Small car rumours, big boom in Hubli

  • 21/09/2008

  • Deccan Herald (Bangalore)

From Raju S Vijapur, DH News Service, Hubli: The real estate scene in the twin cities has received a shot in the arm with the government rolling out a red carpet welcome to the Tatas to set up their Nano car unit in Karnataka. The property prices here had declined after an aggressive domination last year. The real estate boom hit a high after the government organised the IT Investors' Meet in Hubli in May 2006, but declined since the beginning of this year as no IT major came forward to set up its unit here. After a short cooling-off phase, the property dealers are once again rolling up their sleeves to cash in on the Nano project. Though the Tatas have yet to decide on the location, some land developers have already started spreading the word that the project would come up at Belur Industrial Area on Belgaum Road, where the Tatas already have a heavy vehicle body building unit. The land prices at Belur Industrial Area have already gone up by more than 200 per cent in the last two years with the establishment of the High Court Circuit Bench and other industrial units. The land prices will certainly go up further if the Tatas Motors decides to set up the Nano unit there. Fake boom? Any announcement of mega projects-- either by the government or major industrial houses-- in and around Hubli-Dharwad has always been a boon for the real estate developers here. They leave no stone unturned to encash on the opportunity. Interestingly, even some politicians whose relatives are into real estate business, give excess publicity to such announcements, pushing land prices upward. A classic example is the govt's announcement to make Hubli-Dharwad an IT hub in 2006. Even after two years of the government's announcement the