Mangalore: Real Estate Prices to Easen with High-rise Licences Cleared

from our special correspondent (MB)

• State cabinet cleared the pending licences of 66 builings in Mangalore city on Thursday

Mangalore / Bangalore, Apr 20: The state cabinet, at its meeting held on Thursday, April 19 is understood to have cleared the pending licences of 66 high-rise builings in and around Mangalore.

They were hanging fire since January 2006 on account of departmental and NGOs' objections and other reasons. The cabinet approval of Thursday in effect allows the Mangalore City Corporation (MCC) to issue clearances to the builders of these non-starter and under-construction and stagnant projects to go ahead.

Because of the deadlock created by the non-issuance of licences about 66 high-rise buildings had remained unfinished. Major real estate activity practically ground to a halt for over a year now. Real estate prices in the city had shot up by about 100% during the past year.

If the clearance of the cabinet takes effect, the artificial rise in the real estate prices is likely to come down to rational levels.

(File pics of high-rises from elsewhere)

Status report

• Informed sources said the total number of pending buildings is about 66.
  
• They include constructions ranging from 3 floors to 23 floors
  
• Prominent among them are at locations in Kadri Park area (23 floors), Sturrock Road (20 floors), Attavar (17 floors), Valencia-Souterpet (16 floors), Mercara Hill (15 floors), Bikarnakatta, Bolar-Lee Well, Yemmekere, Padil, Nantur, Nandigudda, Jeppu, Pandeshwar, Kadri-Shiva Bagh, Dr Ambedkar (Jyoti) circle, Urwa Market, Chilimbi, Bibi Alabi Road, Suratkal, Ashoknagar, Bijai, Ballal Bagh, PVS Circle, Mannagudda etc.
  
• Most of them are residential condominiums
  
• There are a few commercial-cum-residential complexes included as well
  
• Among the total number, about ten have since been completed after plan modifications in accordance and reduced number of floors in compliance with the restrictions
  
• An ambitious plan of a 26-floor building at Hat Hill has since been abandoned by the promoters and the land converted into sites with smaller houses

Impact

Sources said the cost of apartments and land is likely to easen as a result of this approval. However, although there will not be a considerable crash in the prices, in view of the rising demand and with more and more people from elsewhere settling down with the city limits for the sake of better amenities, there could be a marked fall.

Those looking for new apartment are likely to get a wider range to select from, said a market observer, speaking to Daijiworld.

PTI adds:

The Karnataka Government on Thursday gave green signal for construction of multi-storey buildings in Mangalore.

The builders should secure no-objection certificate from the Fire Force and comply with the Town Planning Act, home minister M P Prakash told reporters here after a Cabinet meeting.

Several proposals seeking permission to build multi-storey buildings were pending before the government for a long time, he said.