Land prices go north in Lakkundi

Gadag: Lakkundi, which drew national attention following a recent instance of traces of treasure being found, is witnessing a sharp surge in land prices. Several outside investors are buying land, anticipating Lakkundi's development as a tourism hub on the lines of Hampi.PB Kambi, a landowner in Lakkundi, said that the price of land went up to Rs 1 crore per acre, for land located alongside the national highway. "The price was Rs 50 lakh per acre for that land a year ago. Even the price of interior land increased from Rs 15-20 lakh per acre to Rs 25-30 lakh. It is a natural phenomenon that if some development works take off in any area, the surrounding land value rises, and the same thing is happening in Lakkundi too," he added.
VR Govindgoudar, a developer in Gadag, noted that Lakkundi was said to be added to the Amrut scheme in the past, and following the proposal, land prices skyrocketed. "Now also, it is witnessing a fictitious price hike with the hope of getting a Unesco heritage tag. However, local developers, who experienced false and impractical assurances from the govt, are staying away from investing in Lakkundi. Investors from Hubballi and other cities are coming here to buy land. Some political interests are trying to cash in on the situation, and they are inflating land prices. Since Gadag-Betgeri city is already saturated with extended layouts, some small-scale investors may be looking at Lakkundi," he analysed.Basanagouda Biradar, a social activist in Lakkundi, said that 3-4 sale deeds were done after the treasure was found, at the rate of Rs 90 lakh per acre. "Some businessmen are arriving from Bengaluru, Pune, Hubballi, and other cities. Farmers who are in need of money are selling the land. Those who are not in need are waiting for a better price and preferring a joint venture. Some farmers themselves already intended to do NA and KJP for their land on their own," he stated.Many real estate brokers in Gadag said that investors are waiting for the govt's order for large-scale excavation and development. "Focusing for a decade, some developers are approaching farmers to buy land, but farmers are hesitant to sell it, as they hope to get a higher price in the near future," they asserted.