Smart City projects in Hubballi have changed the real estate scenario in the city as the rates of properties in areas located around the redeveloped Tolankere Lake and newly developed Green Mobility Corridor have gone up significantly, according to real estate brokers and officials of the Hubballi Dharwad Smart City Corporation Limited (HDSCL).
Under the smart cities mission, the green mobility corridor has been developed on a 4.5-km stretch above the Unkal nullah (drain), where the HDSCL has taken measures to stop flooding in the surrounding areas. It has also developed a non-motorised transport network all along the drain. The HDSCL has also provided the facility of renting bicycles that can be used on the corridor. It has provided bicycle stations on the 4.5 km stretch of the corridor and users can rent it through a mobile application developed for the purpose.
Similarly, the Tolankere lake has been redeveloped and citizen centric amenities such as walkways, cycle tracks, parks, a children’s play area, lake view points, decorative lighting and smart roads around the lake have been provided under the initiative.
The redevelopment of Tolankere lake started in 2019 and was completed in 2021 at an expenditure of Rs 25 crore. Similarly, work on the green mobility corridor was started in 2021 and the first phase was completed in 2022, with an investment of Rs 80 crore.
According to real estate experts, property rates in areas such as Shirur Park, Vidhya Nagar, Laxmi Narayan Nagar, Shettar Layout, Lingraj Nagar, Daneshwari Layout, Renuka Nagar, which are located near the green mobility corridor and Tolankere lake have nearly doubled in two-three years.
Clean-up and price appreciation
Rudresh S Ghali, Managing Director, HDSCL, said that because of flooding in areas located along the Unkal nullah and also the bad smell emanating from the drain, the demand for property was low as people were hesitant to reside beside the nullah.
He said that after the green mobility corridor had come up, HDSCL has ensured the nullah is clean and has also constructed a proper walkway. It has strengthened the boundaries of the drain with concrete and gabion walls to prevent flooding during heavy rains.
“Because of all these efforts, the flooding has stopped and the foul smell is gone, so all these factors have resulted in the price of properties located in areas around the green mobility corridor rising. We have also provided infrastructure near Tolankere lake and beautified the area so now people are coming forward to invest in real estate in these areas,” Ghali told Moneycontrol. “Before the land rates in areas located near these projects were around Rs 2,000 per square foot (sqft) and they have now gone up to around Rs 4,000 sqft.”
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Basavraj, Deputy General Manager, HDSCL, said that the green mobility corridor has helped in preventing flooding in around 16 flood-prone areas located around the nullah. Last year, during the monsoon, Hubballi received a high level of rainfall but due to the strengthening of the nullah, there was no flooding along the banks. “All these factors have led to the appreciation of land rates in areas such as Vidhya Nagar and Shirur Park, which are located around the corridor. They have gone up by around double in the last two-three years,” he said.
What real estate experts say
Shashidhar Shettar, a real estate expert and former representative of the Hubballi-Dharwad chapter of CREDAI, said that commercial as well as residential real estate have boomed in adjoining areas of the green mobility corridor and Tolankere Lake and property rates have shot up by almost two times now.
“In areas located around Unkal nullah and Tolankere Lake, such as Shirur Park, Vidhya Nagar and Laxmi Narayan Nagar, the property rates were around Rs 2,000-Rs 2,200 per sqft 2-3 years back but after these smart city projects problems such as flooding and foul smell around the nullah and lack of infrastructure near the lake have been sorted. This has catapulted the property rates and they now range between Rs 3,800-4,200 per sqft,” Shettar said.
Shivaraj BV, a real estate broker, also expressed similar views. He said that Tolankere lake has now become a happening hub of the city, and areas located around the lake have seen a significant appreciation in prices. “More commercial complexes and big shops are being built in the vicinity of the lake because of the good footfall there. Similarly, people are now investing in areas like Vidhya Nagar, Shettar Layout and Daneshwari Layout, which are located along the mobility corridor, after issues like flooding were addressed,” he said.
What buyers say
Venkat Koppad, a local resident, who bought a house in Laxmi Narayan Nagar, said that earlier, the area around Tolankere lake used to be deserted and also lacked infrastructure such as good roads and connectivity. But, he said, it has now turned into a hotspot after rejuvenation of the lake.
“The area is well developed now and has commercial and residential establishments. Nearly two years ago the property rates here were around Rs 1,900 per sqft but when I bought my house a few months back the rates had shot up to around Rs 3,800-4,000 per sqft,” Koppad said.
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