Lakkundi Witnesses Dramatic Land Price Surge Following Treasure Discovery
The historic village of Lakkundi in Gadag district has become a focal point for real estate speculation after a recent discovery of treasure traces drew national attention. Land prices have experienced a sharp and unprecedented increase, driven by anticipation that Lakkundi could be developed into a major tourism hub similar to the renowned site of Hampi.
Landowners Report Exponential Price Hikes
PB Kambi, a local landowner in Lakkundi, provided detailed insights into the escalating property values. He revealed that land located alongside the national highway has skyrocketed to Rs 1 crore per acre, a staggering jump from Rs 50 lakh per acre just one year ago. Even interior land, which previously ranged from Rs 15-20 lakh per acre, has now climbed to Rs 25-30 lakh per acre.
"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," Kambi explained, highlighting the direct correlation between development prospects and real estate appreciation.
Developers Analyze Market Dynamics and External Investments
VR Govindgoudar, a developer based in Gadag, offered a critical analysis of the situation. He noted that Lakkundi was previously proposed for inclusion in the Amrut scheme, which initially caused land prices to rise. Currently, the market is witnessing what he describes as a fictitious price hike, fueled by hopes that Lakkundi might secure a Unesco heritage tag.
Govindgoudar pointed out that local developers, wary of past unfulfilled government assurances, are largely avoiding investments. In contrast, investors from Hubballi, Bengaluru, Pune, and other cities are actively purchasing land. He suggested that political interests may be exploiting the situation to inflate prices artificially, while small-scale investors are turning to Lakkundi as Gadag-Betgeri city becomes saturated with extended layouts.
Social Activist Details Recent Transactions and Farmer Strategies
Basanagouda Biradar, a social activist in Lakkundi, confirmed that 3-4 sale deeds have been completed since the treasure find, with transactions occurring at rates around Rs 90 lakh per acre. He observed that businessmen from various urban centers are arriving to acquire land, while local farmers are adopting diverse strategies.
"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," Biradar stated, indicating a cautious yet opportunistic approach among landowners.
Brokers Highlight Investor Caution and Future Expectations
Real estate brokers in Gadag reported that many investors are adopting a wait-and-see approach, anticipating a government order for large-scale excavation and development in Lakkundi. They noted that while developers have been approaching farmers for land purchases over the past decade, farmers are increasingly hesitant to sell, holding out for potentially higher prices in the near future as tourism plans materialize.
This combination of historical significance, treasure discovery, and tourism potential has transformed Lakkundi into a hotbed of real estate activity, with land prices reflecting both genuine optimism and speculative fervor.
