 lakh.
Devaru Hegde of Suresh Enterprises said the twin cities are well-connected by air, rail and road to big cities like Mumbai, Pune, Bangalore and Goa and its proximity to these cities is making the difference.
He said that while more than 90% of outsiders who are buying properties here are doing it for investment purpose, the remaining 10% who chose to construct houses here are mostly from small towns like Haveri, Gadag, Bijapur, Bagalkot and Karwar. Pleasant weather, booming educational sector, post retirement employment opportunities for middle-aged persons etc., is pulling the crowds from smaller cities.
Prashant Chalawadi, marketing manager, Swarna Bhoomi Developers says land prices here are more attractive compared to other major tier-two cities of the state like Mysore and Mangalore.
Besides this, he said easy possession of property, clear titles, and quality of development is attracting the buyers. Also there is repeat purchase. He said their business has been consistent irrespective of upheavals in the global market.
Kireserur, a realtor and former president of the Association of Concerned Civil Engineers said it is not only the investors who are flocking to the transit hub from outside, but also property developers. Today there are more than 200 property developers in Hubli alone, with about 50 of them registered to Hubli-Dharwad Property Developers Association, he added.